The main reason why sale of new cars is falling is not because of Brexit but because of the car tax increases made back in April 2017.
Cars registered before then were eligible for low price tax from zero to £30 a year. Now the minimum tax on normal new cars is £140 a year upwards. Nobody in their right mind is gonna part with their low tax car to pay £140 a year on a new car. Once again this stupid government and the stupid EU is to blame.
Do you sit there all day trying to make up the most stupid threads possible?
£140 is going to put people spending £10-40k on a new car? Oh dear.
Or perhaps it's because the government keep threatening to tax cars off the roads? I wouldn't shell out £10-20k on a car that the government could decide in 5 years time should be taxed off the road.
I currently drive a 2010 diesel that gets 65mpg and I was planning to replace it in 2020 with a newer car but with the government's treatment of people driving older cars and knowing mine will be worth nothing in 2020 as a result I will keep this car until the wheels fall off well into the mid 2020s.
It's not a good time to be buying a new car. I could see the government suddenly deciding to heavily tax anything that isn't electric or hybrid in 5 years time with the way things are going and then eventually anything that isn't electric. As long as I keep getting my high fuel efficiency I'll keep what I have.
Taxes like London's congestion zone, high parking fees and the clean air zone taxes the government are trying to introduce across the country can be avoided by parking in housing estates on the edges of cities and walking into the city centre.
I'm not convinced road tax is the issue here when you compare it to the cost of buying a new car vs buying a second hand one...
The OP is somewhat correct in that Brexit is not to blame, the real reason is that new car sales have been funded by lease agreements with low credit requirements. The BOE identified this as an issue and essentially told the banks to tighten their requirements.
I see so many young people driving around in new cars in London.
They must either be well off or living their entire lives on credit.