At first this question may seem a little absurd; after all, price is everything; isn’t it? You would have a supercar on your driveway if price was not an issue! However, when you consider this further you will realize that the price of a vehicle is not the most important part of a car purchase.
For instance, if the high performance, sleek and stylish Jaguar F-Type’s price was the same as a classic minivan; would you purchase the F-Type or the minivan? If you have a family or a need for the space offered by the minivan, then, despite the F-Type price being the same, you would need to purchase the minivan. The same would even apply if the minivan was a higher price; because it is the vehicle that best suits your needs.
Of course, price must play some part; a brand new vehicle is not cheap and this may be beyond your budget. However, there are a number of finance options which can make almost any vehicle affordable.
· The standard loan; this option offers a flexible payment term. The length of the loan can be adjusted to ensure you have the funds you need at a monthly payment rate you can afford. The advantage of this type of finance is that it is generally unsecured; they will have no claim on your vehicle if you hit payment difficulties.
· A car Finance deal; these are often provided by the manufacturer of the vehicle, although they can be issued by an independent finance firm. The loan is secured against the vehicle and the car is not technically yours until the loan has been repaid.
· Lease purchase; for a fixed monthly fee you will receive the car of your choice. The fee acts more like a rental agreement; at the end of a set period, usually three years, the car must be returned. You can then choose to take out another lease agreement, or you can purchase the lease car you have been using; at a price negotiated between you and the dealer. This price will reflect the fact the vehicle is several years old and will take into consideration the payments you have already made.
There are other options when it comes to purchasing your vehicle. It should, by now, be obvious that price is not the overriding factor when purchasing a vehicle. In fact, knowing your budget limits and finance options will make it possible for you to purchase a much better vehicle than you originally anticipated.
It is also worth considering that a vehicle new to you does not have to be a brand new vehicle. If you have established a budget and find that the price of your dream Jaguar F-Type is still out of your range, then you should consider a vehicle which is a couple of years old. It will still be inside its warranty agreement and it will have been serviced and well looked after. You will also avoid the instant loss of value due to depreciation and may even get a higher spec vehicle for your money.
It is important to know your budget limits, but the physical price of a vehicle is not the most important part of your new vehicle; its suitability and practicality is.