Is your old car costing you money?

A: Is your old car costing you money?

B: Does it take longer to fill a bucket of water if there’s a hole in it?

See the article below for some pointers on the first question. (spoiler alert: the answer to questions A and B is the same)

How your car costs you money – Fuel, Maintenance, Road Tax, Insurance, NCT tests and Repairs – and they’re just the biggies.

Fuel:

The global drive to fuel efficiency means that newer cars tend to be more fuel efficient therefore lowering your annual fuel costs. More efficient = more miles. Miles more miles.

Maintenance:

It’s quite simple, generally the older the vehicle, the higher the maintenance bill. This can include things like the timing belt, change of oil, filters and spark plugs. How much is this costing you?

Road Tax:

Is Tax an Issue? Pre – 2008 vehicles road tax is calculated on its engine size. Because of this you are generally paying more in road tax each year for post 2008 cars. These new road tax rates are based on CO2 Emission Levels. For example, the difference between two popular models of saloon car for their 1.9 diesel engines range was €710 in 2007 and €200 for 2008. See https://www.motortax.ie/OMT/pdf/co2_emissions_rates_en.pdf

Have you ever considered the savings you could make?

Insurance:

It might come as a shock to some but some insurance companies in Ireland won’t even insure an older vehicle, have you had this problem? Others will quote you, but you’ll need to sit down when you’re reading it. This is especially true with vehicles over 10 years. I hear you, it’s discrimination! It is. Insurance companies discriminate against older cars.

Repairs:

If you are paying repeatedly for repairs to your vehicle, it might be worth considering upgrading your car.

Have you considered upgrading to a newer model? Some good news – finance rates have come down, and the monthly repayments on a newer model car are often less that the increased costs of driving an older model, especially when you include maintenance, insurance, e.t.c

With the hassle-free approach by Vendor Finance you choose the car and we do the rest. Now, where did I leave that bucket?

Contact the team today on 071 931 0137 to discuss your options and you could be saving yourself a small fortune by purchasing a newer vehicle.