Up to half of all UK car buyers say they plan to delay the purchase of a new vehicle at present, with more than a quarter of these people blaming the ongoing issue of Brexit for their lack of action.
This is according to Autocar magazine, which cited figures from the Society of Motor Manufacturers and Traders (SMMT).
Buyers still waiting for Brexit clarity
Research by Autocar showed 39 per cent of those who have delayed a car purchase decision cited economic concerns, including the impact and uncertainty of Brexit, as being a chief factor in their decision.
It follows figures published by SMMT that highlighted a 4.1 per cent annual decline in new car registrations across the UK in April.
Mark Tisshaw, editor of Autocar, commented: “Since the very beginning of the Brexit debate, the UK’s automotive industry has had a very clear stance – leaving the EU without a trade agreement in place would hurt sales and productivity.
“With half of all car buyers now delaying their purchase, we are one step closer to what the industry has been warning about us for years.”
However, Mr Tisshaw went on to add that it’s not all doom and gloom for the UK vehicle sector, as the UK leaving the EU could lead to an increase in production for the domestic market in the years ahead.
Heather Stark, brand manager at The Fuelcard People, comments: “Brexit has been a headline issue for people across the UK for years now. With delay after delay in the UK’s exit and no concrete progress on a deal as yet, car buyers across the country could still have a while to wait before the future becomes clearer.”