New carwow tool sheds light on what a car is likely to cost post-Brexit
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Three in four drivers believe the price of cars is going to shoot up by as much as £3,000 after a no-deal Brexit.
With temporary shutdowns and full or partial closures being put into place by many major car manufacturers based in the UK, the shape of the automotive market after the UK exits Europe is increasingly uncertain.
However, one thing that the industry and motorists agree on is that the cost of buying a new car is going to increase after March 29. One in two drivers polled by carwow believes it will push prices up.
The overwhelming majority (74 per cent of 2,000 people polled) believes the price hike will be up to £3,000 – and this is backed up by market data from carwow, which has 2.4 million visitors to its site each month.
The independent car-buying site has built a Brexit prediction tool, allowing motorists to see an estimate of the price rise as it will affect each major car manufacturer.
The Car Prices After Brexit tool, backed by a comprehensive collection of published data, reveals that the public’s fears are spot on – with the average cost of a new Honda set to rise by £2,676, a Hyundai by £2,268, a Fiat by £3,225 and a Citroen by £3,942.
Other brands fare slightly better, with a new Ford set to be hit by a rise of £727, a MINI by £644 and a Vauxhall by £631. Popular luxury brands like BMW (£8,850) and Audi (£8,137) are set for even higher average price hikes.
As a result, one in eight drivers believes that the weeks leading up to Brexit are going to be a good time to buy a car, with deals on offer across the board.
Alex Rose, Trading and Supply Operations Director at carwow, says: “The one certainty about Brexit is that things are not going to get better for the car industry quickly and the car-buying public are feeling apprehensive – they have been for some time now.
“The prices being put on new models in the aftermath of Brexit vary wildly, which is why we have tried to give motorists some clarity with our price prediction tool.
“However, the flip side of all of this is that the uncertainty around post-March car prices and the great deals to be had in the next five weeks mean this is an opportune time to buy a new car.”
Motorists can find out how much new cars are expected to rise following a hard Brexit, using carwow’s easy tool here.