Car manufacturers and the iPhone generation

547 More

Earning the right to be successful

535 More

Knowledge is power

609 More

Selling cars – it’s all about timing

852 More

Truemag

  • Home
  • About
  • Advertise
  • Archives
  • Contact
  • Subscribe

Buying cars in an economic downturn

Recession, double-dip recession, depression, global depression, fiscal deficit, higher taxes, spending cuts, job losses, fuel rises. That’s a rather unpleasant list of words which make most people feel uncomfortable. But Britain has experienced the worst recession since the 1930s and is facing the toughest squeeze in generations so there is no point burying our heads in the sand and pretending there is nothing wrong. So what can we do, in practical terms, to make buying a car more financially efficient?

We’ve put together a few tips about car buying during a downturn which might be useful.

Set a budget and stick to it; it is very easy to be seduced by shiny cars and slick salespeople but we see far too many cases of customers buying a car they can’t afford and regretting it just a few months down the line, when they have to sell it and often end up thousands out of pocket.

Always research special offers and make like for like comparisons, a little bit of research effort could very well equal some great savings

Check fuel figures and running costs; you may be able to afford the car but can your budget stand the maintenance costs? On some cars a set of tyres can cost well over £1000! Some eco friendly diesel and electric cars can now do recession busting miles per gallon, enabling you to keep more money in your pocket and filling up for a lot less. They are also often very cheap to tax and on some cars absolutely free!

When deciding what car to buy don’t be a brand snob; if a car does what you want it to do buy the best in class and save by being realistic whilst not compromising on spec.

Look at warranties; many car makers now offer 5 year warranties as standard including Toyota and more are sure to follow, that’s a whole lot of peace of mind.

Look at alternative funding solutions; dealer finance is often much cheaper than high street lenders but check you’re getting the best deal for you, it might mean you can get a better car as a result.

Look at budgeting for service and maintenance by including it in your monthly car payment. Many car dealers are desperate to service and maintain your car and will offer competitive deals to entice you. You can then take comfort in the fact that ALL your car costs are covered in a single monthly payment,

Be prepared to travel to get the right car; many car dealers sell similar cars and by looking on the net and comparing there can be huge savings made by playing one off against another.

Maximise the value in your existing car by presenting it in its best possible condition, by spending a little on a full professional valet for example could result in you getting much more in part-exchange (For more information on this important subject check out Motor Trade Insider Sell Your Car Like A Pro!).

If your car is doing a job and not letting you down don’t sell it, keep it and gain maximum use from it yourself. Finally never ever spend big money on servicing your car just before you sell it, a car dealer will never give you the money you spent on servicing on top of the price they offer, let the next owner or dealer do the service work and you get a better car for your money.

Jul 9, 2010In51der
  • Car Buying Crib Sheet
  • When buying brand new makes more economic sense
  • Buying a new car can make sound economic sense
  • Buying a new car in the recession
  • Even when buying a car, every little helps
  • Caution pays when buying a used car
  • Keep an eye out for car manufacturer "pack deals"Car production and consumer demand in EU up 34% so far this year
    Comments: 1
    1. edward symes
      10 years ago

      in my experience dealers are queing up to give you their best in a recession,today i rang and asked how much for an annulal servivce on my 3 yr old qashqai and the service chap had discounted it before i even opened my mouth,so from now on iam going to ask how much anything costs and then just say nothing until the price comes down should be fun and i saved myself £125 today by doing just that!!

    In51der

    Motor Trade Insider - Bridging the gap between the customer and the Motor Trade

    10 years ago Blog, Consumer, Environmentaleconomy, Featured, motor trade recession, new car buying, part exchange valuation, part-exchange, Used car buying, used car prices202
    Most viewed
    Top 100 UK Dealer Groups
    38,731 views
    The car sales process and the “9 point plan”
    10,808 views
    webuyanycar review – They will buy any car but beware of the asterisk
    5,485 views
    Most commented
    Car sales and the power of silence…
    25 Comments
    Car dealers still not prepared to play the “we buy any car” game
    23 Comments
    A Traders Tale – Part Four
    22 Comments
    Win a pre-loaded Ipod Shuffle!
    19 Comments
    Bargain of the Week – StreetKa 1.6i Luxury
    14 Comments
    Bridal Hair Berkshire
    Fox Body to 2018 Mustang Parts
    and Accessories
    About MTI

    Motor Trade Insider
    is written by people working actively in the motor trade for people on the inside and people on the outside.

    Our aims
    Build a bridge between consumers and the trade, create Interesting and informative content, break down barriers and create better understanding, expose bad practices and rip-offs and promote outstanding products and service.
    Have something to say?
    We are always looking for experienced writers who can write good original quality posts on motor-trade-insider.com. Please contact us if you would like us to consider you. Make sure you give us details of your own blog or a link to some articles you have written.
    2017 © Motor Trade Insider
    Truemag theme by StrictThemes