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It’s the perfect time for you to buy a used vehicle

The rise of Personal Contract Purchase (PCP) finance has been a big disturbance within the car industry. Consumers are attracted by seemingly low payment plans on new vehicles that give the option to upgrade your car every three years. This, on the surface, sounds like a great idea for people interested in driving the latest vehicles, however, if it looks too good to be true, it probably is.

Time has finally caught up on PCP finance and what seemed like a good deal when you drove your brand new vehicle off the dealership car park in 2015, is now a problematic balloon payment bill that you were hoping would be either non-existent or a lot less expensive. The vehicle that seemed so shiny and modern now fills your head with regret and then empties your pockets with negative equity.

Thankfully, it doesn’t have to be this way. We are approaching the perfect time to purchase a used vehicle that will fulfil your expectations and also save you money in the long run. March and September tend to be the months that most new vehicles are purchased, which will, in turn, affect the used vehicle market.

Why is it the best time to buy a used vehicle?

With the release of new vehicle models and the registration plate change on 1st September, dealers tend to try to clear out their used cars in preparation. PCP finance has caused an abundance of used vehicles to be available on the market due to people trading in their vehicles for a new one after the agreed time period. This means that there are used vehicles on the market with low mileage due to the PCP agreed annual mileage limits. Also, due to the increased new vehicle sales in September which are often bought using part-exchange deals, the market has an influx of used vehicles that dealerships will be keen to make a deal on.

If you are in the market for a vehicle, consider purchasing a used vehicle sooner rather than later as prices will climb back up quickly. When deciding on which vehicle to purchase, ensure that you take into consideration the potential depreciation and the time of the year. Avoid purchasing a convertible car in the summer or a 4×4 in the winter due to the popularity of the type of vehicle at those times of the year.

Finance your vehicle wisely with Bira Bank, avoiding unexpected balloon payments and fines for going over an annual mileage limit. We can also finance your troublesome balloon payment if you have gone down the PCP route and are planning to keep your vehicle.

Our vehicle finance requires no deposit, boasts competitive rates of interest and you will own the vehicle outright. What could be simpler? Contact David or Frank on 0121 446 6688 to discuss our highly competitive rates of interest and easy to arrange loans.

Vehicle finance with Bira Bank

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