There are certain forms of car finance that can get you a bigger bang for your buck! The three most common forms of car finance are car leasing, hire purchase and car loans. However, the most common form of car finance in the first half of 2010 for British drivers (nearly 60% of all car finance obtained from dealers) was car leasing – in particular PCP. So if you are considering a new upmarket car, what are some tips for getting a BMW without having to spend big?
Established in 1916 and originally a manufacturer of aeroplane engines, BMW have been producing cars for over 80 years. Their first car was the 3/15 which first rolled off the production line in December 1927. Aiming for the medium to high end section of the car buying market in terms of both luxury and performance, each and every one of BMW’s current cars are beautiful and leave many car buyers wanting to drive away in one as soon as they see them. With some of the price tags running close to £100,000 pounds, though, they aren’t the most affordable cars on the market. However, just because you don’t have a spare £80, 000 lying around doesn’t mean that you can’t drive a BMW and the following points show you how to get a luxury BMW without a high flying pay packet.
1. Use car finance – 80% of all car purchases are financed by one of three finance options: car leasing, hire purchase or car loans. Therefore, if you want to go ‘upmarket’ there are some options to fund your new BMW in a cost effective manner. If you want to get finance you could either shop around on foot by going to numerous BMW dealerships or you can do fast comparison in a matter of seconds to get the best prices on BMW finance from FinanceAcar. Of the three finance options, BMW leasing will get you the cheapest monthly payment (sometimes as much as 40% as is the case with the BMW 3 Series) but when you are comparing be sure to compare like with like such as the contract period and the upfront payment. However, if you want to own the vehicle, then hire purchase is likely to be the next best option in terms of cost, however, you will not own the car until you have made your final payment.
2. Opt for a 1 Series – If you want to drive an upmarket the cheapest range of cars that BMW offer, the 1 Series has faced somewhat of a lukewarm response since it was introduced to the market, primarily for the fact that it doesn’t hold the main features of a traditional BMW in terms of power and size. However, with a base price tag of less than £18,000 and still possessing the trademark BMW aesthetics, owning a 1 Series has been the way forward for many who want to own a BMW but who don’t have the required budget.
3. Go second hand – Near new purchases can see some good deals but for some marques the current used car market is expensive due to the lack of supply of near new cars as a consequence of the fall in sales for new cars in 2009.