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How to save money when buying a car

Posted on 17/08/2015

In the market for a new motor? Take a look at our latest blog post to find out how to save money when buying your next car.

New registration

September sees the launch of the new 65 plate registration. While it can be expensive to buy a new vehicle, the new registration launch can help you save a bundle.

In February and August, you’re likely to come across some great deals on cars with the most recent registration plate. This is because many buyers will wait for the new registration to be released, so will hold off on spending. In order to entice them to part with their cash, many dealerships will offer great offers that you can take advantage of.

However, if you do take up one of these deals, you should remember that your vehicle will depreciate in value quicker once the new number plates are released.

Another good time to hit up the dealerships is at the end of each quarter. In order to boost their overall sales total, dealers are more inclined to offer you a better discount.

Fuel efficiency

As well as considering the cost of the car itself, it’s important to think about fuel efficiency. Petrol and diesel can be expensive, so you’ll need to keep your trips to the petrol station to a minimum!

Choosing a fuel efficient car can help you drive for longer without having to refill. Auto Express has published a list of the UK’s most economical cars. Topping the list is the Peugeot 208 1.6 BlueHDI with 94.1mpg, followed by the Peugeot 308 Blue HDi and Vauxhall Corsa 1.3 CDTi with 91.1 and 88.3mpg respectively.

Before you head to the showroom, it’s always worth doing your research about a vehicle to help keep costs down.

MOT

MOTs can be a hefty expense for many motorists, especially if issues are found with your vehicle. However, current rules mean new cars do not require an MOT in the first three years and the latest budget unveiled plans to up this to four years.

Purchasing a car that’s under three years old will help you avoid this cost. However, it’s important to balance the costs — an older car may be cheaper, but you’ll have to factor in MOT charges and vice versa.

What are your top tips for saving cash when buying a car? Let us know over on Twitter.

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*Representative Example
Cash price – £8,500.00, Deposit – £0.00, Amount of credit – £8,500.00, Rate of interest – 16.24% per annum, Amount of interest – £6,912.00, Lender Documentation fee – £0.00, Lenders option to purchase fee – £10.00, Total charge for credit – £6922.00, First repayment – £256.70, Followed by 58 Monthly repayments of – £256.70, Final repayment – £266.70, Total amount payable – £15,412.00, Representative APR – 29.9%

*Last month, over 51% of Refused Car Finance customers that had their loan arranged were offered an APR of 29.9% or lower

In the first 3 months of this year, UK Car Finance Ltd received 2140 unique applications, of which we were able to offer 2136 applicants a line of credit, subject to the applicant being able to provide acceptable proof of affordability, being free from insolvency and or/a supporting guarantor fitting the lenders eligibility criteria, this represented 99.8% of applicants in this period.

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