Recent research has revealed that the majority of Britain’s motorists are rightfully convinced that they will end up worse off after Brexit (when Britain leaves the EU). The poll comes during the week when negotiations regarding Brexit between David Davis and his team and the EU’s Michael Barnier begin, and even though the end of the road is not yet fully in sight for a long time to come, drivers still feel that the cost of buying a car will rise.
The poll shows that 57 per cent of UK drivers believe that Britain’s exit from the EU will see the prices of new and used cars increase. Of these drivers, 17 per cent believe that the rise will be quite significant and will affect their car-buying choices. A hopeful 3 per cent of drivers believe that car prices will fall. The research further reveals that 53 per cent of the UK's road-using public believes that the price of fuel will rise across the board, with affluent areas seeing a more significant rise in fuel costs. A majority of 51 per cent recognises that the cost of spare parts will rise once Britain is no longer part of the EU. Parts that are imported from within EU borders do not attract any extraneous tariffs for their purchases, but those countries that are not within the EU umbrella are forced to pay a 4.8 per cent tax.
New import tariffs that affect countries outside the EU could increase the price of buying a car by a lumpy £1,500, and with a massive 72.4 per cent of all new motorcars coming from EU countries, the move has some rather serious implications for customers. Within the UK, car imports are also likely to be affected negatively, and large companies such as MINI and Nissan could be hit with a 10 per cent export tariff in order to trade with the EU.