Car Prices Ireland

In recent times, it seems that everything has become expensive, even the car prices Ireland have increased tremendously, thus, more reasons to buy a second-hand car in mint condition. We Buy Any Vehicle is the best place to get good-condition cars, at reasonable rates. 

However, there are several reasons that have led to the increase in car prices and we are going to talk about the most common ones.

Increase Car Prices Ireland – Reasons 

Car import price has increased

Car manufacturing companies are importing the raw material from foreign countries like China and Thailand and as a result, the price of material that these companies import has gone up substantially. Thus, it in turn increases the cost of manufacturing the cars in these factories which then results in an increase in the overall car price. 

Taxes on fuel have gone up dramatically

After the recent price hikes by the oil companies in taxes due to changes in the government’s policies, the prices of petrol have also gone up sharply which is one of the main reasons for the increase in the used car values. Diesel is used most in trucks to transport goods from one place to another and also since the fuel costs have become costly the price per ton also has risen and consequently the price of cars has increased.

Rising interest rates

Rising Interest rates have caused a surge in car loans and mortgage arrears. The rising interest forces people to opt for loans that are easy on the pocket or 10% higher than the market rate which has driven up personal loans and at the same time left people with loads of bills to pay. This is another reason that people are unable to pay the loan installments in time and therefore have to come up with other options like a personal loan for bad credit, etc

Recession in the economy

This is another reason for hiked car prices. Recession is affecting the economy as a whole, thus we see a decline in the demand for cars and other vehicles due to low disposable incomes. Thus leading to a decrease in profit for the car companies. In order to meet the expenses, they have to increase the prices of the cars.

These are some of the common reasons behind the increased car prices Ireland.