Thursday, April 9, 2009
Category:
Secured Loans
According to Which? Car, the current economic climate is likely to result in many people downsizing their cars in favour of smaller, more fuel-efficient vehicles this year.
The previously strong general desire for 4x4 vehicles has practically disappeared as people have finally come to the realisation that they are not practical for everyday journeys. In fact, such vehicles are becoming increasingly socially unacceptable, unless used for farming. Owners of 4x4 vehicles are also faced with high taxes and unreliability in some cases.
Which? Car suggests that a family of six who are considering purchasing a 4x4 such as a Land Rover Discovery (which could cost £39,061) should instead think about opting for a multi-purpose vehicle such as a Honda FR-V (which could cost £19,095). Not only is the latter less expensive but it is also more fuel-efficient, easier to park, solidly-built and at the top of Which? Car’s reliability chart in its class.
Editor of Which? Car, Richard Headland, commented: "Times are hard, so it's no surprise that people are downsizing to save money. It pays to think carefully about alternatives to the mainstream choices and if you go for a more fuel-efficient car you can cut costs for years to come. Luxury cars and 4x4s could be in for a rough ride."
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Those who are looking to purchase a vehicle, but do not have the necessary funds available, may wish to consider taking out a
secured loan to cover the expense. A secured loan is one of many options available to finance a new car purchase. Those who are downsizing existing vehicles in favour of a more economic car, could also consider a secured loan to consolidate existing debt. Several confusing monthly repayments could be replaced with just one simple, potentially lower, monthly repayment. However, it should be remembered that consolidating debts may increase the amount paid back overall and extend the repayment periods of debts.
