Truck prices could increase with no-deal Brexit

Published: 01 July 2019

Truck prices could increase with no-deal Brexit
As the country prepares for another set of months of uncertainty up until the updated Brexit deadline of October 31st, once again, the uncertainty has left businesses and those involved in the industry with many questions.

In the running up to March, there was a period of stockpiling in the run to that Brexit deadline, as many firms and manufacturers hoped to cut costs for imports and exports once the Brexit plan had been put into action. Even though Brexit did not take place, this still had an impact on the economy - with less imports and exports of goods and parts as many firms braced for this with stockpiling, in an effort to avoid any additional costs.

Similarly, the increased costs will have a wider effect on vehicles, new and even used trucks could see increased prices as a result of a no-deal Brexit taking place. If a deal is not agreed by the 31st of October and the UK leaves the EU under no-deal terms, it could have a big impact on truck purchasers.

Keltruck sales director, Dave Morgan, spoke regarding the matter: “If a new vehicle goes up by 20% the price of a used truck will go up too, people try to blame everything on Brexit, and I don’t like to but it’s not as busy as I thought it would be. Used prices haven’t got to go up, but they will. In this industry, if new is going up by whatever the WTO duty is why would a used one stay the same? Dealers will close the gap between new and used, maybe not by 20% or whatever the tariff is, but certainly by a large amount.”

Morgan believes that the changes taking place with environment friendly vehicles and ciites shifting focus to clean-air zones could have a negative impact on the market currently – but in the long-term it will be beneficial to parties involved:

“In 2020 they’ll be another load of people moving out of Euro-4 and Euro-5, whatever they buy I can see sales increasing towards the end of this year or middle of next.”
 
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