Owning a car isn’t cheap. Even if the car itself doesn’t cost much, you still have to pay for tax, insurance, MOTs, fuel and other expenses. When you’re constrained by a budget, you might feel like you can’t really afford the car that you want. However, the cost of your car and the daily costs of running it don’t have to limit you to a car that you don’t really want. If you want to be able to afford a better car, you can take a good look at your finances and at your options for cars to find a solution that works for you.
Use the Power of Cash
One way to make better cars more affordable is to aim to pay for more of your car in cash. If you can pay for it outright or you can put more cash forward for your financing, you could save a lot of money. Unless you need a new car right now, spending some time saving could make a difference. Or if you already have existing savings, you might consider dipping into them. However, if you do decide to use your savings, make sure you still leave some for emergencies. Don’t use all of your savings on a new car because you never know what could go wrong.
Don’t Rule Out Used Cars
When it’s time to buy a new car, some people can be put off by the thought of buying second hand. But used cars can still be excellent quality and they can save you a whole lot of money. Even a car that’s barely a few months old could have a much lower price tag. As soon as it has had one owner and has been driven away from the dealership, the value drops. You can get financing for used cars from a provider like Drivepay, which can help you find your used car too. Go through a trusted and reliable dealership to find the perfect second hand vehicle.
Consider Leasing Instead of Buying
Your new car doesn’t have to be a new or used purchase. It can also be a leased car if you want to save money or get a better car. The payments for leasing are often cheaper than for financing a purchase. There are some limitations, such as the rules for making modifications to the car, but leasing also offers plenty of advantages. If you don’t want to commit to one vehicle for years, leasing allows you to give it back at the end of the term. You can also have the option to buy it.
Look for the Best Financing
Finding the best financing option also helps you to find an affordable car that you like. By comparing different financing options, you can make sure that you get the best deal and your monthly payments are as low as possible. Combine the right financing with as much cash as you can afford for an even better deal.
You might be able to afford a better car than you first think. Reassessing your options can help you to discover the car of your dreams.