We'll come to your home or work place
Based in Bridgend, South Wales, we have over 38 years of experience and are committed to helping you sell your car fast, in a safe and easy way, whilst providing the best possible customer experience. We will travel to you if it is within 30 miles or an hour's travel from Bridgend.
What’s Cheaper to Run a New Car or Old?
September 30, 2015, 10:16 am
Is your old car costing you a small fortune to keep on the road? Would it actually be cheaper to fork out on a newer model? This is something that crosses most people’s minds at one point or another and the answer can be a bit tricky to figure out.
If you’re wondering whether it would be more cost effective to buy a new car or continue to run your existing vehicle, then here are some things you should consider.
Running Costs
How much money are you currently spending on fuel, tax and repairs? Most old cars aren’t the most environmentally friendly, meaning that vehicle tax tends to be much higher than the newer models. While this may only be around £100 - £200 per year, it can make a huge difference if you’re paying in monthly instalments.
Additionally, if you’re likely to purchase a car that offers just 10mpg more than your existing car you could be saving around £20 for every 500 miles travelled. For regular drivers, this could equal hundreds of pounds off your fuel cost every year!
Repairs
Are you finding that more and more seems to be going wrong with your car these days? Repair costs can quickly add up, causing you to begin to question whether or not it is worth keeping your car on the road. When you start paying out for repairs that are more expensive than the price of your vehicle then you do begin to doubt yourself.
A new car will be covered under manufacturer’s warranty for 3 – 7 years, which means that if something does go wrong then you won’t be paying out for it. This offers great peace of mind and means that you won’t have to be constantly saving or borrowing to afford any repairs.
New Car Deals
Often when you come to purchase a new car, the dealer will throw in some additional incentives like insurance for ‘x’ number of years, free MOTs for life or 0% finance for ‘x’ months. All of this helps to reduce the running costs of a new car, making them comparatively cheaper than a used vehicle.
Finance packages on new cars especially, tend to have much lower APRs than you’re likely to find elsewhere. This means that you won’t end up paying over the odds for your vehicle and never being able to recoup the amount of money you’ve spent on it.
Used or New
Even if you don’t buy a brand new vehicle, considering a used vehicle that is newer than your car can still carry many of the benefits listed above at a more affordable price. This is an option that is well worth considering when contemplating changing your vehicle, as you can get something that’s much more reliable and affordable to run than your existing motor, without having to break the bank.
One of the easiest ways to make a decision is to find out how much your car is currently worth. At Cashpoint4Cars we offer a competitive rate on all vehicles, running or not, helping to give you the money you need for a deposit on a car that’s cheaper to run than your old banger.
