Drivers poised for Brexit bump in motoring costs, says research

Drivers poised for Brexit bump in motoring costs, says research

MILLIONS of British drivers are preparing to see costs soar when it comes to car buying and maintenance following the UK’s departure from the EU, new research out today shows.

With Brexit negotiations due to begin on Monday, and as the nation speculates about what leaving the European Union will mean for the country, a study for servicing and repair company Kwik Fit has found that 57 per cent of UK motorists (21.5 million) expect Brexit to cause the price of new cars to increase. Meanwhile, 6.5 million drivers (17 per cent) predict that prices will increase significantly, whereas only three per cent believe Brexit will bring about lower prices.

The study was conducted by ICM among a nationally representative sample of 2,043 British adults aged from 18.

When it comes to prices of second-hand cars, 35 per cent of drivers expect to see a rise in the cost of buying a used vehicle as a result of Brexit, while five per cent predict that it will bring used prices down. Other motoring areas people are preparing to see a hike in are the cost of petrol (53 per cent), replacement parts (51 per cent), insurance (43 per cent) and servicing (40 per cent).

While many have predicted a rise in people buying British, the research revealed just 13 per cent of drivers (4.7 million) say that Brexit has made them more likely to buy a British-built car, while 71 per cent (27 million) say it has made no difference. For 1.2 million drivers, Brexit has actually made them less likely to buy a British-built car.

Kwik Fit communications director Roger Griggs said: ‘The cost of motoring is understandably a major concern for people as the country prepares to leave the European Union, and this perhaps is one reason for last month’s fall in new car sales. While Brexit may make people think twice about buying brand new, drivers must keep up with maintenance and ensure their car is safe to drive and running efficiently.

‘For anyone opting to buy a used car, we would urge them to ensure that the previous owners have not skimped on maintenance, as regular servicing will help retain the car’s value in the long term, as well as keeping running costs lower day to day.’

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