The falling value of the pound is boosting sales of cars from the UK to European countries that drive on the right-hand side of the road, according to new research.
Motors.co.uk says that since sterling started to plummet following the UK’s Brexit vote, it has seen a noticeable jump in interest from customers in the Republic of Ireland, who are finding that their money goes further when purchasing from Britain.
The full effects of the UK’s vote to leave the EU are yet to be felt, but there could well be an opportunity for dealers to take advantage of if the pound continues to lose value, making vehicles from Britain cheaper to buy for people living within the EU. However, like every new opportunity for your business, it’s vital to make sure you are properly insured, and checking that your motor trade insurance is in order should be your first port of call.
Motors.co.uk said the effect has already been seen in a number of different markets such as consumer electronics. It pointed out that buying a premium tablet device could be up to £80 less on one side of the Irish border than the other.
The website’s director of marketing and business intelligence, Dermot Kelleher, said: and “It stands to reason that the savings on even more expensive goods such as cars could be even greater – encouraging more European consumers to spend in the UK.
“Although not our core audience, it is clear from our data that there is an increased dealer opportunity within other right-hand drive European markets.
"Whilst the majority of visitors to Motors.co.uk are UK car buyers – and UK visits have risen year-on-year by 18 per cent – October saw an increase of 151 per cent in visits from the Republic of Ireland compared to the same month in 2015."