Older vehicles 'can be more cost-effective'

Motorists are being urged to opt for older vehicles to avoid being bitten by the ongoing credit crunch.

Modified car insurance policyholders may be among those drivers who are struggling to cope with the rising cost of living.

Car Parts Direct is advising motorists not to purchase new vehicles, as they can lose around half their value in three years. Opting for a vehicle past this age can be a cost-effective way of making an investment, the firm suggests.

It adds that the £9,347 lost on making a new vehicle purchase could be put to better use on a £100,000 mortgage to pay the interest for two years.

Mark Cornwall of Car Parts Direct commented: "Cars are reliable for at least ten years providing they are serviced. Items such as brakes cost very little. Even the more expensive parts that could fail such as shock absorbers, drive shafts or a steering rack rarely cost more than a couple of hundred pounds - this is peanuts compared to financing a new vehicle."

Despite the credit crunch, sales of cars were seen to rise last month following the introduction of the '08 plate, according to figures from the Society of Motor Manufacturers and Traders.

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