Purchasing a new or used car is an exciting time, whether it’s an upgrade from your current vehicle, a downsize or perhaps a first-time purchase. The process of entering the market for a car can be overwhelming and equally exciting for a lot of people. For many of us in the UK, access to a car is a gateway to better things, therefore it is important to get one that is suitable for your circumstances. In many instances, thousands of pounds can be saved if you can find the best deal and shop around. Let’s take some time to think about this.

  • Why would you buy a new car?

    The prospect of buying a shiny new car is exciting. Buyers get to choose their own specifications; new cars also tend to come with a manufacturers warranty and of course they have no unknown history. However, this comes with a hefty price tag and sadly the value of a car depreciates as soon as you leave the dealership, sometimes as much as 20% of the value is wiped off immediately!

  • Why would you buy a used car?

    Used cars are a very tempting prospect, simply because there are so many available in the UK at a range of great prices. Around 8 million used cars are sold every year, many now include dealership warranties, a full MOT and breakdown cover. The most pressing issue in purchasing a used vehicle is getting to the bottom of its history, has it been serviced properly before being offered for sale? Are there any outstanding issues to fix? This is something to keep in mind if you are thinking of buying a used car.

Helping you to start your journey

Many people who purchase vehicles don’t realise that there are alternative ways to pay for your car. Often, people tend to use car finance companies because they are suggested by the car dealership. However, if you think a Personal Loan might be right for you, we provide loans between £500 to £25,000, with a range of additional benefits to suit your needs. To learn more, visit www.serveandprotectcu.co.uk/borrow.

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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