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Buying a car can be both exciting and a little daunting at the same time. The process of getting behind the wheel comes with plenty of consideration. So, when you’re thinking “Which car should I buy?”, look no further than Wave Car Finance.
With so many cars on the market to choose from, there are some important questions that you should ask yourself to ensure you drive away in the best car for your personal needs.
Are you merely looking for a car that gets you from A to B, or do you want a vehicle that is perfect for long road trips? Is a cabin full of the latest technology your key requirement, or are you looking for a practical design that favours space? Is engine power more important to you than fuel-economy? Do you want a diesel, petrol, electric, or hybrid car?
We can source and find you a new or approved-used car to match your budget and lifestyle. Whether you’re looking to buy, lease, or finance, all our cars go through an intensive check before we offer them to you, meaning you’ll always receive a high-quality car that’s right for you.
Which car should I buy? 9 things to consider when you want to buy a car
The following nine considerations should be at the top of your list when deciding on which car is right for you. By thinking carefully about the answers to questions like these, you should be able to gain a far better understanding of the type of car you’re looking for, and which features you should prioritise.
Which car should I buy: What’s your budget?
Setting a budget for your car purchase is a wise first move. This’ll narrow down your list of potential options - providing you with a far clearer idea of the types of cars you should be looking at.
To accomplish this, you’ll first need to decide whether you want to purchase your car with cash, or through finance. If you have the money, paying in cash is the most uncomplicated approach, as you’ll simply make one payment and the car is yours. This could however, put a serious dent in your savings. This may lead to problems should any unexpected expenses arise. Additionally, you’ll only be able to afford a car that is worth the same as, or less than, the amount in your bank account.
If, on the other hand, you opt to take the finance route, you can keep your savings as a safety net, and instead, budget for monthly car repayments. If, for example, you’re approved for a Hire Purchase, you can spread out the payments over 24 to 60 months. Then there’s Personal Contract Purchase (PCP) finance, you’ll probably be able to afford a newer, more expensive car, with all the features you most desire. This is because you’ll only be covering part of the car’s overall value, in lower monthly installments.
We’ll focus more on the various finance options available to you later in this guide.
Thinking of budget, you also need to consider the specification of the car and which features you really need. For example, do you need a big boot or are heated seats more important? Making a list of wants and needs as well as conducting your own research to get an idea of how much your desired car costs is also important when setting a budget.
Which Car Should I Buy: Petrol, Diesel, Hybrid, or Electric?
The introduction of both hybrid and electric models to the commercial car market in recent years, has further complicated the average consumers’ car selection process. Although it’s true that driving one of these cars carries with it many benefits, there’s still plenty to consider before making a final decision.
When deciding on what type of car power you’re after, it’s a good idea to ask yourself some revealing questions. These include:
How much money am I prepared to spend on a car?
How many miles do I drive on a daily, monthly, or yearly basis?
Do I spend more time making short city trips, or longer drives on the freeway?
How much will fuel cost each month?
What are the average running costs of the vehicles I’m looking at?
What is my stance on CO₂ emissions?
The answers to the above questions will help you to better understand your own needs and desires when it comes selecting your preferred powertrain.
If you’re someone that prefers pure combustion engine power, there’ll be far more options currently available for purchase out there, especially if you’re looking to buy a used car. If you want to go with this car type, you’ll still need to decide whether you want to go with petrol or diesel. You’ll also need to factor the cost of fuel into your monthly budget.
If you’re more interested in going for a hybrid or electric model, these options come with their own benefits and expenses.
If you’re thinking of buying a hybrid model, again, there is much to consider. Hybrids often carry higher price tags, and are more beneficial to those who generally make short trips around town. Additionally, they’re a good option for companies wanting to reduce the amount they pay on tax.
PHEVs are even more expensive, but allow you to save more on fuel. If you only make shorter trips - and you ensure the battery is always fully charged – it’s possible to avoid paying for fuel altogether. Fewer CO₂ emissions are another benefit of going hybrid.
Electric cars on the other hand, are the best option for companies wanting to reduce their expenses, as they don’t come with a benefit-in-kind charge. Furthermore, they’ll only be charged at 1 percent the following year, increasing by 1 percent annually thereafter. Another major benefit of electric cars is that they produce zero CO₂ emissions.
