The average price of leasing popular car models rose 8% in the final two months of 2016, according to accountancy group UHY Hacker Young.
The group found that the average cost of a personal contract hire (PCH) deal of 10 popular car models rose from £245.70 to £264.70, using data from Nationwide Vehicle Contracts.
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Of the ten models selected, five vehicles, including the Mini Hatchback, saw individual PCH prices rise. The Mini Hatchback saw hire prices rise 28% from October to December 2016, increasing to £297.54.
UHY Hacker Young stated that the fall in the value of the pound since the Brexit vote led to increased import prices, the costs of which were now being passed to consumers in the form of higher prices.
Paul Daly, partner at UHY Hacker Young, said: “It appears that Brexit, and the resulting fall in the value of sterling, has begun to place pressure on vehicle manufacturers and their distribution channels, forcing them to shift costs onto consumers.
“Further cost rises could occur as the cost of components produced overseas ratchets up. It is unlikely that the pain will be limited to the supply chain.”
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By GlobalData
