GET THE CAR OF YOUR DREAMS HOW TO BUY
Out with the old…
If you’re looking to get shot of your
old car, most dealers will offer some
kind of part exchange deal. The
dealer will give you a sum of money
for your old car that is off-set against
the price of the new one. Be warned,
though. A trade-in price is usually below
the market price for your car. You’ll almost
certainly get more for your old car if you
sell privately, but going for a part-exchange
is quicker and easier.
Budget for the best
Having established what your ideal car is, set
a budget. Stepping onto a new car forecourt
can be like walking into a sweetshop – there’s
always the temptation to blow the budget
on a Sherbet Fountain when you went in for
penny sweets. Committing to a maximum price
will help you to stay focussed. You should also
factor in all the extras you want – as these can
often add thousands to the fi nal price.
Show me the money
Car fi nance can be something of a minefi eld to
the uninitiated – and the recent credit crunch
has done little to improve the situation. If
you’re a cash buyer – congratulations – you
have the simplest arrangement of all; write the
cheque – collect the keys. If you’re looking to
pay for the car over a period of time, there are
a few options you should consider. The fi rst is a
basic bank loan. This allows you to own the car
from day one as the contract is with your bank
– not the dealer. You won’t need a deposit, but
a decent credit rating is essential if you want to
get the best interest rates.
Dealer schemes such as PCPs (Personal
Contract Plan) allow you to pay in
instalments and give you different options
at the end of the contract. Most schemes
allow you to pay off the remaining debt
with a traditional loan, start a new
contract with a new car, or simply hand
the car back and walk away. Many owners
like PCPs as they allow them to get a new
car every few years.
Hire Purchase schemes also allow you to
pay over a set period of time, but unlike
a bank loans, the car isn’t yours until
you’ve paid off the loan in full.
Negotiating
Some people love haggling, others
hate it. Most of us fall into the latter
category, but that doesn’t mean you
can’t drive a good deal. Several factors
will infl uence the price you pay – and
the key is to be realistic. Decide what
you want to pay, make an offer below
that fi gure and negotiate up to a fair
price in a fi rm but polite manner. If
you aren’t satisfi ed, leave your name
and number and walk away.
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