Brexit is making your car less valuable

Some €2,000 knocked off the price of second-hand motors...

The fallout from Brexit has slashed €2,000 off the price of an average second-hand car, according to the MD of Ford Ireland.

Ciarán McMahon has told the Irish Independent that the drop in the value of sterling following the UK's decision to leave the EU in June means that it is "inevitable" that it will cost you more to trade in your car for a new model in 2017.

The value of used cars have plunged as UK imports flood the market, with the gap between new and secondhand vehicles widening.

Close to 65,000 imports have been registered in Ireland thus far this year, up 20,000 on the same period in 2015.

McMahon said:

"Overall, I would estimate that the cost of changing to a new car has risen by €1,500 to €2,000 for the average owner of a three to four-year-old vehicle."

He noted that this increase could add €15 to €20 to people's monthly personal contract plan (PCP) repayments.