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?
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) Miles per gallon is the usual 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!
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