Choosing the right car is crucial for both your lifestyle and financial well-being. Everyone wants a car that not only looks good but also fits your budget and your needs. But where do you begin? We’re going to give you 5 tips on how to choose your next car, including whether to consider buying new or used. Given the significant investment involved, weighing the pros and cons of purchasing a new vehicle in your decision-making process is important.
Buying Tips
First things first, establish your car budget. Having a clear understanding of your financial boundaries will empower you to make an informed decision.
It’s important that you consider all potential costs associated with owning a car: insurance, road tax, breakdown cover, servicing, and fuel. On average, UK drivers spend £162 a month on car-related expenses, excluding the initial purchase or finance payments. Utilising tools such as Money Helper's running cost calculator can help estimate the total cost of running your chosen car.
If you’re thinking about getting car finance, knowing your credit score is important because it affects your chances of getting a good finance deal for a car. A higher score means you might get lower interest rates, which can save you money in the long run. Whether you're opting for traditional financing or a car subscription, a credit check remains an essential step in the process. You can check your credit score on websites like Clearscore and Experian to understand where you stand financially before looking for a new car.
- List Your Must-Have Features
Take some time to compile a list of must-have features. This exercise will help you prioritise your needs and preferences, meaning you’ll know what to look for when viewing potential cars.
Consider aspects such as safety features, technology integration, seating capacity, boot size, fuel efficiency, and other features that may appeal to you. Tailoring your search to these essential criteria will help streamline the decision-making process.
While car reviews can offer valuable insights, it's important to remember that individual preferences and priorities vary widely and that a highly-rated car may not necessarily fit in with your lifestyle.
Focus on reviews that address factors relevant to your needs, such as reliability, fuel economy, handling, comfort, and resale value. Pay attention to feedback from owners who share similar driving habits or lifestyle considerations to gain a more accurate understanding of a car's suitability.
If you don’t want to be tied down by traditional ownership and leasing models it’s worth exploring flexible options like car subscriptions. Car subscriptions offer you the flexibility to swap or cancel your car if your circumstances change, ensuring that your vehicle always suits your needs.
With a Wagonex subscription, many fees, including maintenance, road tax, and breakdown cover are included, simplifying the ownership experience. This means you can enjoy the benefits of driving a car without the hassle of managing multiple expenses. Opting for a subscription model also alleviates concerns about car depreciation and the devaluation of your asset, a worry that typically accompanies car ownership.
Ultimately, a Wagonex subscription allows your car to evolve alongside your lifestyle.
Find out more about car subscriptions.
Are Brand New Cars Worth Buying?
Now comes the age-old question: are brand-new cars worth the investment? Let's look at the pros and cons.
Advantages of Buying a Brand New Car:
- Assurance of Ownership: Buying a new car means you can enjoy the satisfaction of being the sole owner, knowing its complete history without any prior accidents or issues.
- Latest Features and Technology: New cars often benefit from the newest advancements in safety, efficiency, and comfort,
- Customisation Options: Purchasing a new car means you can often customise it according to your preferences, from colour choices to additional features, enhancing both style and convenience.
- Reliability and Warranty: New cars offer peace of mind with warranties covering potential issues for the initial years, along with relief from MOT requirements.
Disadvantages of Buying a Brand New Car:
- High Upfront Cost: Purchasing a new car often requires a significant initial investment or committing to long-term financing agreements like PCP, potentially leading to inflexible contracts and high-interest rates.
- Depreciation: New cars experience rapid depreciation, losing a significant chunk of their value as soon as they leave the dealership, making resale values lower than the initial purchase price.
- Long Lead Times: Acquiring a brand new car often involves lengthy waiting periods due to high demand, it’s important to factor in that you could be waiting months for your brand new car.
Ultimately, whether a brand-new car is worth buying depends on individual circumstances and preferences. Consider factors such as cost, depreciation, and convenience before making your decision. And remember, opting for alternative options like Wagonex car subscriptions can provide flexibility and peace of mind in today's ever-changing automotive landscape.
Wagonex subscriptions open up the opportunity to drive new and nearly new vehicles without the usual concerns associated with car ownership. With no need to worry about depreciation, long lead times, or high upfront costs, a Wagonex subscription offers a hassle-free alternative. Some of our vehicles require no deposit, while others may require only a small, refundable deposit, providing flexibility to suit different budgets. This approach minimises the worries often associated with deciding on a new car, allowing you to enjoy the experience of driving a quality vehicle without the financial burden or commitment of traditional ownership.
Explore our available vehicles today.
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