Brexit won’t dampen buying habits
Although motorists expect Brexit to lead to an increase in car prices, they are not letting that dissuade them from future purchases.
This is according to new research of more than 700 car-buyers carried out by the online car supermarket BuyaCar.
It found that 47% of buyers expect new car prices to rise as a result of transitioning out of the EU, but 42% of motorists will still be looking to buy between the end of the year and early 2022.
This year’s worst-case sales forecasts suggest a slump of up to 35.5% compared with last year, with as few as 1.49 million cars sold to private and business buyers. That is according to Autovista Group, while the Society of Motor Manufacturers & Traders forecast stands at just 1.6 million.
Christofer Lloyd, editor of BuyaCar.co.uk, said: “In such a challenging year for the UK automotive industry these findings offer some reassurance that recovery is around the corner. Particularly welcome is the fact that a large proportion of motorists seem to have already taken the potential for Brexit-related price inflation into account, given the unfortunate timing of a global pandemic and a major shift in the way Britain trades internationally.
“Used car trade has been exceptionally strong in the aftermath of Britain’s general coronavirus lockdown and BuyaCar.co.uk posted the biggest sales figures in its 18-year history this summer, but healthy new car sales are essential for generating the used cars that most of us buy.
“The fact that so many people expect to go ahead with their plans to buy a new car in particular, regardless of any change in prices, will be a relief to manufacturers and all the ancillary businesses that support them across the UK.”
