According to Transport for London, 46% of households in the capital do not have a car. Instead, people find that they can manage using public transport, lift sharing, and taxis.
Most people who do this are so used to this that they do not find it to be a hassle. But inevitably, some will find that their circumstances have changed and that they need to buy a car. When that happens, it is important to pause and take the time to do a bit of research and buy the right one.
First, let´s start with the process of buying the car.
Finance
If you need finance for your purchase, understand the different options. Research Hire Purchase (HP), Personal Contract Purchase (PCP), Personal Contract Hire (PCH) and others. Take a look to see how much you can borrow but be careful to only do that on sites that state that these searches do not affect your credit score.
Perhaps use a car finance calculator to check out how much you can borrow.
Buy from a trusted source
Before you buy, check out the seller. If you are buying from an online dealer, a finance firm or someone similar take a look at what people are saying about them on Trustpilot. Also, do a general search online and talk to people you know about who they used. Only buy once you are sure that the person or company you are buying from is legit.
Now, let´s look at running costs
ULEZ, ULEV and congestion charge compliance
If you use your car regularly within London you need to familiarise yourself with the rules and costs of the ULEZ, ULEV, and Congestion Charge zones. The ULEZ charge is £12.50, and the congestion charge is £15 a day. In addition, a few streets in London completely ban vehicles that emit more than 75g/km C02 from using them at certain times of the day.
If you don´t know how this works do a bit of research to determine if this situation will cause you issues.
Insurance
The cost of insurance in London is high. Before you start searching it makes sense to find out roughly how much you will have to pay for each type of car in each area. Fortunately, this is easier to do than it used to be.
Just search for London Car Insurance Index and you will find the information you need.
Servicing
If you buy a new car with a warranty, you will normally need to take it to an approved workshop to have it serviced. Make sure that there is one within easy traveling distance of your home or work.
Check how often any vehicle you are considering buying needs to be serviced and roughly how much it will cost. Be sure to ask what the cost of the major service, which has to be done occasionally, is. It is not unusual for the price to be more than double the cost of a minor service.
Fuel costs
It is worth buying something that has a low mpg. If you are going to mainly be driving inside London this is particularly important. You will consume a lot more fuel than you think with city driving.
Parking
We´ve included parking under cost considerations because in some boroughs you pay less to park particular types of vehicles. For example, in Kensington and Chelsea EVs get a substantial discount in some places. With the cost of parking in London being eye-wateringly high this is an important consideration.
You need to work out where you are going to park and find out how much it will cost. It is also worth making sure that there is not a waiting list. The last thing you need is to take delivery of your car and discover that there is nowhere to park near your home or workplace.
Security
Unfortunately, at the moment, car thefts are on the rise in London, so it makes sense to choose a vehicle that is hard to break into. Some vehicles are targeted by thieves more often than others. If you are particularly concerned about car theft consider avoiding buying these makes or models.