Monday 25 September 2017

Why I am not buying celine quinn

'Yes I'd love a new car with a 132 reg – but like most 25-year-olds I can't afford it'

I've always had a particular affection for a MINI Cooper or a Volkswagen Beetle. And with the recent spell of good weather, who wouldn't like to drive top down in a new Fiat 500 convertible?

I'd love a new car with a '132' registration, but I can't afford it. Instead I'll continue to drive my 2001 pink Opel Corsa, which I've had for almost two years. While it has a less-than-average mileage of 49,000 and it's easy to locate in a car park, it's not exactly the stuff dreams are made of.

Times are tough for younger people and buying a car is just too far of a reach right now.

I hope garages see a resurgence in buyer interest this month, but it won't be coming from me, or many of my generation. I'm 25 years old and familiar with the obstacles of buying a new car.

For a start, unemployment has disproportionally impacted on the under-25s. Even if we are fortunate enough to be working, it is extremely difficult to be approved for a new car on finance. Young people are less likely to be in secure employment, and often have little or no credit history. So we are often "credit excluded".

And car insurance costs are typically much higher for younger people with limited road experience. If you combine this with inevitable high premiums on new vehicles, young people are effectively priced out of the insurance market.

Add in road tax, fuel and running costs, it's easy to see why purchasing a new car is just not an option for me or others of my generation right now. How can the new car market be made more financially accessible to prospective young buyers?

INCENTIVE

One option could be for the Government to reprise the car scrappage scheme for vehicles 10 years and older, which was successful from 2009 to 2011. Another incentive to encourage young buyers might be to reduce VRT permanently.

And what about lenders introducing new car finance packages aimed specifically at young people? They might go some way to stimulating new business from the younger population.

But for now, at least, it looks like I'm stuck with my Opel Corsa. Well, at least I like the colour. . .

Irish Independent

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