We are gradually sliding down the long, slippery slope to economic depression, and it`s a global financial phenomenon that is going to affect everyone in one way or another, and the motor industry is no different. Even the biggest manufacturers aren`t safe from the credit crunch that`s turned into a credit lunch, with VW recently having been bought by Porsche and the depreciation of most used vehicles becoming steeper regardless of brand or pedigree. However, as a result this is arguably one of the best times to buy a car, used or new, as retailers, dealerships, superstores and manufacturers are looking to offload their stocks to nearly anyone with a few quid left in their pockets because the financial crisis has reduced car sales drastically in what is a sales driven industry. Deals on new cars with massive price reductions and relatively good financing options are quite easy to find, and if you`re in the market for a used vehicle you`ll be able to get a good spec, nearly new model for the fraction of the price that it was originally sold at.
Buying Tips
The most important thing to check when buying a car, especially a used one, is the car log book and the service history to check that the cars operating life can be accounted for and any damage repairs or accidents that occurred are made apparent to you before you make your purchase. Going to a reputable dealer of approved used cars is the best way to ensure this, as they will have thorough testing schemes and only sell the best examples of the cars that they see. In the current financial climate you might also want to consider the fuel efficiency of your new car, and the tax implications of its engine size, all of which will affect the cost of motoring. Using the internet to check stats and details prior to heading to the dealer is the best way to arm yourself against salesmen`s tactics. When it comes to buying or selling a good place to start is one of the many online classified ads websites, as these tend to be either free or cheap and offer a good selection of different cars.
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Financing Options
There are so many ways of financing your purchase of a car that you should stop and consider your options and avoid committing to the first package you`re offered. Most dealerships will try and bundle their own financing into the deal, but this may not be suitable and prove more costly over time than a bank loan or finance from a 3rd party group. Some insurance companies offer dual packages that include financing for your vehicle in the policy, and most large banks offer current and new customers great deals, especially in the current climate in which the motor industry is desperate for cash flow and new customers to avoid stagnation.
Insuring your car can still be a bit of a hassle, especially if you`re buying a new car and have invested a lot of money in your purchase which you want to be secured in the result of an accident or theft of your car that requires a claim to provide a replacement of equal value and age. The best way to search for cheap car insurance is to use one of the many price comparison websites available on the internet. These work by taking details about yourself and your car and then sending them off to many big name insurance companies and brokers at once and returning with quotes and offers in a matter of seconds. You can tailor the kind of package you need, whether fully comprehensive or third party only, as well as searching through specialist insurance companies if your vehicle is an imported, classic or performance model. Additionally in these financially uncertain times you might consider car gap insurance if your vehicle is new or expensive. This kind of insurance will usually cover your car up to the original amount that you paid for it, not just up to the market value of the car when the claim was made. With rapidly increasing depreciation and the difficulty of resale this kind of insurance is easy to recommend to anyone.
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Insurance Suggestions