What Type Of Car Can You Buy With Your Budget?
It’s important to set a budget when buying a car and to understand what that budget will get you. Below is a brief guide to what you can expect to purchase within each price range.
<£1000
There are a lot of cars for sale for less than £1000, but they’re typically very used. Used dealerships typically won’t price cars lower than £1000, so your best choice is to find private sellers on platforms like Facebook Marketplace and Autotrader. While you can expect many of these cars to have more than a 100,000 miles on the clock and a fair few scratches, a lot of them will still run very well. Just make sure you thoroughly inspect the vehicle and be wary of private seller scams. A big advantage of buying a car this cheap is that you won’t have to borrow too much money and may even be able to buy it outright in cash.
£1000 – £10,000
Used dealerships will sell cars in this price range. Buying from a dealership is less risky and you’re often protected by a warranty for the first few months. Cars within this price range won’t have quite as high a mileage. This can make them a more reliable choice. Of course, you’re less likely to be able to buy a car in cash in this price range, so will need to consider finance or a car loan. If you spread out the payments over a long enough period, the monthly instalments shouldn’t be too much, however interest will be higher.
£10,000 – £20,000
This is the price range where you can start considering new cars for sale. These new cars tend to be small but they will have all the latest mod cons. Used cars within this price range will meanwhile typically be low mileage and much better condition. You may even be able to find some high performance used cars within this price range. Such cars are typically bought on finance.
£20,000 – £30,000
Most new cars can be found within this price range. Buying a new car has several advantages. You can often customise the car to a degree and you don’t have to worry about any wear and tear. Of course, the higher price does mean that it could be more of a strain on your finances. Some people won’t be able to afford monthly instalments on a car of this value and may not even be able to pass a credit check.
>£30,000
This is the price range where you’ll find your luxury new cars and super rare old cars. Most people won’t be able to financially stretch to this price range. Finance is much harder to get on cars of this price, however if you’ve got a good income it should still be possible to get approved. Just consider that these cars will depreciate in value – wait a couple years to buy the same car, and it may be possible to buy it for £10,000 less.
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