Car buying: How to be King of the Road

I’ve been thinking for the last few months about whether to upgrade the royal motor. Being the king of non-extremist frugality, I currently drive a very average car. It goes without saying that Queen Quidbags, Prince Pennybags and I are a one car family.

My frugal instincts told me to go for something reliable that gets us from A to B without overly stressing the Cashbags Castle gold reserves. We had to shell out a little more than I would have liked because Queenie doesn’t do manuals. I tend to be a bit old school, so I bought it outright with cash a few years back with plans to just run it into the ground. Fast forward nearly three years and she has served us well with no problems.

For a while though, I’ve been aware of how many flashy cars there are around. It seems as though more and more folk are buying a car on the never never. This seems like a bubble waiting to burst to me. Too many new cars, people over-stretching themselves with monthly payments. This is smartphone style finance and I’m wary of it. J P Getty ( aka old Baron Oilbarrels )did used to say if it depreciates, lease it – but he was taking about oilfields I guess. Or something else like that. But an oversupply of new cars may work in our favour. Old ones should get less pricey too.

So do I hang on to my existing wheels for a bit longer, toddle down to the dealer and exchange it plus a few grand for a slightly improved, less old motor or just lease something superior for a few years. I suspect it will take something to go wrong with the current royal chariot to nudge me out of my inaction. We shall see.

Car finance

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