Driving a new car is on most people’s lifetime to-do list. Being the first owner of a vehicle makes it feel truly yours in a way a second-hand car cannot. There are three routes to a brand new vehicle and each comes with advantages and disadvantages. Here is a closer look at your options if you want to get behind the wheel of a brand-new car.
The most popular way to buy a car is with some form of financing. This can be a personal loan, a Hire Purchase agreement with a dealer, or even a credit card. Cars cost a lot of money, and very few people have the funds available to buy a car outright. This is the main reason car financing is so popular.
Finding the right finance deal is important. Small differences in deposits or interest rates can represent a large amount of money over the length of the agreement. You can compare car finance in NI with CompareNI and find a wide range of deals in just a few minutes. Here you will be able to find the right car finance agreement for you and your car.
If you have a large deposit amount you should be able to find a low interest rate which will help reduce the overall cost of the agreement. There are 0% interest deals out there, but for one of these agreements you usually need a deposit equal to a third of the cost of the vehicle.
Leasing a car is increasing in popularity. It is essentially a long term rental agreement. You pay a set fee every month for a lease of three to five years, though you can lease for shorter amounts of time for a higher monthly cost.
At the end of the lease you return the car with no option to buy. Then you can lease again. Many people prefer this option as they can get a new car every few years with all the latest features. There are some drawbacks, however.
When you return the vehicle it needs to be in good condition and you may have to pay for cosmetic repairs. On the plus side, mechanical problems should be covered under warranty so you don’t have to worry about repair bills to the engine, gearbox, clutch, and many other components.
This is the most straightforward way to get behind the wheel of a brand new car. Not many people can do this because of the up front cost. Buying outright will usually require tens of thousands of pounds, and the investment you are making usually begins to depreciate immediately.
In the long term, buying a new car is cheaper than financing one and you own the vehicle unlike when leasing. Most drivers are put off by the cost of a new car and choose to finance or lease to save money in the short term.
There is no feeling quite like driving a brand new car. Choosing financing or leasing not only reduces the immediate cost it also gives you access to some of the best cars on the road. Don’t compromise on your dream and look at deals that can get you behind the wheel of a beautiful new car.