I don’t know where you live, alan1302, but if I look at the cars parked in the street around here, which their owners depend on from day to day, I reckon plenty are worth well under £5000 and are mostly at least 10 years old. EV s will never reach that level. There is also the issue that depreciation of ICE cars tails off in later years and values level off whereas EV car depreciation increases.
Just a quick look on AutoTrader shows quite a few EV’s under £5,000. As more and more EV’s are sold the used prices will come down further and further.
I thought this was about VAT on new cars though so not sure what this has to do with that?