Buying a new car may look difficult after the financial drain of Christmas but motorists could soon be on the way to saving for their dream car after taking on some basic advice. Doing extensive research into the type of vehicle you are interested in and looking at pricing options are just some of the ways to purchase a vehicle, according to car experts.
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Extracting large profits from your previous car is also vital to securing enough capital to secure a new car at the start of the year.
As motorists consider purchasing a new car, Close Brothers Motor Finance expert, Sean Kemple, gives his top tips for purchasing your dream car as soon as possible.
Choosing the right car
Research from Close Brothers Motor Finance has shown a massive 91 percent of motorists do some kind of research before purchasing a new car.
This figure rises to 96 percent among those below the age of 35 who may be more nervous about buying the wrong type of vehicle.
Sean Kemple says: “Research is key, and there are lots of ways to get information to ensure you drive away from the showroom with the right set of wheels.
“Get online; many car dealerships now have impressive online forecourts so you’re free to peruse at your leisure.”
He also adds local dealerships should not be overlooked as they can offer more personal advice to make sure you can identify the right type of car for you.
Begin saving
Sean Kemple says setting savings goal is the first step to getting your hands on a dream car.
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Setting a monthly budget will allow consistent savings to quickly accumulate and leave you in the best place possible to look at cars you never thought you could afford.
Consider electric
Sean Kemple says 2020 is set to be the year that the electric car market sparks into life.
The group’s recent Britain Under the Bonnet report highlighted two out of five motorists are considering switching to an electric car for their next purchase.
Electric cars may be expensive to purchase upfront but can offer extensive savings for many residents.
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The new decade will see the introduction of restricted clean air zones in Leeds and Birmingham as well as a proposed diesel ban in Bristol.
Electric vehicles are also currently exempt from paying car tax charges and money can also be saved on increasing petrol costs.
Sean Kemple said: “If you’re trying to be more sustainable then the no-emissions element of electric cars is attractive.
“And whilst the initial outlay for electric cars can be expensive, they are cheaper than a petrol or diesel car to run – so could be a money saver in the long term.”
Extract money from your old car
Online marketplaces can give motorists instant valuation on a used car.
Some online stores allow you to advertise for free and offer an instant platform to sell your vehicle to prospective buyers across the nation.
Local dealers can also help value a car which will help you to understand what extra capital you may have available.
Paying for a dream car
Finance options are often available for new models and similar services are now being launched by some marketplaces across the used car market.
Monthly instalments help make a hefty price tag more manageable and means you could mean you land the keys of your dream car if you don’t have the final cost to hand.
Sean Kemple said: “Shop around for the best deal and talk through your finance options with a dealer. Many dealers can help you set up affordable monthly instalments for your purchase in line with your budget.”
However, he warns motorists should make sure they choose the right option for them and must make sure they are clear on what type of finance agreement they will be on before signing up.
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