Why you must balance the books if you still plan to buy

WE may still be effectively in lockdown but many motorists are increasingly concerned about what they are going to do about their car as the crisis eases – and with salesrooms open for business.

Going on visits to a couple of dealerships recently and judging by the sudden increase in queries from readers, people are trying to work out whether or not they should change this year or wait until January when, one hopes, the way ahead will be clearer.

One thing that’s clearly emerging is the number of people who had planned to change their cars this summer, only for the virus to intervene.

Delayed plans fall into three broad categories:

Those who had decided to buy a new car in July to coincide with the 202 reg plate.

Those who were preparing to upgrade their current car with a newer, second-hand model.

Those whose cars were on their last legs and were being forced onto the market by balancing the cost of repairs versus the cost of change.

Owners of cars that are giving serious trouble should look to shift them. A few brought to my notice faced bills of up to €1,500. In the main, they are not worth the effort or expenditure.

Some have safety issues. If yours has such an issue you must tell the potential buyer, be it a private or garage deal.

The big dilemma lies with those in categories 1 and 2.

Circumstances have changed for thousands. They will not be buying now. But there are still plenty of people able to afford the cost of changing to something new.

For those who can and have planned accordingly, what’s stopping them?

They can cash in on what many expect will be a cutthroat market, with individual outlets fighting to the bitter end for every sale.

The ones I’m concerned about are those who feel they need to change but are not so sure about their ability to meet repayments for a newer car.

That is where it is essential to stress-test your finances.

If you have a doubt, do not take a chance. But if your finances stand up to scrutiny, you could benefit from what looks like being a buyers’ market, because there are a lot of fresh used cars taking up space on forecourts.

Everyone’s situation is different but one allied consideration, finance allowing, is the increased safety a new/ newer car affords you and your family.