With the UK £ at a 3 year low already on the back of Brexit and 2 years to go to the actual exit from the EU free trade agreement (to whatever replaces it) is now the time to buy a car in the UK?
Printable View
With the UK £ at a 3 year low already on the back of Brexit and 2 years to go to the actual exit from the EU free trade agreement (to whatever replaces it) is now the time to buy a car in the UK?
Could be. It could even go lower when additional traders get to work today and keep up the momentum. Given that things looked OK yesterday afternoon not everyone would have been trading last night. Furthermore while people and businesses are responding to the shock today there might be a further sell off as people seek a safe refuge for their liquid assets.
I think this is probably the start of the end of crazy prices for modern classics in the UK, and there might even be a good price crash like in 1989
Thought the same as soon as I saw the news, it'll be about time prices come down if even a small bit. Already fantasising about how nice it'd be to pick up something nice and "reasonably priced" in the UK on the way back to Ireland :D
I don't think theres enough of a saving to jump in right now. I was looking at a dream car of mine and the difference it makes to the price is 1000-1500 which in the grand scheme of things is not a whole load of money.
If we went from 1.25 to 1.10 for the euro then I'd be jumping. At the moment we're just equalized with the old low I think we will need the market to collapse a bit to make things super beneficial for buying.
Once they officially exit the EU then you may have to pay VAT on top of VRT to import from the UK. If that's the case then importing from the UK may become less attractive here. Interesting times ahead.
I don't think that really applies to used cars really more on new products. Would you have used a VAT number to buy a used car in the UK previously? That would be the only case in which you would have had to not pay VAT and this would be only from a business not a private seller.Quote:
Originally Posted by bazz26
I think the VAT could be a big issue that will affect prices long term if UK decide that they will not allow businesses to reclaim VAT then their exports will fall as it will be cheaper to deal with other EU countries that will probably affect car values in the positive for us.
Interesting alrite, you can get the VAT off some used cars in the UK providing you have a VAT number though.
...and dutyQuote:
Originally Posted by bazz26
Cheaper UK cars won't be much comfort if you're out of work though.
But won't a used UK car be treated the same as a Japanese used car when imported here? I'm talking about a used car that was bought new in the UK post EU exit where VAT was originally paid in Britain but in the EU?Quote:
Originally Posted by Smokey Bear
I'm talking about UK economy as a whole rather than the car market and price of cars dropping as a result of the market.
I assume seems that VAT has already been paid on UK cars they should be okay? They may add an extra Duty though. (Like Jap stuff)
However for new cars bought after UK are officially gone and then we try import them here after a few years, Will we get caught with VAT and duty? (Like importing a Jap)
I went to the UK for a motocross bike back in March when the Brexit hype was in the news, the buy rate from Bank of Ireland was £1 to €1.27 then. Not far off the current. I think the sterling will stabilize fairly quickly again, but when it comes to sealing the deal and actually putting in the mechanisms to leave the EU and if there is a Scottish independence vote, the sterling will probably take a bigger hit.