subject: Gap Insurance Quotes And Other Key Things To Consider When Buying New Cars [print this page] When the summer ends and we move into September, there is a huge increase in the number of people requesting a gap insurance quote. As were bombarded by hundreds of flashy adverts showcasing the seasons newest, most innovative cars, a large number of people request an insurance quote, which is designed to plug the gap between the amount paid for a new car and its current market value after a write off or theft.
And from smooth, eco-friendly vehicles with excellent fuel efficiency to glamorous, gas-guzzling motors thatll make petrol heads purr, there are a wide variety of new 62 plates being foisted upon our eyes and ears by eager advertising on TV, radio and in print. Whether youre buying a brand new car or are keen on snapping up a second-hand bargain when others trade up, what must we consider when buying a new car?
Find out its long-term costs
When buying a new motor, its important to establish whether you can afford it not just the initial price, but the yearly insurance and tax costs, and how much you pay depends on the type of automobile you drive. Cars are divided by insurers into 50 different groups and judged on a variety of factors, from the performance, security value and the cost of repairs.
The amount of tax you pay depends on a few factors: whether your car is new; when it was registered and its total CO2 emissions in grams per kilometre and you may have to pay up to 500 . However, as your car is new, the chances are that it will be eco-friendly and thus incur relatively low tax.
Trade in but be careful!
It can often be a good idea to trade in an old vehicle when youre buying a new car, as it can push down the value of the car youre after. But ensure that the dealer is quoting you a fair price for your old car be prepared to haggle!
Be wary of hidden extras
Although many car sellers throw in little bonuses such as insurance, free gifts, or a gap insurance quote to entice you to buy their cars, its well worth examining what theyre giving you, especially as the costs of these freebies are considered into the price.
Gap insurance
When youre buying a new car, and even when youre choosing a second-hand vehicle, a good gap insurance quote is a must. As insurance companies will only pay out the current market value of a vehicle if its written off or stolen, its very important to obtain a gap insurance quote that covers you for the initial sum you paid particularly as the market value of a car can depreciate by up to 50% in its first year.
by: Rhys Edwards
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