If you have ever looked at cars , lets be honest , this question will have been part of your process . We have all faced it , and everyone you speak to has a different answer .
An independent study by Moneysupermarket concluded that a new car can save you up to 23 % over it ' s older equivalent . The table below gives you an idea of this based on two of the most popular cars on sale .
One important factor with this table is that it takes no account for depreciation on the vehicles . The best way to think of depreciation with your used vehicle is a silent cost .
Imagine buying a second hand car for £ 9000 , and after running it for three years , you sell it for £ 4500 . This works out at £ 125 a month lost to the value of the car , that there is no way for you to recoup .
The table also doesn ' t factor unexpected service items like tyres , brakes or emergency repairs to the car over time .
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BMW 320i |
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|
New |
3 years old |
5 years old |
Petrol cost |
£ 783 |
£ 898 |
£ 912 |
Road tax cost |
£ 130 |
£ 145 |
£ 145 |
Imperial weighted MPG |
48.7 |
44.8 |
44.1 |
Petrol unleaded per litre |
116.45p |
116.45p |
116.45p |
Car insurance cost |
£ 469 |
£ 482 |
£ 440 |
MOT |
£ 0 |
£ 55 |
£ 55 |
Annual Servicing |
£ 147 |
£ 155 |
£ 155 |
Breakdown cover |
£ 28 |
£ 28 |
£ 28 |
Total annual running costs |
£ 1,557 |
£ 1,763 |
£ 1,735 |
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|
VW GOLF 1.4 Tsi |
|
|
New |
3 years old |
5 years old |
Petrol cost |
£ 702 |
£ 882 |
£ 882 |
Road tax cost |
£ 0 |
£ 145 |
£ 145 |
Imperial weighted MPG |
54.3 |
45.6 |
45.6 |
Petrol unleaded per litre |
116.45p |
116.45p |
116.45p |
Car insurance cost |
£ 349 |
£ 336 |
£ 323 |
MOT |
£ 0 |
£ 55 |
£ 55 |
Annual Servicing |
£ 150 |
£ 159 |
£ 159 |
Breakdown cover |
£ 28 |
£ 28 |
£ 28 |
Total annual running costs |
£ 1,229 |
£ 1,605 |
£ 1,592 |
Source : MoneySuperMarket |
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* figures correct Nov 2016
As part of our service to you , using our knowledge , we will try and provide you with this type of information . We will help you understand the overall costs of your new car over the lease period and how this stacks up to your existing car or equivalent if you currently don ' t have a car .
This is all part of our commitment to giving you all the information you need to make the right choice for you . And it has to be right for you , to be right for us .
5 : @ KingoftheRoadUK : Simplicity Cars : http // www . simplicity-cars . co . uk : andy @ simplicity-cars . co . uk