New or used – you can still drive great deal

PUBLISHED: 07:13 08 October 2016

Simon Gray, managing director of Credo Asset Finance.

Simon Gray, managing director of Credo Asset Finance.


Sponsored: New car v used car, what is the best deal for you? Simon Gray, of Credo Asset Finance, explains.

New car sales in the UK continue to grow, with 1.7 million sold in the first eight months of the year – up 3.3% against what was a record year last year.

Analysts expect the full year of 2016 to set another new high, but does this mean the expected Brexit slump has been avoided? Well, possibly. The current growth in new car sales is largely being driven by fleet purchases rather than by the public. In August, private new car sales were slightly down against last year.

High volumes of product diverted by manufacturers into the consistently buoyant UK car market, coupled with low interest rates that have helped keep finance offers at very attractive levels, means dealers remain heavily targeted to sell their quota – hence many great deals out there to lure you to the forecourts. But is the interest rate or monthly payment figure the only thing you should consider?

For instance, how do you know you are getting a good deal on your part-exchange? This has become a real pressure-point in the car-buying process as the internet has meant consumers are a lot shrewder and can do more research before entering the dealership, and increasingly are not accepting the offers for their part-exchange from the dealer. This remains one of the biggest pain points consumers have in the whole car-buying process.

It is also another reason why it’s worthwhile speaking to an independent finance broker to gain a little advice before you go. Here at Credo we often have our customers call us with their plans before we even quote on a finance package. This enables us to give them an idea on how much their car might be worth now, how much, if any, finance is still left on their car and talk them through their options.

It is interesting to note that many of our customers are now looking at nearly-new cars, or cars with delivery miles only. To all intents and purposes, the latter are brand new. There will likely be lots of choice on the forecourts in the next few weeks, as many dealers will pre-register new cars in September to achieve their quarterly sales targets, and then offer them at big discounts.

Credo can offer rates of finance on these cars close to, and sometimes better than, the deals you see advertised for new cars, so it’s certainly an option worth considering.

Have I confused you more? I hope not, but it can be confusing – so once you have researched the car you wish to buy and know how much your budget is, give our team a call and we can work out a plan that really suits your circumstances.

Credo Asset Finance, 85 Yarmouth Road, Norwich, NR7 0HF.

Phone 01603 703180.



Twitter @CredoFinance

Facebook /CredoAssetFinance

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