{"id":3673,"date":"2016-09-20T03:39:56","date_gmt":"2016-09-20T03:39:56","guid":{"rendered":"https:\/\/blog.carro.sg\/?p=3673"},"modified":"2025-11-05T17:32:45","modified_gmt":"2025-11-05T09:32:45","slug":"brexit-affect-car-prices-singapore","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/brexit-affect-car-prices-singapore\/","title":{"rendered":"Brexit: How it Will Affect Car Prices in Singapore"},"content":{"rendered":"

What is 'Brexit'?<\/h2>\r\nIt is a word that has become used as a shorthand way of describing\u00a0the United Kingdom leaving the European Union - merging the words Br<\/strong>itain and exit <\/strong>to obtain\u00a0Brexit.\r\n\r\nAs many should know by now, the UK\u00a0voted to leave the EU in a historic referendum<\/a> on the 23 June this year, with England voting strongly for Brexit, by 53.4% to 46.6%.\u00a0The pound fell\u00a0against the US dollar to a 31-year low\u00a0as the future of the UK's economy was plunged into uncertainty.\r\n\r\nHalfway across the globe, Asian exports could be hurt by Brexit as consumers in the UK will have lower spending power from a weaker sterling. Does this necessarily mean imports from the UK automatically become cheaper and lower car prices? Not entirely.\r\n

How does it affect car prices in Singapore?<\/h2>\r\nAccording to car dealers locally, the slump in the pound sterling is not going to mean cheaper British cars; on the contrary, it may lead to higher prices. This is because the cars are transacted in Singapore dollars and not Pound\u00a0Sterling.\r\n\r\nDepending on how much of the car's content is from European suppliers, this may mean that British cars will cost more, not less.\u00a0For example, the Bentley and Rolls-Royce brands both have German owners - the Volkswagen Group and the BMW Group respectively.\r\n\r\n\"A lot of parts are not sourced from the UK but Europe. If the value of the pound versus the euro dives, it will be more expensive to produce that same car,\"\u00a0says the director of a dealership, who declined to be named. This therefore translates to higher prices in terms of Sing dollars, as British car exporters will inflate their prices to keep up with the cost of producing these cars.\r\n\r\nIn the short term, however,\u00a0Jaguar, Land Rover, Aston Martin and Bentley are likely to witness higher demand for those with higher purchasing power due to the favourable exchange rates. Keeping this in mind, the higher demand for British car brands will also drive up the demand for COEs and therefore inflate the cost of owning a car in Singapore.\r\n\r\nGiven the volatility in the Pound\u00a0Sterling and unstable economic situation surrounding Europe, it is best to hedge against the risks involved\u00a0so that the forex impact will be lower.\r\n\r\n ","protected":false},"excerpt":{"rendered":"

What is ‘Brexit’? It is a word that has become used as a shorthand way of describing\u00a0the United Kingdom leaving the European Union – merging the words Britain and exit to obtain\u00a0Brexit. As many should know by now, the UK\u00a0voted to leave the EU in a historic referendum on the 23 June this year, with …<\/p>\n","protected":false},"author":2,"featured_media":3773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-3673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/3673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=3673"}],"version-history":[{"count":1,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/3673\/revisions"}],"predecessor-version":[{"id":16566,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/3673\/revisions\/16566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media\/3773"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=3673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=3673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=3673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}