Buy a car ‘with your head’

Buying a car with their heart, rather than their head, could leave Britons at risk of developing greater debt, in light of findings from Experian.

The financial insight provider has published research which indicates that men are more likely to get emotionally involved in the car-buying process.

Women, meanwhile, are less likely to judge the vehicle on its image and more prone to consider the financial implications buying it could have.

Some 77 per cent of female respondents cited financial concerns as a primary factor in their decision-making process, compared with 72 per cent of men.

In addition, two per cent more women than men stated that their ability to fund the purchase is a main issue.

Kirk Fletcher, managing director of Experian’s automotive division, says: “The older the car, the higher the chance of it having some sort of history that would affect a person’s decision to buy it.”

Drivers looking to avoid such problems when purchasing a new car might be interested in advice from financial guidance resource The Motley Fool.

Columnist Szu Ping Chan recently recommended personal contract hire schemes as a means of minimising the debt created by obtaining a car using a loan.

Such initiatives only charge the motorist for the vehicle’s depreciation over a set period of time, she explained, meaning they do not enter debt to the full cost of the car.

By Bob Bardsley

track

Tell others:

shortlink