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Ford breaks into consumer savings market

The year has not started too well for car manufacturers, if research from motoring association the AA is anything to go by.

Having surveyed over 15,000 of its members across the UK, the organisation found that around a quarter expect car prices to rise as a result of the UK’s ongoing Brexit negotiations, with the proportion rising to just under a third in Scotland.

As a result, six per cent are putting off buying a new car until the full impact of Brexit is known while a further seven per cent will seek to keep costs under control by opting for a used car rather than a new one.

Simon Benson, director of motoring services at AA Cars, said the results show it is “clear that the current climate of uncertainty is having a real impact on car buying intentions across the UK”.

“With rising inflation likely to weaken consumer confidence, and a first Bank of England rate rise for many years now looking far less remote, many drivers across the UK have quietly started to pull back spending on big ticket items such as brand new cars,” he added.

“Collectively Brexit fears could hit the British motor industry for six billion [pounds].”