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Consumers give overwhelming 'no' to Brexit affecting their car buying plans

Europe - Brexit jigsaw pieces

Online car sales are at record levels following the UK’s pro-Brexit vote in June.

And the boom is set to continue, says BuyaCar.co.uk, as its research reveals almost nine out of 10 car-buyers say Brexit does not affect their plans to buy a new car.

Despite warnings of Brexit-related car price hikes and fears of reductions in consumer spending power, Britain’s motorists have been flocking to buy cars online like never before.

And it’s not a blip, because the boom began immediately after last June’s referendum decision.

A new report from online motor retail specialists BuyaCar.co.uk reveals that sales of both new and used cars have risen in each of the last 10 months – each time in double percentage figures.

Market performance for BuyaCar.co.uk since last summer has been more consistent than previous years, when sales rose and fell from month to month in line with old traditional patterns.

Sales in March this year were up by 68% on March 2016 and April’s figures were 26% higher than the same month last year.

Now, 86% of motorists say their plans to buy another car are not affected at all by Britain’s plans to leave the EU.

BuyaCar.co.uk asked almost 1,000 people about their car-buying intentions after being surprised by their own sales growth since the referendum.

Austin Collins, BuyaCar.co.uk managing director, said: “We were a little worried in the lead-up to Brexit last year, but as soon as the referendum result was in we saw record traffic to our site and more sales enquiries than ever before.

“We wondered whether that was a blip, but since then there has been no sign at all of our customers feeling cautious and sales have been up every month.

“Last summer we considered the possibility that people might be spending their money quickly on large purchases because they thought tougher times were coming but there has been no sign of any let-up in sales since then.

“And when we asked almost 1,000 of our customers, after Article 50 was triggered, whether Brexit would affect their plans the answer for the overwhelming majority was clearly ‘no’.

“Many customers seem optimistic about Brexit and others don't think it will have an impact until we actually leave the EU, so they are happy to continue buying for now."

Just 15 people – or 1.5% of those questioned – said they had decided to spend less on their next car.

And 2.2% of the people questioned say they have decided to bring their next car purchase forward, in case deals are less attractive in future.

The remaining seven per cent say they are going to “wait and see” what happens to their own economic circumstances before deciding on their next car.



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