Savvy buyers 'can cut car depreciation'
Oct 25, 2006
Savvy car buyers can cut their losses on a new car and beat thousands of pounds of depreciation in its first year by shopping around for a bargain online.
A price comparison run by website Moneysupermarket.com suggests that new car buyers could save up to £3,000 on the model of their choice by buying online, and effectively beat the depreciation of their car's value in its first year. The website found that the online price of a Fiat Punto Hatchback 1.2 Grande Active was £2,590 less than its £7,989 list price, while its first year depreciation is likely to be £2,637. Savvy buying almost beat the car's first year loss in value.
With certain models, the most popular being a Volkswagen Golf Hatchback 1.4S FSI, the effect is less dramatic. List price is £15,373 and the online price is £13,296; a cost saving of £2,079 but below the first year's depreciation of £3,372. The head of cars at the internet site said that the research proves that buying a car online is a shrewd move. With savvy buying it's possible to enjoy a new car and still sell it on after a year without losing drastically through new car depreciation, especially if you make sure you find a competitive and cheap car loan at the same time.
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