Drivers expect Brexit price hike

As the nation speculates about what leaving Europe will mean for the country, a new study for Kwik Fit, the UK’s leading automotive servicing and repair company, has found that 57 per cent of UK motorists (21.5 million) expect Brexit to cause the price of new cars to increase. 6.5 million drivers (17 per cent) predict that prices will increase significantly, whereas only 3 per cent believe Brexit will bring about lower prices.

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 5 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.

Roger Griggs, communications director at Kwik Fit, 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…”