Monthly car leasing costs have increased in the UK over the past year, claims new research.
The monthly leasing cost for the UK’s most popular cars, has risen by nine per cent over the past 12 months.
According to accountancy group UHY Hacker Young an average monthly price of £232 in February 2017 rose to £253 in February 2018.
It is thought that weak Sterling is increasing the cost of imports for car manufacturers.
Increased supply chain costs is pushing up the prices on forecourts, suggests the report.
The three biggest rises in monthly cost were all among cars made by German manufacturers – the Mini Cooper D (up 31 per cent), Audi A3 (up 23 per cent), and Mercedes-Benz C220 (up 19 per cent), according to the study.
Paul Daly, partner at UHY Hacker Young, said: “UK car buyers have benefited from a period of deep discounting, but that seems to be coming to an end.
“There are still some great discounts around, particularly for vehicles financed under PCP (Personal Contract Plan) arrangements and now could well be a good time for consumers to change their vehicles before prices rise further.
“Long-term Sterling weakness means manufacturers are having to shift their rising supply chain costs on to consumers.
“Strengthening European car sales have also meant that the UK market is having to soak up much less excess stock from mainland Europe, which is also starting to drive up prices here.
“That is particularly true for prestige German cars – the days of leasing an Audi A3 for less than a Vauxhall Astra appear to be over for now.”