As a member of a professional body how do I get the best deal on a new car
Members of professional organisations can get better deals on cars and there are a few different ways to make this happen. Financial management and budget management are areas that need consideration. Buying a new car is a large undertaking, we’re talking about paying a substantial amount of money so getting the best deal available and ensuring you save as much as you can is key.
As a member of a professional organisation – does this help to get a good deal?
Membership of a professional organisation could help to get you a good deal because there are cost savings and deals available through certain organisations that you would not be able to access otherwise. Many professional organisations have partnered with car manufacturers and vehicle sourcing, financing, and management companies to provide exclusive motoring offers to members.
For example, the British Association for Shooting and Conservation (BASC) offer motoring discounts to members on a range of vehicles. These other organisations also have vehicle schemes for their members RICS, RIBA, ImechE, ICAEW, Fram Farmers, M & S, Xexec, Aspatria Farmers, and Suffolk Agricultural Association. You may also have access to a vehicle scheme via your Employee Benefits provider if your organisation has such a programme.
Is Vehicle Leasing an Option for you?
Vehicle leasing is an excellent option for a member of a professional organisation and a great alternative to those who perhaps have traditionally had company cars and now find themselves with a cash allowance. It can be more attractive than buying because monthly payments are usually lower and unlike financing, when at the end you could own the car, with a lease you simply hand it back and start a new lease with a brand-new car.
Manufacturers will often use this route to increase sales volumes of selected models without distressing the product or brand as no one in the public eye gets to see the actual level of discount – in such cases it can make for even more attractive monthly rentals
The Upside of Leasing
- Fixed cost – easy to budget especially with a full maintenance package – there are also leases that include insurance, so the only extra is fuel
- Always driving a new car, usually covered by a warranty, which may even include servicing.
- Less chance of anything going wrong with your car than if you had an older model.
- You can afford to drive a higher spec car than if you bought one.
- No issues with depreciation or trying to sell it, just hand it back at the end of the lease period.
- Potential tax savings.
The Downside of Leasing
- Depreciation usually means it will cost more in the long run.
- The contract is fixed in terms of the number of months and mileage – you get charged for going over mileage but nothing back for being under
- There is reduced flexibility and changing your car or ending the contract early can be expensive as you will have to pay at least half of the remaining rentals in most cases.
- Jumping from one lease to the next means you always have car payments going out, you will never own your car.
- There could be charges attached to the lease agreement - for going over the annual mileage limit, excessive wear and tear on the vehicle, or early termination charges – end of contract inspections tend to be more rigorous with manufacturer owned leasing companies and this should be considered when comparing monthly rentals
How do I compare offers to make sure I get the best car deal?
If you search the internet you will find a range of offers for the same vehicle – with quoted monthly rentals varying enormously – so how do I realistically compare them?
The promoted monthly rental is there to attract your attention – but check every detail before considering and comparing offers.
How much initial rental am I being asked for upfront?
A low monthly payment deal may look attractive but beware because it may come with a large upfront payment
What mileage is the headline rate being quoted at?
More and more internet rates are based on just 5000 miles per year … that’s less than 100 per week … or less than 15 per day!
Average mileage is generally 10-12k although with the rise of home working 8k per annum is becoming a more realistic option
If the quoted headline is 5000 miles but you need 10k plus miles per annum, then you will pay more – the car will travel twice the distance over the contract … if there is a big difference between quoted rates check all quotes on the correct mileage and preferred profile
What is a vehicle processing fee?
To promote the lowest possible monthly rental when you are searching some organisations will charge an admin or processing fee – check the detail when comparing quotes – a £300 admin fee is heading towards £10 per rental difference.
What is included on the vehicle?
Many headline rentals are based on standard cars with no cost paint options [ usually solid paint] … the cost will rise when you add optional extras or more expensive paint choice – don’t assume the cheapest looking rental at the start will remain the cheapest rental throughout your searches!
Decide upfront whether you will sacrifice choice over price as many of the special offer deals are based on cars already built with fixed colour choice and specification.
Get help with sourcing your new car
At Tyson Cooper we can help you to source a new car and get a great deal. Get in touch if you need help and advice.