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FOOL SCHOOL
At the moment you really have two choices for buying a brand new car. You can either buy it in the UK or you can arrange to import it from abroad. Remember, though, that car prices in the UK are not set in stone and you may be able to get a better deal by haggling. It can, sometimes, even beat importing a car.
The important thing, before you even consider actually buying a car or haggling with a salesman, is to visit a number of showrooms. Take a look at as many different cars as possible that are within your budget and arrange test drives.
Never forget that you're dealing with professional sales people, who sell cars every day of the week. Most of us buy a car every few years so we're immediately at a disadvantage. It's vital that you have a clear idea of what you want before entering the salesman's lair. Never be afraid to walk away, especially if you feel you're being pressurised. And don't feel you have to break the silence when you're locked in negotiations. (This article has more on how to negotiate).
The web has revolutionised the way we buy cars and it can also provide a tremendous amount of information. Just type 'car buying' into any search engine and you'll get a list of sites to investigate. There is a list of resources to get you started at the end of this series.
You might even decide to use a car broker. Buying from a broker can be risky. You may never see the person you are dealing with. Usually the car is ordered through the broker but is delivered to your nearest franchised dealer. In general it is best to make sure that you pay the supplying dealer for the car, and let them sort out the commission they will pay to the broker. Be very wary about handing over money or deposits to someone you don't know!
Importing a new car
Importing your own car needn't be daunting. In fact it can even be quite straightforward. You either do it all yourself or alternatively hand the job over to one of the car importing companies. You can usually get hold of a list of car dealers from the UK office of each company. The EC also publishes a list of Car Manufacturers Hotlines.
Make sure that the car is built to UK specifications. The Vehicle Enquiry Unit at the DVLA will provide you with a personal importer's pack on request. Your local VAT office will give you all the information you will need to pay the VAT that will be due on import.
If you plan to bring the car back yourself, don't forget to insure the car and get temporary transit number plates. You will also need the registration document and the Certificate of Conformity.
If all of the above sounds just too stressful, you can always use an importing company. They will take away all the hassle and may even deliver the car directly to your home. Stick with the better-known companies. On our buying a car discussion board you can talk to people who have used various brokers and importer and you can see what experience they have had.
Company cars
Many companies offer company cars as a perk. It's less common these days but it can be an attractive option if you're a bit cash-strapped. Generally you'll have less choice about which car to get and when you can change it.
Weighing up the financial pros and cons of whether to take a company car or buy your own can be quite complicated. Some online calculators will help you with the sums. Usually you'll get an extra few thousand pounds a year salary if you choose not to take a company car. You'll need to work out if this is enough to offset not only the cost of the car, but vehicle tax, insurance and servicing costs.
Don't forget that a company car is a taxable benefit in the eyes of the Inland Revenue. The amount of tax you pay will depend on how environmentally friendly the car is. See the Inland Revenue site for more details.
> Buying A Car discussion board