In a year of uncertainty with likes of Brexit and Trump on the horizon, dipping into your pockets could become ever more expensive. Our relationship with countries across the continent has an instrumental effect on the costing of our vehicles. So as the pendulum swings and the UK are rumoured to most likely be at the back of the queue in a number of these trade deals, how much is this really going to influence the cost of vehicles in the UK?
Unfortunately, our relationship with other countries is not the only thing that is going to have a direct impact on vehicle pricing. The likes of Tax, Oil and Insurance are also going to add to the ever growing cost.
Firstly, in the wake of VW emissions scandal, it comes as no surprise that CO2 emissions is a hot topic and unless you have yourself a vehicle with zero emissions, you will unfortunately see a hike in tax prices for your vehicle.
Secondly, with oil prices already at a premium, there seems to be no let-up in their spiralling cost, with the news of future oil production halts being a key factor in this rise.
Finally, insurance premiums have been progressively increasing since the end of 2015. “In the last quarter of 2016 alone, they jumped four per cent- the equivalent of £30 on average” - so it may come as no surprise that there's another rise due this year.
So the question I’m asking you. Will you be buying a new car this year?
When motoring publication Auto Express last reviewed new car prices in the UK in 2013, it said that Britons spend around £27,500 on a new car - a three per cent increase would mean an extra £825 on that. In reality, it is likely to be more, as car prices will be higher now than four years ago. With Brexit on the horizon too, industry experts have also alerted buyers that they could face having to pay £1,500 more for imported cars, if the UK's separation from the UK leads to new tariffs. These make up more than 85 per cent of all new vehicles bought in Britain last year.
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