The Different Forms of Car Ownership Explained

The Different Forms of Car Ownership Explained
Looking at changing your automobile? This can be a stressful process, but one of the great things about looking for a new car is that there are so many different options available to you in terms of ownership. Here are the main forms of ownership to consider, each with their own benefits.
New
No points for guessing this one, new simply means that you will be the first owner. This means that there is no history to worry about, you get the full warranty, no mileage and the satisfaction of having an automobile that nobody else has owned. Additionally, you are able to choose your exact specification. The drawbacks of buying brand new are that it can be very expensive and depreciation will be a factor if/when you look to sell. 
Used
The used car market is gigantic in this country, ensuring that you have a huge selection of used cars to choose from. Although you will not be the first owner, a second-hand vehicle will be much more affordable and depreciation is not as extreme. The main drawback is that you could end up with a faulty car or one with a poor history, but by looking online at guides and getting vehicle history checks carried out this can be avoided. 
Finance
Buying a car is often the second biggest purchase that an individual makes behind buying a house, so it is understandable that many are unable to pay upfront. This is why financing has become such a popular option, where a deposit is made and then monthly payments are made until the value is covered. With Hire Purchase (HP), the deposit is usually around 10% and then the car is yours at the end of the agreement. Personal Contract Purchase (PCP), meanwhile, has lower monthly payments with a balloon payment at the end where you then own the automobile. Alternatively, you can walk away from the deal or negotiate one on a new vehicle. 
Leasing
More and more motorists are now looking to lease from companies like Car4Leasing instead of purchasing a vehicle. This involves making monthly payments and then returning the vehicle at the end of the agreement, when you can then arrange a new lease. It is a fantastic way to drive new automobiles every few years, plus you do not have to worry about depreciation and re-selling the automobile as you do not own it.

The best path to take will depend on your financial situation and your own personal preference, but the range of options ensures that most motorists are able to obtain an automobile without too much difficulty.

Topics

A93820014BS Abu Dhabi accidents ACLU ACS Advertising Aha Mobile AI Airsage ALPR ALPR Cameras Android Apple Arizona Atlanta ATS Attorney Australia Auto Insurance average speed cameras Baltimore Belgium Beltronics Bikes Bribe Brooklyn Buy Buying California Camera Vans Canada carplay Carpool Cars CDOT cell phone Chicago City Council Class Action Cobra Colorado Connected Signals Connecticut construction contracts Corruption courtesty notice courtesy notice Crashes crime Crosswalk crowdsourcing Culver City Dangerous Intersections Dash Cam Data Database Des Moines Distracted Drivers DIY DOT download Drivers License Driving Instructor Drowsy Drunk Drivers Dubai DUI E-ZPass England Escort Europe Facial Recognition failure to stop Fake Cameras FasTrak Fighting Tickets Finance Fines Fleets Florida FOIA Ford France freedom of information act request Garmin Gatso Georgia Germany Ghost Glendale Google Google Maps Government GPS Angel GPS Navigation Guest Writer Hawaii Here Highway Robbery Highways HOV Cameras How To humor Illinois Injury Inrix Insignia Instagram Insurance Insurenet iOS IOT Iowa iphone iRadar Ireland Italy Iteris Joe Biden Laser Craft Law Suit Laws lawyer Left Turns legal Legislation License Plate Local London Long Beach Los Angeles Loud Exhaust Louisiana LPR Cameras Lyft Machine Learning Magellan Maine Maintenance Manhattan maps Marketing Maryland Massachusetts Microsoft Minnesota Missouri Mitac Mobile Ads Mobile Apps mobile speed zone Motorcycle MTA Navigation Navigon Navteq Nestor Netherlands New Jersey New Mexico New Orleans New York New Zealand News NHTSA Nokia NTSB Oahu Oakland Ohio Oregon Parking Parking Tickets Parks Peasy Pennsylvania Phantom Alert Philadelphia Phoenix Photo Notice photographs POI Points Poland police Politics Poll Portugal Privacy Progressive Web App Protest Radar Railroad Reckless Driving red light cameras RedFlex RedSpeed redzone refunds Removing rental car tickets Repairs research revenue Rhode Island Ridesharing Right Turns rolling right turns Russia Sacramento Safe Speed Safety Safety Cameras San Diego San Francisco San Jose Scam Schools Seat Belt Seattle secutity settlement Shutting Down signs Singapore Snitch Tickets solar Sound Cameras Spain speed cameras Speed Vans State Ban stop sign cameras Street View Students subpoena Subscription Supreme Court Surveillance Switzerland Taxi Technology TeleAtlas Telematics Tennessee Tesla Texas Texting Tickets Tips Toll Road TomTom Tracking Traffic traffic attorney Traffic Camera Traffic Lights Traffic Safety Traffic School traffic tickets Traffic.com Trapster Trial by Written Declaration Trinity Trucking trucks UAE Uber UK Unpaid Ticket Vehicle Occupancy Verra Mobility video Vigilant Violation Fines Violation Info Violation Speed Virginia Vision Zero Voters warning devices warning notice Washington Washington DC Waze Wikango Xerox Yellow Lights YouTube