Has your vintage classic finally thrown in the towel? Are you facing a hefty repair bill or do you simply fancy a change? If you need new wheels, there are various options out there. Here are some you may wish to consider.
Restoration and repairs
If you’ve got an old car you love, or you’re not quite ready to part with your motor just yet, it may be worth weighing up the cost of repairs against the cost of buying or hiring a new car on a long-term lease. Often, if you can stomach the financial blow, you’ll find that paying out for repairs will give you another few months, or even a few years on the road. The cost will depend heavily on what’s gone wrong, and how much the replacement parts retail for. Before you make a decision, get some quotes from different mechanics and garages. Once you have the figures in front of you, you can decide whether it makes financial sense to pay out or not. Don’t forget that you’ll need to factor in labor when it comes to the final bill. Ask for a quote that includes everything before you agree to go ahead with repair work.
Buying a new or used car
When you buy a car, there are two main options. You can either buy the vehicle outright, or you can look at automotive loans and spread the cost over a set period of time. It is possible to take finance out on a car, and this enables you to pay a monthly fee. At the end of the agreed term, you can hand the vehicle back and exchange it for something different. If you buy a car outright, you are the owner, and you won’t pay anything apart from tax, insurance, and running costs. It is worth noting, however, that new cars lose value from the moment you drive away from the forecourt. If you can’t afford a brand new motor, have a look at used cars. They are usually significantly cheaper, and they may still have a lot of miles left on the clock. If you are considering taking out a loan, shop around for the best deals, and make sure you can afford the repayments without crippling yourself.
Hiring
The range of options for drivers is increasing all the time, and if you’re not fussed about owning a car, hiring may be the best choice for you. When you secure a long-term lease, you pay a set monthly fee over a fixed period. You can enjoy the thrill of driving around in a brand new car, you don’t have to worry about parachute payments at the end of the contract, and you can switch cars on a regular basis. When you’re looking at contracts, make sure you understand your responsibilities as the leaseholder. You may be liable for paying for maintenance checks, for example.
If you need a new set of wheels, there are lots of different paths you can take. Hopefully, this guide will point you in the right direction, and you’ll be back on the road in no time.
