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Weak pound driving Republic's used car import boom

By Eddie Cunningham and Colm Kelpie

Published 02/11/2016

Sterling's plunge has induced more Southern Irish motorists to buy cars from across the United Kingdom (stock picture).
Sterling's plunge has induced more Southern Irish motorists to buy cars from across the United Kingdom (stock picture).

Used car imports in the Republic reached their highest monthly level for the year in October as sterling's plunge induced more motorists to buy in Northern Ireland or across the water.

There were 7,090 used imports registered in October, a rise of 75.63% on the 4,037 for the corresponding month in 2015. It is the second successive month this year that registrations topped 7,000, with an 80% hike in September, according to figures from Motorstats in the Republic.

It comes as 73% of Irish companies questioned for a survey by the British-Irish Chamber of Commerce said they need clarity on the terms of Brexit before they can deal with the effects.

John McGrane, director general of the Chamber, said: "While providing clarity around the Brexit terms rests very much in the hands of the UK Government, the Irish Government can play its part by providing businesses with the information they need in order to prepare themselves for the UK's departure from the EU."

Some 256 firms were surveyed on issues including what preparations they are taking ahead of Brexit and what support they feel they need in order to protect their businesses.

A separate survey from the Royal Institution of Chartered Surveyors found that there has been a rise in queries to commercial property agents in the Republic from UK firms looking to move to the jurisdiction. And this week a Bank of Ireland survey found economic sentiment in the Republic was recovering following the UK's vote to leave the EU.

But the uptick in the bank's 'business pulse' was due to business sentiment, with a slight fall in consumer sentiment - though a third of ground lost following the vote was now recovered.

Belfast Telegraph

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