A lot of people see March as a time that they would have to “overpay” for a new car, due to the first new registration plates arriving.
However, it could actually be the perfect time to buy.
If you buy a new car with the latest registration plate, it will be reflected in the residual price when the time comes for you to sell your car
. If you are buying your car through a finance scheme, that residual price will be reflected in the monthly payments you make.
If you aren’t particularly bothered about having the latest plate, you can also get cheap deals on pre-registered cars at this of the year, but it is worth noting, this “bargain” price may well be reflected in the price you get when you come to sell up.Getting the best deal
As with many things in life, it is important to read the small print, and pay particular attention to the deposit, mileage allowance and the final payment. Carefully consider the total cost of your change before you commit to anything. If you take out a loan to upgrade your car, interest rates continue to be low so a loan arranged through your bank or building society could be competitive. It is also worth remembering that even though it is convenient, monthly payments through a Personal Contract Purchase (PCP) could sting you with added extras, so do your sums carefully.Issues around diesel
Fuel prices are currently low around the UK, but diesel prices have not fallen as much as unleaded. Fuel prices are also unstable, which is likely to be a feature for the rest of the year.
It isn’t just higher diesel prices that must be thought about, with the ongoing diesel emissions problems at Volkswagen affecting diesel cars across the board. “Dieselgate” is partially responsible for diesel cars falling from a 50% new-car market share in 2014 to 48.5% last year.
Investigators are now visiting other car manufactures as part of an industry-wide investigation, which is going to mean more rigorous testing regimes. These new, tougher controls will push up prices for new cars (with diesel suffering the most) so if you are a person who suits driving diesel cars, it may be best to invest before these new regulations are enforced.Other things to consider
If you are planning to buy a new car in March, make sure you have considered CO2 emissions and fuel consumption, because motoring isn’t going to get much cheaper. It is going to cost you more to insure your new car this year, due to a couple of factors.
The increase in insurance premium tax came into effect last November will affect costs, but it has also been noted that the low cost of fuel has encouraged more younger and older drivers onto the road, who tend to have more serious accidents.
These are just a few things you may wish to consider if you are looking to purchase a new car this month, and take advantage of the new registration deals. If you are looking to upgrade to a new car, why not take a look at our free app?
Our unique selling platform takes the issue of how to sell a car
and simplifies it, placing your appraised car directly in front of thousands of dealers who are looking to buy your make and model of car. By going directly to the dealer and cutting out the middle man, you will end up with a better price your car, meaning you have more money to put towards your new car!
Photo courtesy of Martin Falbisoner
, under Creative Commons