Brexit will not hinder any used cars for sale according to the expert finance group because the stock is all paid for. They even urge drivers to purchase British vehicles to protect their money and claim drivers of British vehicles will be less likely to face any impact. Cars which are manufactured in the UK are also highlighted as vehicles which may not face disruption even if their parent company is European. Brexit is less likely to impact used cars British cars as any spare parts will not need to be sent from overseas by manufacturers, according to the expert.
Speaking exclusively to Express.co.uk, Tom Preston, UK used car expert and Managing director of Hippo Motor Finance claims used car prices should not be impacted by any Brexit eventuality.
He said: “Brexit won’t impact used car prices. They should remain stable whatever the Brexit outcome is, due to the fact that used cars are all paid-for stock.
“The vehicles have already been on UK roads, they don’t need to be imported from the EU, and there’s no need for additional costs like for components, which are manufactured overseas.”
Mr Preston also claims import tariffs on EU manufactures parts and repairs could result in higher costs for servicing, MOTs and repairs.
He adds drivers should buy British vehicles to protect their pockets and not avoid any added costs.
He told Express.co.uk: “If you choose a car that’s made in the UK, then your less likely to be affected by any impact of cost further down the line.”
Brexit has been a cause for concern among motor officials such as the Society of Motor Manufacturers and Traders (SMMT) who have consistently warned of devastating impacts on the event of a no-deal withdrawal.
The SMMT claims a no-deal exit would add billions of pounds to the cost of importing and exporting vehicles and could put motoring jobs at risk.
Mike Hayes, SMMT Chief Executive, said in a statement: “A no-deal Brexit would have an immediate and devastating impact on the industry, undermining competitiveness and causing irreversible and severe damage.
“UK and EU negotiators have a responsibility to work together to agree a deal or risk destroying this vital pillar of our economies.”
Recent data from SMMT reveals car manufacturing output fell by more than one fifth in the first half of 2019.
However, September’s statistics from the Finance and Leasing Authority (FLA) showed a massive boost for used car sales.
Older car sale advances dramatically rose by a massive seven percent on the previous year.
Over 130,000 used cars were purchased on finance in July 2019 which generated over £1.5million.
The statistics mean the consumer used car finance market saw business volumes increase at their strongest rate since October 2018.
Speaking exclusively to Express.co.uk Philip Nothard, vice-chair of the Vehicle Remarketing Association said the FLA results were positive but the data needed to be put into context.
He added: “It’s encouraging that we are continuing to see growth in what can only be described as a challenging market.”