THE CAR – Essential To Modern Life
Cars. We’ve all grown up with them, driven them and loved them and now, thanks to the economic woes of the world, it is getting harder and harder to own them. According to an Auto Trader survey some fifty four per cent of those asked believe the economic situation has become worse over the last three months and motorists are amongst the hardest hit.
Paying the rent or mortgage or trying to ensure job security are high on everyone’s priorities but running a car is proving to be the most expensive worry of all. Rather than give up car ownership altogether motorists are looking to smaller, cheaper cars as their salvation.
Generally speaking, the car market is fairing quite well but it is a bit of a mixed picture. The used car market has seen average prices drop recently but this is because a larger proportion of the national stock is comprised of older vehicles. However as demand for newer vehicles rises, the price of more economical recently registered vehicles has increased. The value of vehicles under one year old rising by 3% quarter-on-quarter.
Running costs are what concern drivers today and, perhaps surprisingly, now is seen as a good time to buy a new car as the cost of running older vehicles becomes increasingly prohibitive. New, small family cars like the Ford Fiesta or VW Golf benefit from the new technology that delivers good performance from increasingly smaller and more efficient engines. This new breed of supermini’s are sure to retain a more substantial portion of their value. For urban dwellers the rise of city cars – much better than they are sometimes given credit for – has been a bonus as they are easy to drive and park. For the more ecologically minded driver, hybrids and electric cars are increasingly being purchased.
Car manufacturers have certainly responded to the economic conditions are certainly pulling out all the stops to try and keep us on the road. If now is a good time to buy a new car, then owners of supermini’s under three years of age should also see this as a good time to sell to buyers who can’t stretch their finances to the new car market. The opportunity to get a very good price for your existing car makes the decision to buy new even easier. There should be some good offers around too, as the main dealers are anxious to increase their stock of fuel efficient cars for the used car trade.
The Auto Trader report gives a comprehensive picture of car ownership in Britain today. For example, younger people are predominantly concerned with the rising cost of car insurance and want cars that help bring down premiums. Women are looking for the best deal and those living in more rural areas are naturally worried by the high price of fuel. What is clear though is that all groups of motorists are seeking out the small economical cars to try to stay on the road. It certainly makes sense.
Car insurance is a necessity, and those who have just passed their test can often pay the most for it. This doesn’t need to be the case. Have a look at young driver car insurance online to see what you can find, you may find yourself pleasantly surprised.