Buying Fancy Cars: A New Trend Among Guys
According to a recent survey it is clear that most of the men are tempted to buy flashy cars and something which is ostentatious.
According to a survey conducted by Fool, It has been clear that there are few people like Jeremy Clarksons and Lewis Hamiltons who always dream of purchasing a flashy car, which grab the attention of the people who look into that. This survey has said that about 30% of the people have expressed their desire towards purchasing such an automobile. Another 46% are youngsters between the ages 18-25, who are very much keen about getting a showy set of wheels to such vehicles. These desire are not only limited to men, even women like Fiona Leggates and Vicki Butler-Hendersons have expressed their view to purchase such showy cars.
When people want to purchase fancy cars like Ferrari Enzo or Porsche 991, then they think of taking a low-cost loan.
David Kuo, head of personal finance at Fool, said: “Jokes are often made about flashy cars representing mid-life crises, but it’s no laughing matter when one in six people say upcoming car purchases will be made on credit. If you have to buy a car then paying for it either partly or entirely from savings will greatly reduce your motoring costs. Every 1,000 pounds that you use from savings to buy your car will slash your total car finance bill by 275 pounds over five years. Using your savings to buy a car is a healthy way to overcome car sickness, which is the feeling you get when your monthly car loan instalments are due.”
The findings also indicated that many drivers misjudge the effect of depreciation on their current vehicle. At present the typical Briton thinks that their car goes down in value by ten per cent every year. However, in reality Fool pointed out that values diminish by 15 per cent a year. For those who spent 11,250 pounds on a car seven years ago it was claimed their automobile will now be worth 3,600 pounds, not the 6,193 pounds they were anticipating.
As depreciation amount will come down for almost 7650 pounds, then taking out low-rate loan will be the better option for the people who are looking to part-exchange of their existing car to purchase a current model. Taking such loan will helps drivers to discover the way to arrange extra funds to purchase their dream car and also provides a great opportunity for people to repay the loan with low-cost repayment each month. Apart from this, a survey conducted in 2007 by AA personal loans has said that 20% of the people of Britons expressed their view to purchase environmentally-friendly car. In the meantime, Lloyd East, director of personal loans at the firm, said that drivers who want to flashy cars or any vehicles should think about getting a cheap loan instead of showroom finance deal.
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