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CAR NEWS - Jan 2007 Large Cars Being Increasingly Bought on Finance UK consumers are increasingly buying new cars on finance rather than buying them outright for cash according to the latest statistics.
Low deposits being sought by dealers are sucking in buyers who are tempted by the low initial outlay needed to acquire 4x4s and other large or luxury cars. Buyers should still remember to do their calculations and to see whether savings are possible on 'hidden' costs such as gap insurance (still essential for used car purchases) and loan protection cover.
Do appreciate that a low deposit on a finance deal may still disguise a huge commitment over a period of years whether the car you are buying is new or used. The potential shortfalls shown on this web site still apply. You may find yourself with a debt to the finance company if your car is written off and your insurance company has only paid you market value. Click below to check prices.
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The drift towards finance also encompasses the second hand car market insofaras large cars are concerned. Despite these cars being pre-owned, they can still come with hefty price tags and finance is being used to take advantage of the opportunity to spread the cost over a period of time.
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