The Cost of a Car Can Cause More Worry Than Your Mortgage

26 September 2012

In this day and age, everyone is looking for a cheaper and more economical way to live especially when it comes to buying and running a car. According to a recent report done in the UK, over 63 percent of people, say that operating their cars is more financially punishing and worrisome than buying and paying for the mortgage on their homes, whereas only 41 percent expressed concern over their mortgage. Two of the biggest financial worries for motorist concerning running their cars are the rising cost of fuel and the rising cost of insurance.

According to the most recent survey, one way potential car buyers in Great Britain have learned to cope is by buying small, economical cars such as the VW Golf and the Ford Fiesta, which are both at the top of the buying list. Due to the gloomy economy, the increased availability of cars over ten years old has dropped their average asking prices by as much as five percent down to £8,620 between April and June of 2012. The proliferation of older cars into the marketplace has thankfully, made it somewhat easier for some people to buy, operate and enjoy their cars.

In addition, another side effect of the down economy is that fewer, almost new cars are entering the market, which is thanks in part to a reduction in registrations from 2009 to 2011. On average, the prices of cars less than a year old are on the increase. As of last quarter, the values were boosted by as much as three percent.

Another interesting statistic is that 38 percent of women prioritize getting the cheapest deal in comparison to just 30 percent of men. Women seem to keep a tighter grip on their pocketbooks than men do when it comes to buying that new car. No doubt, women are the most likely to search the classified ads for good used cars to buy from an individual rather than going to a used car dealer. Most women prefer to stay in close proximity to their homes and will trust the honesty of a private purchase over that of a high pressure used car salesman.

In addition, according to the surveys figures, the most practical place for you to put your “supermini” pounds is in a car that will hold its value such as the trendy Fiat 500 rather than most rivals such as the Kia Picanto or the Mini Cooper which will not hold their value.