Wednesday 4 March 2009

Bentley hikes prices (UK)

Bentley is to increase its prices by 5% in response to the continued weakness of the British pound, thanks to cuts in interest rates.

All UK models will increase by 5% from 1st April 2009 but prices in other markets will remain unchanged.

The move means that the price of a new Bentley Continental GT will rise to £123,800 while the most expensive model, the Bentley Azure T will now cost £245,000.

Bentley has been hit hard by the fall in the value of sterling against the euro. Its value has depreciated by over 18% in the past 12 months, severely affecting the amount it pays for parts manufactured in Europe.

Press Release:

Bentley Announces Increase in UK Prices

Decision driven by the falling value of Sterling

The continued weakness of Sterling against the Euro, has forced Bentley Motors to increase the price of all its models within the UK by 5% from the start of April 2009. The price increase will apply to all new orders received after 31st March.

"We are reacting to the continued very low value of Sterling against the Euro", said Stuart McCullough, Board Member For Sales & Marketing. "As a UK business with much of our component costs based in Euros, we have to address the fact that our costs have increased significantly given Sterling's dramatic decline."

"A 5% price increase at a time of reduced demand and therefore reduced production may seem counter-intuitive", said McCullough, "but Sterling has depreciated by over 18% against the Euro over the last 12 months. It has therefore proved increasingly difficult to absorb the negative effect of these increased costs on our business."

"Sales to the Euro-zone provide us with a natural hedge against our Euro denominated costs, so we are able to avoid any price increases in other European markets."
Other overseas market pricing is unaffected.

UK Prices Applying From April 2009 RRP inc. 15% VAT:

Continental GT £123,800

Continental GT Speed £141,300

Continental Flying Spur £120,700

Continental Flying Spur Speed £137,000

Continental GTC £136,200

Continental GTC Speed £153,400

Arnage R £173,100

Arnage T £183,100

Arnage Final Series £200,400

Arnage RL £201,400

Azure T £245,000

Brooklands £236,400

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