A WHEELER Dealers expert has issued an urgent warning as the price of classic cars soars.
Motors expert, Mike Brewer, warned that when it comes to renovating cars the best is now behind us.
GettyMike Brewer revealed that the price of classic cars is soaring[/caption]
69 percent of businesses have seen equipment costs rise
Speaking to Classic Car Weekly, He said: “With the cost-of-living being felt across the UK, the rising costs of energy will be put onto the customer.
“The equally inevitable rise in the price of materials will also add to the cost of a restoration.”
A new report from motoring experts at ChoiceQuote has revealed the extent of the issue facing customers and businesses.
The group’s ‘Motor Trade Industry: Inflation Impact Report’ claimed the motor industry was “no exception” to the cost of living crisis crippling the nation.
An alarming 84 percent of respondents admitted they were facing “serious” challenges due to the national picture.
The study concluded that the “entire supply chain was taking a hit” with rising costs for new parts, according to The Express.
Across the board, companies have had to raise prices by an average of 17 per cent.
Of those surveyed, 73 per cent said they had seen the price of vehicle parts go up in recent months.
A total of 69 per cent of businesses have seen equipment costs rise which was having a knock-on effect with consumers set to pay higher prices.
Customers were also being more careful than ever before deciding to go ahead with work.
A staggering 69 per cent mentioned the cost of living and inflation causing them to spend less on their vehicles.
A poll from the Motor Ombudsman also paints a fairly bleak picture for motorists in 2024.
A staggering three-quarters (75 per cent) of service and repair businesses believe rising operational costs, taxes and energy bills will be the most significant operational challenge in 2024.
It comes as a labour council has waged war on motorists by hiking the cost of parking permits by more than 500 per cent.
Residents living under the control of Kirklees Council in West Yorkshire currently pay £15 to park outside their homes for the duration of a car’s life.