Upgrading to a flashy new car or splashing out on a boat will be common temptations, writes Laura Slattery

Walking and cycling will make you fitter - as long as you've got the knees for it. Public transport is better for the environment. But sometimes getting from A to B courtesy of your own well-oiled, purring engine is the most satisfying way to travel.

With the last 500,000 holders of Special Savings Incentive Accounts (SSIAs) seeing their money mature next week, upgrading to a new model of car will be a common temptation.

While the €20,000-plus coming to those who saved the maximum amount through the life of the scheme may not be enough in itself, it may well make the difference between purchasing an anonymous mid-range motor or the sporty marque you've always dreamed of.

CARS

The sudden flush of SSIA money could hurt the car finance industry that many motorists usually draw on but, in practice, many SSIA lump sums will fall short of the €20,000-€25,000 that savers who contributed the maximum €254 a month to the scheme will benefit from.

Anyone seeking top-up credit when buying a car should take a look at the financial regulator's leaflet on hire purchase agreements, which is the type of credit most frequently offered by garages.

Under hire purchase agreements, consumers don't actually own the car until they make the last payment.

Some hire purchase agreements also contain a clause where the final payment is much bigger than the previous payments. As cars depreciate in value quite rapidly, consumers who sign up to such agreements frequently end up having negative equity on their car, where the cost of the final "balloon" payment is higher than the value of the car at that stage.

The financial regulator also publishes regular surveys on motor insurance.

A motor pack containing information on both car finance and insurance is available by phoning 1890-777777 or by visiting www.itsyourmoney.ie.

MOTORBIKES

Road users who prefer two wheels instead of four face their own financial issues, namely finding an affordable insurance policy.

Hibernian Insurance exited the motorbike market in 2005, blaming a lack of progress on updating bike riding and training regulations and poor enforcement of pillion passenger legislation.

Since then, bike riders have been left with a choice of two insurers: Aon BikeCare and Carole Nash.

As well as age, experience, location and the person's previous insurance record, premiums will depend on the type of motorbike.

Riders may be able to keep costs down by combining their car and bike insurance or by completing rider training courses, some of which will lead to discounts of up to 30 per cent.

BOATS

As they can cost anything from €20,000 up to €5 million, SSIA holders who want to splash out on a boat - or a "pleasure craft" as the marine industry euphemistically calls it - will have to consider their credit options.

An equity release on their mortgage is one way to do it, but there are also tailored marine loans to consider.

Lombard Ireland, which is owned by Royal Bank of Scotland, offers "marine mortgages", where the loan is secured on the boat itself.

The lender will advance up to 80 per cent of the VAT-inclusive price of the boat.

The average loan is about €200,000, according to John Jacobs of Lombard.

On loans of up to €50,000, it will lend over terms of up to seven years on fixed rates, while on larger loans, fixed and variable rates are available over terms of up to 10 years.

Insuring your pleasure craft is very important, according to Brian Kelly of Allianz, which has a "quick quote" facility estimating premiums from €96 for a new coastal sailing boat worth €20,000 up to €730 for a €200,000 inland motor cruiser.

"Besides the obvious issues like theft, hitting your boat off a wall or rock, one could damage someone else's boat, maybe evening causing injury, and have liability exposure requiring cover," he says.