Quantcast
Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Second-hand models 'can help people save'

Thu, 17 Apr 2008
People in the UK affected by the credit crunch can save money by purchasing an older vehicle rather than a new one, it has been claimed.

According to Car Parts Direct, a new car worth £15,000 can drop in value by nearly half within the first three months it is owned.

The company added that this make its one of the worst financial moves that people can make.

However, Car Parts Direct spokesperson Mark Cornwall stated that an older vehicle can be much more worthwhile than a new one when it comes to maintenance.

"Even the more expensive parts that could fail such as shock absorbers, drive shafts or a steering rack rarely cost more than a couple of hundred pounds - this is peanuts compared to financing a new vehicle," he said.

Car Parts Direct has been in operation for more than 25 years and can be found in the Midlands.ADNFCR-1081-ID-18556619-ADNFCR

Comments

Add a comment

 

Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £9,304.93

Total cost of credit £1,804.93

£155.08

60 monthly payments

Apply now

Representative example

The Representative APR is 13.2% (fixed) so if you borrow £7,500 over 4 years at a rate of 13.2% p.a (fixed) you will repay £199.21 per month and repay £9562.20 in total.