New research from Clydesdale and Yorkshire Banks has revealed that car owners are fed up with their clapped out motors and this is proving to be the main reason why people are changing their cars.
Almost a third of those surveyed (32%) said their current model was simply not reliable enough and this was the main reason for visiting a car showroom to pick out their new dream car.
However 13% of those surveyed like to change their cars routinely and men appear to be more focused on upgrading with almost one in five (18%) buying a new car after a set number of years, compared to just 8% of women.
For younger drivers, those aged below 25, a change in their circumstances strongly impacted on their car buying behaviour. The research found that 29% would change their car due to a boost to their financial situation while a change in family circumstances such as becoming parents or moving into their own home will necessitate a change for a further 14%.
Finance also clearly plays a key role with 10% being motivated by a good trade-in or finance offer and a further 6% opting to buy a new car when their finance deal comes to an end.
A car is often the second biggest purchase that people will make, after their property, and Clydesdale and Yorkshire Banks are focused on making the process as easy as possible.
Steve Fletcher, Head of Clydesdale and Yorkshire Banks Retail Network, said: “There is a lot to consider when changing your car from your preferred brand and model, through to running costs and getting the best deal possible.
“Clydesdale and Yorkshire Banks offer some of the most competitive loan rates in the UK which could help take the stress out of buying a car as our personal loans can provide a cost effective way to manage a larger purchase.”
Do Your Homework: Read up on the type of car you want. Is it economical to run? Is it reliable? How much will it cost to tax and insure? Are parts expensive? Check if there are common problems with your preferred choice. It may not change your mind but you will be prepared.
Be Practical: Buying a car is a big consideration and you want it to be something you enjoy. But if you need room for a buggy and car seats or a wheelchair or even a large pet then a two seater convertible may not be the answer.
Shop Around: Don’t buy the first thing you see and have a look online and visit a few dealerships. Also check out magazine and newspapers ads. The more options you give yourself, the greater your negotiating power will be.
No Pressure: Don’t get talked into a car that you can’t afford. Set a budget and stick to it – or try to come in below if you can. Don’t be afraid to haggle over price, especially if you’re paying by cash.
Key Questions: Always ask about the number of previous owners, whether the car has been involved in any accidents and if there is any history of mechanical problems. Check the mileage – some people use 10,000 miles per annum as a rule of thumb for reasonable mileage – and whether the car has a full service history. Don’t sign anything until you’re 100% satisfied.
Clydesdale and Yorkshire Banks offer a range of unsecured personal loans with loans from £5,000 to £25,000 available from 4.7% APR*. The rate is available to new and existing customers and is available online, by phone and in branch.
For further information on personal loans or other products available, customers can visit any branch, contact 0800 707 6471, (opening hours 8am-8pm Mon-Fri, 9am-5pm Sat.) or visit www.cbonline.co.uk for Clydesdale Bank or www.ybonline.co.uk for Yorkshire Bank.