Buying Fancy Cars: A New Trend Among Guys

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It has been proved that, majority of people, especially men’s dream would be to purchase a Colorful, Fancy and flashy looking cars.

A study carried out by Fool indicates that many budding Jeremy Clarksons and Lewis Hamiltons want to purchase a vehicle that will turn the heads of passers-by and fellow motorists. Just under two-fifths (39 per cent) of males were revealed to desire such an automobile. Young motorists appear to be especially keen to get a showy set of wheels with 46 per cent of men between the ages of 18 and 25 wanting such a vehicle. Women are not being left stalling at the lights either, as 60 per cent of wannabe Fiona Leggates and Vicki Butler-Hendersons from the same age demographic desire such a car.

When people want to purchase fancy cars like Ferrari Enzo or Porsche 991, then they think of taking a low-cost loan.

Head of personal finance David Kuo, said, “People make jokes and laugh about showy cars which signifies mid-life crisis. But there is nothing to laugh when one among the six people are purchasing these cars though credit. When you are making purchase, then it is recommended to make a payment partly or entirely. This helps to reduce motoring cost. If you paid up to 1000 pounds at the beginning, you can slash your total car finance bill up to 5 years by 275 pounds.”

The survey also point outs that a lot of drivers today miscalculate the effect of depreciation on their current vehicle. Because of this reason Briton thinks that the value of the car is going down by 10% a year. But in fact, Fool pointed out that the value of the car will decrease approximately by 15% a year. So, the people who have spent around 11,250 pounds on a fancy car can expect only 3,600 pounds instead of 6,193 pounds after 7 years.

When the depreciation amount is so huge, then loan-rate loan will be helpful to the people who are looking for part-exchange their obtainable car for an existing model. This loan will provide people with low cost repayments for each month and also lend hands to drivers to get their dream model. According to a survey conducted by AA Personal Loans in 2007, 20% of the Britons are attracted towards eco-friendly cars. They just wanted to buy those kinds of cars. The director of the personal loan at this firm, Lloyd East said that, “It is better to get a cheap loan in front of a high showroom financial deal.