Weak pound boosts Irish interest in UK used cars
The weaker pound has boosted used car exports to the Republic of Ireland.
Figures from the country's Central Statistics Office quoted by the Irish Independent show that 7,090 imported used cars were registered for the first time in October, a 75% increase compared to October 2015.
In the four months since the end of June, when the UK voted to leave the European Union and the value of the pound tumbled, 25,016 used imports have been registered in the Irish market. That's a 62% increase over the same period last year.
"The post-Brexit collapse in the value of sterling is almost certainly the major cause of the tsunami of used imports coming from Northern Ireland and Britain," the Irish Independent reported.
Other European countries with right hand drive cars are also looking to buy UK sourced used cars, Motors.co.uk reported recently.
The website found that visits from car buyers living in the Republic of Ireland increased by 151% year-on-year in October, while visits from Cyprus rose by 117% and those from Malta increased by 43%.
Dermot Kelleher, director of Marketing & Business Intelligence at Motors.co.uk, said: "The impact of the falling pound has already been observed in other industries, such as consumer electronics, with premium tablets effectively costing up to £80 (€90) less one side of the Irish border than the other, 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.
Motors.co.uk, like Manheim, is part of the Cox Automotive family.