- 29
- Feb
Motorists should be conscious of the impact buying a car can have on their finances, it has been suggested.
A study carried out by Direct Line reveals that more than a fifth (22 per cent) of Britons are looking to purchase a brand new vehicle over the course of this year. It was also revealed 27 per cent of London residents have their eyes on getting an automobile, in comparison to 21 per cent of those living in the north of England. Some 20 per cent of Midlanders wish to get a new set of wheels. Research from the firm also indicated that 16.2 per cent of drivers, around 1.2 million, want to get a 4×4 vehicle or a people carrier. Meanwhile, consumers are four times less likely to get an environmentally-friendly model, than a less fuel efficient car.
In terms of colour, red, silver and blue were revealed to be the most popular shades of vehicle among drivers. Meanwhile, Toyota, Vauxhall and Ford were indicated to be the most sought-after makes of car.
For those looking for a competitive way to finance the purchasing of a car, a cheap personal loan could be of assistance. This type of borrowing may help drivers with affordable low-cost repayments to make, in comparison to opting for an expensive garage forecourt deal.
The financial services firm’s research comes ahead of the introduction of new car registration plates tomorrow (March 1st).
Tony Chilcott, head of car insurance at Direct Line, stated: “As a nation, we take pride in our cars and with new car registration plates available in the spring, March is a popular time of year for people to purchase a new one. Choosing a more fuel efficient car can limit further damage to the environment, as well as provide financial benefits. And with ever increasing petrol prices, drivers are always looking for ways to cut the costs of motoring.”
In an attempt to reduce the financial strain of buying a car, the firm advised motorists to consider getting a vehicle with a 1.4 litre engine or lower. This, it was claimed, would allow drivers to take advantage of low road tax costs. Furthermore, the insurance provider stated that prospective buyers need to take the time to think about what they will require from a car and what kind of journeys they will be making in it. Additional advice from Direct Line included to get a model that runs on diesel and to make sure that the level of pressure in each tyre is sufficient.
Upon selecting their dream car, consumers may wish to fund their purchase through a cheap personal loan. Taking out a loan, many may find, is a more cost-effective option than a forecourt finance deal as they could be left with affordable repayments to make each month. A recent uSwitch study indicated that in choosing a garage payment plan ahead of a cheap loan British drivers may be set to waste some 174 million pounds over the course of next month when the new 08 registration plate cars are launched.
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