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EXPERTS REVEAL HOW TO GET A CHEAPER CAR AND INSURANCE..
New cars start appearing with ’60’ number plates today and while they are now updated twice a year – March 1 is the other – it’s still a crucial time for manufacturers and dealers who expect to sell 331,700 vehicles this month.
If you’re in the market for a new motor, Your Money has the lowdown on how to drive a hard bargain – and not just on the car.
Insurance has shot up 30% in the past year, with fears that premiums could rise another 15%.
Always compare deals using the annual percentage rate (APR) and the total payable.
Haggle on the APR. You could save hundreds of pounds over the life of the loan.
Insist on written quotes to take away. If the dealer refuses, walk away.
The simplest form of dealer finance is hire purchase. You pay a deposit (often 10%), then the balance, plus interest over the duration of the loan. You don’t own the car until the final payment but, on the plus side, the lender is jointly responsible with the dealer for fixing faults.
If you like to change your car every two to four years, then consider personal contract purchase. With PCPs you pay a deposit, then low monthly payments over a fixed period.
