There are many different things to consider when buying a new car, some of which I’ve covered when discussing why I haven’t yet taken the plunge myself despite the fact that I do want a new set of wheels.
In this article, I take a look at a number of different financial aspects that you should consider when buying a car. Some of them you may be aware of already, others may be completely new to you. All should be taken into account though when you arrive on a forecourt, to ensure you’re not stung at a later date.
1) How will you finance the purchase? PCP? Personal loan? Read more about the options available in the previous Car Articles editorial feature.
2) Deposit – if you can put down more, quite often you can negotiate a greater discount on the car.
3) Petrol or Diesel? If you’re buying new, diesel engines tend to cost more, but you’ll recoup that if you do a lot of miles by having a greater MPG.
4) Depreciation – if you are buying new, do you mind taking the hit? Why not look at a car a few years old, which could save you the greatest part of the depreciation.
5) MPG – usually, it’s the old performance vs economy debate that comes into play when considering miles per gallon. However, this is becoming less of a factor as cars are now using smaller engines which return greater fuel economy and better performance – but you may need to pay more to get one of those newer cars!
Look out for part 2 in the near future.
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