It’s over a year since the implementation of the pandemic put the Britain into lockdown and this dramatically damaged new car output in the UK. But with the vaccination programme rolling out successfully and the government issuing a roadmap to kickstart the economy, car dealers are gearing up to reopen on April 12th and there is light at the end of the tunnel. The automobile industry will play a keen role in supporting jobs and getting the country back on its feet.
If you are in the market for purchasing a new vehicle, here at A1 Clutches we have come up with some handy tips below to help you make the right decision.
How much can you realistically afford to spend? Look carefully at your finances before you consider buying a new car. Your budget will dictate what car you choose. If you need a loan, remember that a bank loan is unsecured whereas finance for a car is attached to the vehicle and if you don’t keep up with repayments, you may be at risk of losing it.
The average new car can depreciate in value by up to a third in a year and it is worth considering purchasing a vehicle that is a year-old to reduce your upfront costs. Quality brands such as Porsche will hold their value though so there may not be too many bargains for luxury cars. How long do you intend to keep the car? Consider the resale value and choose something that is worth as much as possible when you decide to sell.
Running a car is costly. A manual car is less expensive than an automatic and although they make driving easier, they cost more to buy. It’s worth considering engine size too, remembering that a large engine burns more fuel. Petrol is cheaper than diesel but diesel engines are more expensive and costly when filling up.
Consider the savings made by running a hybrid car. They are cheaper to run and with technology improving all the time, part electric models are popular and hold their value but don’t forget that the upfront cost is higher as a hybrid vehicle will cost you more to buy. Check out what Government grants are available for hybrids– you may find you could get a grant of £5,000 to help you buy a fuel-efficient car.
Optional extras are great but may not add value to the resale price of the vehicle.
Insurance can be huge, especially if you are a young driver, so if cost is an important factor when purchasing a new vehicle, think about buying something smaller which will be cheaper to insure. Insurance comparison sites use research based on several factors such as performance of the vehicle, safety features, cost of spare parts and the price of a new model – all things to consider when insuring a car.
You may fall in love at first sight with a sexy, sleek and shiny vehicle when you see it on a forecourt, but don’t let your head rule your heart. Have a tick list of things that are a necessity such as size of boot, mobility issues, can you get the kid’s car seats in easily and will you be able to park it?
Whatever your choice whether buying new or sticking with your current vehicle, all the team at A1 Clutches wishes you safe and happy motoring in the months ahead.