For most families, having a car is a must! A family car serves many purposes; driving the children to and from school, travelling to work, doing the weekly shop and visiting the seaside at the weekend would be much more difficult when forced to rely on public transport.
There’s also no getting away from the fact that cars are expensive, and many people are put off from buying a new car because they think they can’t afford it. Contrary to this, though, used cars can end up costing the family more down the line as they constantly need to go in for repairs or end up needing new parts.
In fact, there are a number of ways the modern family can afford to buy a new car these days, and with the wide range of finance options available, buying a new car has never been easier. Here are five ways the modern family can afford to buy a new car.
Take advantage of a scrappage scheme
Did you know that the scrappage scheme is back? Some manufacturers have brought back the scheme, meaning that you can trade your old car in for money to go towards a new one.
Ford is currently offering up to a £2000 trade-in contribution towards a new car, and last year Vauxhall were offering the same deal. A scrappage scheme can be a very easy way of using your old car as a deposit, saving money on the total cost of a new car.
Go electric with a government grant
If you’re looking for an environmentally-friendly car, the government will reward you with a grant towards the cost.
The plug-in car grant currently covers 35% off the cost of a car up to a maximum of £5,000 and 20% off the cost of a van up to a maximum of £8,000. The grants for cars will go down after 1 March 2016 so get in there now if you want to make the most of it!
Part – Exchange your car
One of the most popular ways of saving money on your new car is by part-exchanging your current one. This means you can put the value of your current car against the cost of a new one, acting as a full or partial deposit.
Buy a car on a finance deal
Most people buy new cars through finance deals such as the ones offered by Stoneacre Financial Services. There are a range of finance deals available, such as Hire Purchase, Personal Contract Purchase and Personal Contract Hire. Finance deals make new cars affordable as the cost is spread over a number of low monthly payments, and your deal can be flexible to match your personal requirements.
Buy through bad credit car finance
If you want to buy a car on finance but your credit rating is low, then you can benefit from bad credit car finance. This type of finance is designed for those with bad credit ratings, or those who have no credit history. This type of finance enables those who would usually be refused credit to build their profile back up, by taking out a loan and paying it back in full every month, while enjoying the use of a new car.