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Should I buy car before Brexit?

  • 28-09-2018 3:48am
    #1
    clogher71
    Registered Users, Registered Users 2 Posts: 561 ✭✭✭


    Hi All

    Bought car in UK over 4 years ago, will be going to the UK next time too, not in a panic to change car, but should I consider buying before March?. Is is possible exchange rate & import duties will change, and the cost of importing the car will rise after March and put it out of my reach?


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    Yes, it's possible. If there's a no-deal Brexit cars imported from the UK will attract the standard EU tariff on cars of 10%. Plus, if not a new car, may be subject to inspection requirements that don't apply to cars already registered in the EU. (Perhaps even if a new car - not sure about this.)

    If you're determined on buying in the UK, and you think there's a material risk of a no-deal Brexit, then buy and import before Brexit day.


  • #3
    Larbre34
    Registered Users, Registered Users 2 Posts: 24,719 ✭✭✭✭Larbre34


    In some ways, its 6 of one, half dozen of the other.

    What I mean by that is, a soft brexit will likely strengthen Sterling due to increased investor confidence and probably leave duties untouched, whereas a hard brexit or a no-deal exit from the EU will potentially cause Sterling to collapse but throw up all sorts of importation costs. In fact, it would probably end the personal private importation of cars for a long while.

    If it were me buying (and I have imported before) I'd ignore the duties, which won't change until after an actual exit, and focus on the currency. If negotiations start to look very bad around November, or in a limbo situation between January and March 29th, have your research done and be ready to make a deal quickly in a period where Sterling is being battered by the markets.

    At the moment its hovering around 0.90, but it wouldn't surprise me if it got near parity before the extra EU summit in November.

    Keep an eye on sticker prices in the UK too. A subdued domestic market due to fearful consumers might cause prices to fall to try and shift stock, especially the car supermarkets. No dealer will want to be stuck with a huge inventory when the music stops, so to speak.


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