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Brexit, whats does it mean for drivers?

What Brexit could mean to drivers

There are many confusing issues surrounding our decision to leave the EU but one thing many of us want to know is how will it affect the UK’s car drivers. 51.9% of voters opted to leave and so far it is still unclear just what will change.

According to the AA the costs of fuel could change and possibly increase due to the devaluation of the pound immediately after the announced decision to Brexit. However other companies such as the RAC state that people are just panicking and what happens could possibly not be what we expect and certainly not to the detriment of the UK itself although they also state that a 5% increase/decrease could occur in the short-term. Any fluctuations in fuel costs are yet to be felt and whether they go up or down over time should settle down with a lot of people jumping to conclusions on an unseen, unknown change to the UK and its future.

 The cost of cars themselves is in a good position at the moment but it remains to be seen if this is another area that could be affected or not.

Manufactures in the motor industry were keen for the UK to remain part of the EU, however some car manufactures such as Nissan had pledged to consider its options and Toyota has stated that it will stay in Britain. The restrictions that some companies may face could add to the costs in regards to the raw materials that are imported into the UK from abroad which may impact on the overall costs.

In reality car prices are very unlikely to change for some time and no changes will be made over night with many car companies already committed to various projects for some time to come. It remains a buyers’ market for now and there are many competitive deals to be had.

As a UK driver you need to think about if you want to make a new car purchase now or wait and see what happens. It is predicted by many that the UK interest rate could decrease whilst others firmly stand by predictions that if the pounds value remains low compared to that of the Euro than the amount of discounts on cars could be reduced in the year to come.

Whatever your decision, you when buying a car you need to weigh up the options and possibilities however its noting that we are in a new phase and some things cannot be predicted, we simply do not know. Take advice, look at your finances, see what providers are out there to help you make your purchase but overall don’t panic buy.

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Brexit - what does it mean for Drivers?
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Brexit - what does it mean for Drivers?
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how could your costs rise?
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Car Loans
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