The UK economy is showing signs of resurgence in a variety of sector – but particularly in the motoring industry.
According to figures from Sainsbury’s, a huge number of people in the UK are currently on the lookout for a new set of wheels – 23% of adults, to be precise. This is up 5% on figures from this time last year and is likely to be caused by a combination of low interest rates on loans and a generally positive financial outlook as the country pulls itself out of recession.
If you are one of the many Brits looking to buy a new car this summer, with or without the use of personal credit car loans, then we have outlined a few things to consider first.
A green future
Green technology is the big thing in today’s motoring world. As consumers around the world begin to show a demand for ethical and sustainable technology, the car world has delivered.
With huge increases in the number of hybrid and all-electric vehicles finding their way onto our roads, it’s worth considering making the switch. There are significant financial benefits to going green on the road – from reduced road tax to government subsidies.
As time passes, our needs as consumers change. This can have a huge impact on the decision we make about the kind of vehicle we use.
From the environment in which we live to the size of our family, as things change around us so too can the things we need from a car.
Thinking ahead to consider possible changes to your lifestyle could help you to make an investment which is wise in the long term and avoid any rash, and costly, purchases.
Consider what you can afford
Despite the fact that loan rates are looking particularly appealing at the moment, it remains important to ensure that you spend within your means when buying anything – but especially a car.
Before making a purchase, be sure to have a clear understanding of your financial situation and your ability to make repayments on any loan that you might take.
A successful purchase will put your mind at ease for months to come and providing you borrow responsibly, a car loan can help you afford the best vehicle for your needs.