Cost of buying a car could skyrocket as new speed limit law hits UK

The law has now changed across the UK and European Union (EU) when it comes to buying a car, with new speed limit legislation brought in right across Europe.

And it is set to play havoc with the cost of buying and running a car, leading to a couple of headaches for drivers when it comes to buying a motor from hereon out.

Going live last Sunday (7 July), it has seen the UK adopt the law, despite it being an EU law, in order to allow the car manufacturing business to flow as freely as possible across the English Channel.

Speeding could be a thing of the past (Getty Stock Images)

Called Intelligent Speed Assist (ISA) systems, the law means that the technology must be installed across all cars being sold - new and used - in the EU and here in the UK.

ISA systems are speed limiters imposed on your vehicle that will stop you from exceeding legal parameters, with the system even showing resistance on the accelerator as you try and go above the speed limit of the road you're on. You can legally bypass it, although it comes with a warning.

The ISA system will use GPS and traffic-sign recognition cameras to detect changes in speed limits.

From there, it'll adjust the vehicle's speed accordingly.

Motorway speeding is a big problem (Getty Stock Images)

Experts are torn on whether the ISA systems will be a success. Stuart Masson, editor of The Car Expert, told the Daily Mail: "I don't believe it will make roads safer. The system will be bombing at you if you're one mile per hour over the speed limit. It's something no police officer will pull you over for. But speed limits are important."

And then there's costs, with some believing it's going to have a negative impact on what you spend. Given that the tech has to be installed on all cars, it is a possibility that the cost of doing this will be passed on to the consumer.

Simon Williams, head of policy at the RAC, says: "It's obviously going to have an effect on the cost of a vehicle, but probably not massively so."

Will insurance premiums go up or down? What about repairs? (Getty Stock Images)

And costs could rise more so given the new technology that is under the bonnet of every car being sold from hereon in.

Jack Cousens, head of roads policy at the AA, said: "Even a low impact collision could affect the sensors within the front bonnet.

"They will have to be checked and re-calibrated. It will get cheaper the more cars are protected."

But Williams says that the new technology could stop the collisions happening in the first place. And as a result of the forced lower speeds, there could be an an added bonus to your bank account when it comes to the cost of your insurance premiums.

"If it stops people having collisions then it will bring down insurance premiums," he believes.

The European Commission has said that the ISA system will work with the driver, 'pushing the driver’s foot gently back to make the driver aware and help to slow down'.

It says you can 'ignore this feedback and override the system by pushing slightly harder on the acceleration pedal', but it is not recommended given that speeding is against the law.