Peter Vosper: Regulated rail fares to increase by 4.6%

This latest increase in fares in England and Wales this week is set to add further pressure on households, coming on top of higher prices for energy and food.

For the motorist, it probably means even more traffic on our roads, which already have additional pressure as local councils attempt to deal with the potholes and resurfacing issues.

We have many commuters in Devon and Cornwall, and railways have their part to play, particularly for those working in city centres, as parking spaces reduce and become more expensive too.

It has been quite normal that people in rural areas need to be mobile, and as more move to our area to enjoy a better lifestyle, it has been necessary for change. Not only the building of new homes to satisfy all those who wish for a home but also a choice of transportation.

There has been some investment in our railway lines and refurbished and new stations appearing, but until there is a reasonable cost to travel by train, the car will continue to be the cheapest and most popular form of transport.

After a difficult January and February, the motor industry welcomed the new 25 registration plate with a number of fresh offers to move stock and stimulate the market. Dealers are offering attractive deals on nearly new pre-registration cars and vans, and this could be the best route for cash buyers.

For those who are already acquiring their vehicle through a PCP on a monthly payment, some manufacturers have offers that include a contribution towards the deposit, and there are several 0% finance packages.

One of the ways to reduce your payment is to pay the loan off over a longer period, and increasing from a three-year contract to a four-year one is growing in popularity. The downsides of this are if your situation changes and you need a different size vehicle during the period, you will have less equity in the car and may have to pay a higher deposit on the replacement.

A three-year deal will also align with most manufacturers’ warranties, and the dealer can provide a service plan to reduce the concern of higher inflation during that period. Because of the shorter period, you will have more equity in your vehicle and find it easier to keep the payment to an amount closer to your current one.

There could be some announcement about electric vehicles in the Spring Statement on 26th March, but there is no certainty with the number of important issues facing the government at this time.

If you are considering changing your vehicle, make sure you understand the changes to the Vehicle Excise Duty that come into place on 1st April, as if you can bring forward your purchase to March, you will save money, and the difference may be larger than you envisage.

Lastly, double cab pick-ups will be classed as cars for business users from 1st April.

Good hunting.