Considering Buying A Car Next Year? – Budgeting For A New Vehicle

Considering Buying A Car Next Year? – Budgeting For A New Vehicle

If you’re set on getting yourself a replacement car this year, there are several factors you should consider when budgeting that you may have overlooked when looking for a replacement vehicle.

Adequate planning for these added expenses will make switching to a newer car as stress-free as possible and ensure that you are not left with unexpected bills.

What To Consider When Choosing Your New Car

When choosing your vehicle, it can be tempting to choose the one you like the look of the most. However, this might not be right for you, here are a few things to consider when choosing your vehicle

  • Petrol or Diesel? – The differences between diesel and petrol vehicles aren’t as vast as they used to be. However, as a rule of thumb, diesel powered vehicles are generally more expensive than petrol but cheaper to tax and insure. In addition, a petrol cars value will usually depreciate faster than a diesel one.
  • New or Used? – Both of these options have their pros and cons, on one hand, the asking price for a used car is always going to be lower than a brand new one – but you may end up spending more on repairs and maintenance. On the other hand, whilst newer cars may offer better savings on tax and repairs, they come at an extremely inflated price and start to lose value the minute they are driven out of the dealership.

Additional Costs To Consider Before Buying A Car

The original price of your vehicle is far from the amount it will cost you over its lifetime. Take a look at some of the other considerations you should take into account before deciding which vehicle is right for you.

Fuel – This should come as one of those most obvious additional expenses in this article, generally, newer cars have better fuel efficiency than older ones and the MPG of the car should be taken into consideration before making a purchase. However, whilst manufacturers give an accurate MPG figure, fuel consumption can differ from driver to driver based on driving conditions, the age of the car and driving style.

Insurance – The cost of insurance varies massively from car to car and driver to driver. Generally, insurance premiums are higher for younger people, those who have claims and drivers who have existing driving convictions. The first thing you should do before going to view a car is check online to get a rough estimate of insurance costs, be completely honest to get the most accurate quote. This can be done through comparison sites such as Money Supermarket or Confused.

Road Tax – For vehicles registered after March 2001, the road tax of your vehicle will be calculated on its CO2 emissions as well as the type of fuel it runs on. These are rated in bands from A (least CO2 emissions) to Band M (highest CO2 emissions). A car that features in band A will be exempt from road tax, whereas one that falls in band M can cost up to £515 annually.

It’s important to have a rough idea of the road tax you’ll be paying before buying a vehicle, it can be calculated on the GOV.UK website.

MOT & Servicing – To keep your car on the road, MOT and regular servicing are essential. An MOT determines whether or not your car is safe to be on the road and it is a legal requirement to have one carried out annually. All vehicles should be serviced at the frequency recommended by the manufacturer, but as a rule of thumb, you should have it fully serviced every 12 month or 10,000 miles.

A well-maintained car will save you money – as well as being more fuel efficient, it is much less likely to break down unexpectedly.

What’s The Best Way To Sell My Old Vehicle?

There are a number of platforms set up for offloading old vehicles, each with its pros and cons. The most popular ways people sell their old vehicles include dealer trade in, scrapping, online car buying sites and selling privately. There are a number of different checks to carry out to ensure you get the best price for your old car.

Keep Your Vehicle In Its Best Condition With Autocare

If you’re considering purchasing a car this year, you should ensure you take it for regular servicing to avoid unexpected breakdown or MOT failure. Alternatively, if you’re selling your old car, taking it in for a service beforehand can add to its value considerably. Give us a call on 01291 627137 and find out what we can do for you.

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