I have just come accross a website - www.youngmarmalade.co.uk who sell nearly new cars and insurance to young people to make things cheaper for them. I am fairly young and hopefully soon to pass my test hence looking for a car - I want a new or newish car (less than 3 years old) quite happy to pay for it with finance as it will be shared with my boyfriend. Am I better going to my bank for a loan and getting cheaper insurance elsewhere or using young marmalade?
Question by Hayley on 23rd Apr 2008 at 12:37
Hayley, I would suggest that you look for a car from a dealer to get the best deals. A Fiat Punto is the cheapest car that you can insure as a young driver and you can get a decent one from your local dealer for around £4000 (2004 reg). You will get a loan from Llyods TSB at an APR of 7.9% while Young Marmalade charges you 11.4% instead. You will therefore save more money because first you will be borrowing less money (£4000 instead of £6500 on average for a Grande Fiat Punto 2006 reg on Marmalade's site) and second benefit from a lower interest rate.
Although the insurance is cheaper with Young Marmalade, you will end up paying more in the long term. Unfortunately, you cannot just get the insurance with them as it has to be combined with a car purchase. Note that because you are a lady driver, you will pay less in insurance than a male driver and I believe you will get very competitive insurance quotes as well as saving a lot of money should you decide to go down the route I'm suggesting.
If you need further assistance, please let me know.
Although the insurance is cheaper with Young Marmalade, you will end up paying more in the long term. Unfortunately, you cannot just get the insurance with them as it has to be combined with a car purchase. Note that because you are a lady driver, you will pay less in insurance than a male driver and I believe you will get very competitive insurance quotes as well as saving a lot of money should you decide to go down the route I'm suggesting.
If you need further assistance, please let me know.