Members of the public will also benefit from using electric vehicles, as electricity currently costs far less than fuel. We do advise however, that when purchasing an electric vehicle, you should budget the cost of a charging wallbox into the price, if possible. The main reason for this is - the electric car charging infrastructure in the U.K. has not yet been fully developed. This could mean spending a lot of time in queues, and/or driving far distances to recharge.
Which Car Should I Buy: How much do you want to spend on running costs?
In addition to the purchase price, it's crucial to consider the running costs of a car. Factors such as fuel consumption, road tax, congestion charges, insurance, service costs, maintenance costs, and part replacements contribute to the overall expenses.
Fuel consumption plays a significant role in running costs, and a car’s fuel economy depends on many factors, including the size of its engine. When driven at low speeds, a large engine can burn through a lot of fuel, making it a poor option for those needing a car for driving around town.
Hybrids and plug-in hybrids are more efficient for short trips, while their efficiency decreases during long highway travels. Road tax varies based on the vehicle's CO₂ emissions, and insurance premiums are affected by factors like the car's fuel economy, CO₂ emissions, driving history, and address.
Knowing the insurance category of a car will also help you to better understand the costs involved. You can find your car’s insurance group online. Your insurance premium will be affected by your driving history as well as your current address.
Considering these points before purchasing a car can help you make an informed decision.
Which car should I buy: What do you need the car for?
Understanding what you need the car for, will also help you work out which car to buy.
You should be asking yourself questions like the following:
Where will I be driving the car?
Will you be transporting the family and kids?
How often will I need to drive the car?
How many hours a day will I be in my car?
Do I need a big, powerful engine?
Will my travels require 4x4 capabilities?
Do I intend to transport other people, and if so, how many?
Do I need a specific ride height?
Do I need roof rails for transportation?
What cargo capacity do I require?
Contemplating the types of journeys, you’ll be undertaking, and what will make your life easier on a day-to-day basis, can help you narrow down your search.
For example, if you have a big family and often transport hordes of children to school, sporting events, and playdates, a two-door supermini just won’t cut it. In this case a five-to-seven-seater would probably be the best way to go.
If you have a back injury and battle to get in and out of car, then the ride height will become an important consideration.
If you like to go kayaking or cycling over the weekends, then roof rails will be a great feature to have.
If you need to transport a large amount of goods on a regular basis, then you’ll need to consider cars with larger cargo capacities.
The more of these questions you ask yourself, the sooner you’ll discover exactly what you need.
Which car should I buy: Shall I buy new or used?
As mentioned above, after establishing your budget, you’ll have a far better idea of the kinds of cars that are within your reach. You’ll also know if it’s a smarter idea for you to buy a new or a used car. If you’ve enough money to afford either, there’re still many points that need to be weighed up, as both used and new cars have their pros and cons.
If you decide to go with a new car, you’ll have the security of a manufacturer’s warranty that should be valid for at least three years. You’re also more likely to get the exact car you’d like, with all the specific features you’re after. A new car also means getting a vehicle that’s in perfect condition.
On the downside, the value of a new car depreciates quickly. New cars typically lose their value at a rate of 15% to 35% in the first year. After three years, it loses approximately half its value or even more. This means that in the long run, you will end up losing more money than if you bought a used car. If you decide to buy a new vehicle, it may be a good idea to research which cars depreciate the slowest.
Buying a used car comes with its own benefits. Firstly, you’ll almost certainly pay less for a used car than its new equivalent. Depending on how old the car is, it’s very likely that the initial depreciation in its value has already occurred, meaning that you’ll pay considerably less for it, and it’ll now loose its remaining value far slower.
When buying a used car, it’s a great idea to purchase it through a company like Wave Car Finance. Our used cars have undergone a thorough quality check, meaning you’ll always receive a great car that’s right for you.
Which car should I buy: Which car features are important for you?
Although it’s true that if you buy a new car, it’s more likely to come with a slew of modern features - if you decide to buy a quality used vehicle, it’s possible it may still be packed with plenty of great features. Depending on the model, it may even house more impressive features than a new car of a lesser make.
Again, the more questions you ask yourself, the quicker you’ll discover which car is right for you. You should be asking yourself questions like the following:
What colour would I like my car to be?
What materials would I like the cabin to be fitted with?
What type of technology do I want?
What safety features must my car have?
Do I need ISOFIX attachment points for my child’s safety seat?
Do I need any driver assistance features?
Should my car’s infotainment system be compatible with Android Auto or Apple CarPlay?
Do I need a bulbar?
Do I need roof racks?
