BUMPER London taxi vehicle sales month expected, but fleet may DROP AGAIN due to age limit changes
Updated: Sep 26, 2022
The London taxi trade are expecting a bumper sales month, but those numbers could DROP AGAIN when the last taxi age limit changes arrive in November.
The number of newly licensed electric taxis has steadily increased since COVID-19 restrictions were relaxed, however the last of a high number of vehicles is still set to depart the fleet in the coming year.
Between 1 November 2022 and 31 October 2023, vehicles that are older than 11 years of age will be ineligible for licensing. It is estimated that around 400 Euro 5 licensed vehicles will be 11 years of age and would no longer be eligible for Transport for London (TfL) licensing from 1 November 2022 due to taxi age limit requirements.
Earlier this week, the London taxi vehicle fleet recovered back past the 15,000 vehicles mark as cabbies and fleet owners continue to invest millions of pounds into greener cabs.
According to Transport for London (TfL) data there are currently 15,013 black cab vehicles licensed in London. That represents an increase of over 1,552 vehicles since April 2021.
A Licensed Taxi Drivers’ Association (LTDA) spokesperson said via TAXI Newspaper: “August has always traditionally been a quiet month for cab and car sales. Lots of people are on holiday and many potential buyers prefer to wait until September to get the new registration plate.
“This year, it’s the ‘72’ plate that people are holding out for. At first hearing, this may seem silly, but it does actually make good sense. When you come to sell the vehicle, whether it’s a car or a cab, a ‘22’ plate will be worth less than a ‘72’ plate. A January 2023 ‘72’ plate will also be worth more than a Dec 2022 ‘72’ plate, that’s just how it works.
“Before the current licensing rules were introduced, there was only one new registration per year, which came out in August. Back then, something like 60% of new vehicles were registered in that one month.
“Despite all of this, 82 new TXEs joined the ranks in August, which isn’t bad. At the same time, we lost ten Vitos and 78 TX4s. This means that the fleet, whilst greener, remains much smaller than it was pre- pandemic, holding at just under 15,000 (14,975) licensed taxis.
“We are expecting bumper sales this month, which should definitely push us back over the 15,000 mark by the end of September, for the first time since the end of pandemic. The final reduction in the taxi age limit in November to 12 years, could however bring the figure back down again.
“The only anomaly is that the number of Dynamo cabs licensed dropped by four. I would assume they are probably late for licensing, because I haven’t seen any up for sale. With so few about, as they do start to come onto the second- hand cab market, it's going to be an awkward job pricing them.
“Price wise, the market is very stable. Low mileage late Euro VI cabs are holding up, although the Vitos less so than the TX4s, as fleets and mushers become increasingly worried about spares for the rear wheel steer. With TXEs, its all about the mileage. Low mileage, one owner cabs are fetching high prices. The space shuttles (high mileage cabs) much less so, as drivers tend to worry about owning one outside of warranty.
“I am still hearing constant rumours about the imminent approval of a Euro V to VI conversion kit. If it’s true, the Euro V Vitos will jump in price. It’s a risky strategy though, because if it’s not true, the age limit will stay at 12 years. Anyone fancy a punt? I won’t be chancing it!”
