Interesting Car Finance and Motoring Facts You Probably Hadn’t Heard Before

Interesting Car Finance and Motoring Facts You Probably Hadn’t Heard Before

For many of us, our cars aren’t just oversized boy’s toys that we get to play around with at the weekend. No, they’re our lifelines. Without a means of transportation, even the most trivial of tasks becomes a chore. Thanks to car finance and various other payment options, it’s now possible for us to own expensive vehicles and spread the cost out over several years to help keep payments low. If you’re a fan of the motor industry however, this article could prove particularly interesting. Below we’ll be listing a series of car finance and motoring facts that you probably won’t have heard before. So, without any further hesitation, let’s begin.

The UK produces a lot of cars

Although the manufacturing of motor vehicles isn’t the first thing that springs to mind when we think of the UK, the truth is that we produce a heck of a lot of cars. In fact, on average, the United Kingdom produces more than 60 million cars every single year. That works out at roughly 165,000 cars per day. That’s pretty-impressive, we’re sure you’ll agree.

The world’s very first speeding ticket

There are fewer easier ways to find yourself in a bad mood, than to get home, check the post, and see that you have been issued with a speeding ticket in the post. We know that speed limits are in place for a reason, but sometimes they aren’t clearly signposted, and sometimes people simply aren’t paying attention, and consequently they pay the price – literally. The world’s very first speeding ticket, however, was issued over a century ago. It was issued back in 1902 and was issued to a motorist travelling at 45mph.

We spend a lot of time stuck in traffic

When you’re feeling stressed and agitated, going for a nice leisurely drive through the countryside is a great way to unwind. Sadly, not all of us can afford this luxury on a regular basis and some of us find ourselves stressed and agitated because of traffic. In the UK, the average driver will spend an average of 99 days of their life stuck in traffic. Now, if that’s not soul-destroying then we don’t know what is.

Ford were responsible for car finance

Nowadays we take credit for granted as we can get it for virtually everything. Way back in 1908 however, the world’s first mass-produced vehicle was the Ford Model-T. It cost $850 at the time, which is now the equivalent of $20,000+. Needless to say, not everybody had that type of money to spend on a car. To help boost sales, many dealerships offered this vehicle to paying customers via instalment loans. Back then it wasn’t regulated, but the premise was still the same as it is now when it comes to car finance.

The inventor of cruise control was blind

Ralph Teetor was the man responsible for inventing cruise control. Ralph was an inventor and the president of car vehicle manufacturing company. He was also blind so didn’t drive himself. After one too many car trips with his lawyer, Ralph decided to invent cruise control. The story goes that his lawyer was a bad driver that would always slow down when speaking and speed up when listening. By 1958, the world’s first cruise control unit was used commercially thanks to Chrysler.

4 Benefits of Car Finance

4 Benefits of Car Finance

When it comes to investments, there are some things in life that are guaranteed to increase in value. Gold is generally a prime example, as is property. But what about some investments that don’t pay dividends? Well, as fantastic as they are, a lot of people will tell you that cars lose value the second they leave the showroom.

To many of us however, we don’t care as we take great pleasure in driving around stylish motor vehicles. Rather than buying a used vehicle however, it might be worth looking into car finance instead. Here’s a look at some of the main advantages of choosing car finance.

Flexible payment options

One of the best things about getting a car on finance is the fact that it provides you with flexible payment options. Depending on the type of deal you get, and the deposit you put down, you can split your payments up into monthly instalments over a prolonged period of time. The longer the finance deal runs for, the less you will pay each month. Having this type of flexibility is very beneficial as it means you can pay a small amount each month and still have plenty of money left to cover other expenses such as, you know, living.

Purchase a nice car

Let’s face it, with bills to pay and lives to lead, not everybody has the luxury of being able to afford to pay thousands on a car, either new or used. Because of this, some of us are forced to spend a few hundred and buy a cheap, used banger just to get us from A to B. Normally these cars fail their MOT or break down so we wind up having to spend more anyway. By getting a car on finance however, you can purchase a newer, nicer, more reliable vehicle and still have plenty of money left to cover your other living expenses etc.

Safety

Another thing we don’t often consider when buying used cars on the cheap is the fact that as they are normally older, they lack certain safety features and are therefore more dangerous to drive. If you get a car finance deal and buy a newer car however, the car will be newer which already makes it safer. On top of that, it will also have more safety features and technology in general. Newer cars have parking sensors, cameras, ABS brakes, emergency braking, and much more besides. Car finance gives you the ability to purchase a safer, more advanced car, without spending a small fortune all in one go.