Questions like these will probably lead to other questions. The more questions you answer, the clearer the picture of your desired car will become. Eventually, you’ll know exactly what it is you’re looking for.
Which car should I buy: Manual or automatic?
When considering manual vs automatic, there are a couple of things to keep in mind. Although many may consider automatics to be more convenient, easier to drive, and more fuel-efficient than their manual counterparts, this may not always be the case.
Manual cars are generally less expensive to purchase than automatics. Manual transmissions are also less complicated in design than automatics - meaning cheaper maintenance. So, if you’re planning to drive your next car for many years to come - as well as to cover a high mileage over that time - then manual is the way to go.
Additionally, many people prefer the greater amount of control over the driving experience, that only a manual transmission can provide. Others may want a very simple driving experience, one that requires the least amount of effort. In these cases, an automatic is the answer.
In current times, more and more new vehicles are being fitted with automatic transmissions, especially luxury cars and SUVs. If you’re looking for a used car however, the chances are that you’ll have plenty of manual options out there for you to choose from.
Which car should I buy: Choosing the right body shape
Your budget, what you need the car for, and what your personal preferences are, will all determine the right body shape for you.
If you want a small car that’s easy to get around with in the city, as well as to find parking, then a supermini, or a small hatchback may be the best option for you.
An estate, or station wagon is a great option for someone wanting a car that can take bigger loads, or more passengers, without supersizing.
Saloons have been a popular choice in the past, as they offer a reasonable amount of space in both the cabin and in the boot, with the folding back seats providing a versatile loading area.
More recently, SUVs and compact crossovers have become extremely popular. These larger vehicles provide a great ride height, are easy to enter and exit, usually have a decent cargo capacity, and are often surprisingly fuel efficient. In addition - when taking out a monthly finance deal – they’re only a little more expensive than other car options.
If you have your own renovation business, or you need to transport a large amount of goods on a regular basis - then a double-cab 4x4 truck may be your best option.
If you’re merely wanting a sleek car with plenty of curb appeal, and only require a two-seater - then sports coupés and/or roadsters are what you should be looking at.
Again, choosing the right body shape all depends on your price range, needs, and preferences.
Which car should I buy: What car finance types are available?
There are several car finance options available to apply for. These include Hire Purchase (HP), and Personal Contract Purchase (PCP), as well as leasing which is more commonly known as Personal Contract Hire (PCH). Other car finance options include a Lease Purchase (LP), and a Personal Loan (PL).
Hire Purchase (HP): Hire Purchase is a financing option that allows you to buy a car through monthly installments. With HP, you pay an initial deposit (usually around 10-20% of the car's value) and then make fixed monthly payments over a set period, typically 1-5 years. The car acts as security for the loan, and ownership transfers to you once the final payment is made.
Personal Contract Purchase (PCP): Personal Contract Purchase is a popular financing option that combines elements of hire purchase and leasing. With PCP, you pay an initial deposit and monthly payments, but these are based on the car's depreciation rather than its full value. At the end of the agreement, you have three options: return the car, make a final payment (balloon payment) to purchase it outright, or use the car's value as a deposit for a new PCP agreement.
Personal Contract Hire (PCH): Personal Contract Hire, also known as car leasing, is a long-term rental agreement. With PCH, you pay an initial deposit and fixed monthly payments for a set period, typically 2-4 years. At the end of the agreement, you return the car without the option to purchase it. PCH is suitable for those who prefer using a car without the responsibilities of ownership.
Those experiencing credit issues, will find that many brokers and lenders aren’t prepared to offer speciality loans. This includes any applicants with IVAs, and CCJs. It can be challenging to find a company willing to meet these needs. It is however, still possible to be approved for finance with these credit bumps. At Wave Car Finance, we work with a diverse panel of lenders who are equipped to help motorists from all credit backgrounds.
If you have declared bankruptcy in the past, then you may also find it challenging to be approved for car finance. Many lenders won’t consider financing anyone with this kind of blemish on their credit record, as they’ll view the individual as too high risk. It is however, still possible to be approved for car finance after declaring bankruptcy, and we could help. Click the button below to get started.
Which car should I buy? Wave Car Finance can help
Wave Car Finance is committed to helping everyone find the most affordable and convenient car finance option for their individual circumstances.
By working with a diverse panel of lenders, we consider motorists from all credit backgrounds. Our goal is to find the right car finance lender to match your financial requirements.
Take advantage of our Apply Now that provides fast decisions, without affecting your credit score, and find out your likelihood of approval for car finance.
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