Brexit could see the cost of British-made cars rise by THOUSANDS… and put 169,000 jobs at risk

THE motoring industry could be subject to major price hikes post-Brexit, which could end up costing British motorists thousands in car servicing and repairs.

Fears are already spreading that the automotive sector could be one of the worst hit by potential post-Brexit trade restrictions, with 80 per cent of all parts used in British car manufacturing sourced from overseas.

If negotiations between Europe and Britain fail to reach a trade agreement by 2019, the UK motoring industry, along with countless others, will be forced to operate under World Trade Organisation tariffs of up to 10 per cent on all imports and exports.

According to online car servicing provider Servicing Stop, if ten per cent trade tariffs are imposed, the price of every car sold in the UK could rise by as much as £2,370, and in turn inflate the price of parts and servicing astronomically.

"Of the £15 billion worth of components in British cars, only £3 billion are produced in this country," Servicing Stop CEO, Oly Richmond, said.

"This means 80 per cent of parts are currently imported which, without free trade, will put an end to cheap services and affordable repairs."

Richmond said the possibility of major price increases could make it nearly impossible for a number of Brits to be able to afford their own car.

“The British automotive aftermarket is wholly dependent on the free movement of car parts across borders and any change could severely disrupt our global supply chain," he said. 

"Post-Brexit tariffs would increase the cost of car parts which would subsequently increase the cost of car servicing and repairs.

"Car ownership could become unaffordable for a lot of people.”

If heavy trade tariffs were to be imposed following our departure from the EU, the rise in costs could see large sections of the British car manufacturing industry relocate overseas, putting as many as 169,000 jobs at risk.

Richmond claimed that the only way to ensure British drivers are not largely impacted by final Brexit negotiations, and to secure the future of thousands of local jobs, was for the UK to secure a free-movement trade agreement.

"The entire industry is in agreement when it comes to the importance of free movement of goods post-Brexit," he said.

"A trade agreement is the only way in which the aftermarket can thrive and provide the best value to British motorists.”