Bargain-hunting European car buyers are taking advantage of the post-Brexit weakening of the pound by buying cars advertised on sale in Britain.
Car search website motors.co.uk reports a “significant” rise in searches from other European countries, particularly when the pound was down to £1.09 against the Euro back in October.
- Built in Britain: UK automotive from A to Z
- UK car exports are booming – but Brexit Britain slumps
- ‘Hard Brexit’ threat to car jobs in UK AND Europe
The Republic of Ireland is especially noteworthy: visits from its residents searching for cars sold in sterling grew by a hefty 151% compared to the same period in 2015.
Ireland, of course, is a member of the EU and has adopted the Euro, meaning the exchange rate is very favourable – and, of course, like the UK, its cars are right-hand drive.
Experts say this backs up anecdotal evidence that visits to Northern Ireland by Republic of Ireland car buyers are significantly up.
Visits to the motoring website from Cyprus and Malta have also spiked: again, both those countries drive on the left.
Motors.co.uk director of business intelligence Dermot Kelleher said other retail industries had already seen evidence of this ‘Brexit boost’ from Europeans shopping in the UK.
“It stands to reason that the savings on even more expensive good such as cars could be even greater – encouraging more European consumers to spend in the UK.”