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Older vehicles 'can help drivers save'

As the credit crunch bites consumers are increasingly looking for ways to save money and choosing an older car could be a start, a new report suggests.

According to Car Parts Direct buying a new car is a sure fire way to lose money as the value of a new vehicle is likely to fall dramatically in the first three years of ownership.

Indeed, it claims a £15,000 car is likely to be worth half this amount in three years' time, meaning the owner has affectively lost £7,500, or more if they borrowed money to make the purchase.

Such large amounts of money could be extremely valuable to families facing large hikes in their mortgage repayments and struggling to meet the cost of their bills.

Mark Cornwall of Car Parts Direct said that as long as cars are properly serviced they can be reliable for at least ten years.

"Items such as brakes cost very little," he explained. "Even the more expensive parts that could fail such as shock absorbers, drive shafts or a steering rack rarely cost more than a couple of hundred pounds - this is peanuts compared to financing a new vehicle."

Car Parts Direct, formerly Fittapart Car Parts Centre, is a well known supplier of car parts for older vehicles.

Click here to see how much you could borrow with a Lombard Direct personal loan.

© Adfero Ltd

17/04/2008 17:14:41

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