Save money

We know that with car finance you do wind up spending slightly more than the car is worth overall, but even so, you still end up saving a significant amount of money by going with a newer car. As the car is newer it is more reliable, so you’ll have to spend less on parts and repairs. What’s more, many new models are also road tax exempt as they give off such low emissions, so once again, that’s another saving.

Mistakes People Make When Buying a Car

For many of us, a car isn’t just a luxury, it is a necessity that we rely on in everyday life. We use our cars to take us to work, to pick the kids up, to run errands, and of course, to go out to fun places on our days off. So then, the last thing you will want to envision is your four-wheeled pride and joy suddenly deciding to break down one day and never work again.

Unfortunately, at some point in time that scenario may come to fruition, leaving you in desperate need of a replacement car. And fast. Before rushing out to pick up a replacement however, it pays to do your research. From a lack of car finance to failing to read up on online reviews, here are some common mistakes people make when buying a car.

Buying cheap used cars

It’s never nice when your car decides it’s had enough, nor is it ever cheap. If you intend on getting a replacement car however, it isn’t recommended that you buy a cheap used car. If the car is cheap, it’s cheap for a reason. It will likely be old, will have too many miles on the clock, and could have other underlying mechanical issues as well. This means that it will likely break down fairly quickly, meaning you have wasted your money buying it, and will need to spend yet more money on getting another replacement. Some used vehicles work incredibly well and work for years, but it is a risk.

Not considering car finance

To some people, cars are seen as wastes of money and so they only decide to ever go with cheap vehicles. Often, they find that these cars break down. They fail to consider car finance as a viable option, when in reality it could save them money. Car finance allows you to get a newer, more expensive vehicle by paying it off in instalments, rather than all in one go. This flexibility with the payment means that you can enjoy a nice car without spending a fortune in one sitting. A newer car will be nicer, will last longer, will be cheaper to run and maintain, and will also be safer.

Not reading reviews first

Whether you have your eye on a specific model of car, or on a specific garage or dealership, you should always do your research and read reviews first. See what others have to say about the car, and/or the dealership or garage in question. If you are coming across negative feedback, or a lack of feedback and reviews, this is worrying as you could end up being sold a dud. On the other hand, if you are finding plenty of positive feedback and reviews, this is certainly a good sign.

Letting your heart rule your head

In an ideal world we’d all drive the cars we want, but sometimes that isn’t practical. If you are already on a budget and want to save money, buying a powerful car that gets poor MPG is not a practical decision. If you have a large family, a 4-seat convertible is also not practical. Yes, when buying a car, often you should listen to your head instead of your heart.

Car Finance and More – Tips for Buying a Used Car

When it comes to investments, used cars are probably not up there as being the wisest choice. Unless you purchase a classic or supercar, the second you drive the vehicle out of the showroom it loses value. The thing is, we don’t buy cars with the intention of making a profit when we sell them (unless you’re a car salesman).

 

We buy cars because they’re practical, they’re necessary in many cases, and they provide us with fun. Buying a used car is always a risk, even if you get the best car finance deal possible. To help ensure you get the best price possible, and the best car finance deal possible, here are some tips for buying a used car.

Don’t ask for their best price

A lot of people when attempting to haggle over a used car, will ask the salesman what his best price is for the vehicle. Basically, they’re asking him for the lowest price he would sell it to them. The thing is however, is that by doing that you are putting the salesman in control.

He can come up with any figure he likes, and obviously he’s going to overinflate the price because he wants to make as much commission as possible. Instead, be open and honest and tell him how much you are willing to spend. Be firm, stand your ground, and don’t get into a haggling war. If the salesman is convinced that you are not open to negotiate the price, there’s a good chance you’ll get it for what you want to pay, and on your terms.

Consider car finance

In an ideal world, when we buy a used car we’d always pay cash for it. The reality is that if you are buying from a car dealership, the car will cost thousands of Euros, so monthly car finance payments may be your only option. With finance you do pay slightly more than the vehicle is currently valued at, but it makes your monthly payments more manageable. Always shop around for car finance, as you may get some great deals.

Be friendly and polite

A lot of people like to think that they’re a big-time business tycoon in the board room, and so when they enter into negotiations over a used car they’re often stern-faced, abrupt, and sometimes rude. If you’re rude to a salesperson, or any person that you’re doing business with for that matter, they aren’t going to go out of their way to help get you the best price possible. Be polite, smile, and be friendly. You never know, it may help knock a few hundred Euros from the price that you pay.

Don’t be sucked in by the hard sell

After you negotiate a deal on a used car, the next thing you need to prepare yourself for is the onslaught of upselling the salesperson is about to hurl your way. The salespeople make good commission on things like: paint protection, upholstery protection, gap insurance, and so on, and they will do their best to convince you that you need all of these things. Stand your ground and be firm with the fact that, almost certainly, you don’t need these things.