Buying a car is one of the most expensive purchases you’ll make. Not only will you have to think about the initial cost of buying the car, but there are also ongoing costs to think about like insurance, maintenance, and the price of petrol.
Finding a car that you can comfortably afford is important, so you need to think about various elements before you commit. Read this guide to choosing the best car for your budget and enjoy buying your new car.
Work out what you can afford
Setting a budget for your car purchase will help make sure you don’t overspend. While having a car can be important, it’s not worth bankrupting yourself over. Whether you’re using savings to buy your car or you’re going to be paying monthly for it, set an upper limit for your purchase. Try not to hit that upper limit; it’ll be nice for you to have some money left over for other things.
Need a helping hand? Consider using a car affordability calculator to help you work out what you can kind of car you can afford to buy.
Factor in the ongoing costs
The cost of your car doesn’t stop after the initial purchase. A car’s running costs can include insurance, road tax, maintenance, breakdown cover, fuel and others – making the overall cost of having a car quite expensive. Work out what your additional costs are and adjust your budget to make sure you can cover them.
Look at your different buying options
There are several different ways to own a car, so if you can’t afford to buy one outright, don’t despair. You could get a car on finance or lease a car – there are pay monthly options that can make owning a car more affordable in the short-term. You can also consider buying a used car instead of a new car, used cars from Trade Price Cars have some great deals so you could pick up a bargain on your new car. Consider all of your options and make the best decision for you.
Haggle to get the best deal
If you’ve found a car that you love but are worried that you can’t afford it, why not try haggling to get a better deal? When you’re buying a car from a dealer or an online seller, you can usually try and wrangle a discount, even if it’s just a small one. Some sellers just want the car off their hands, so having someone who’s willing to take it quickly will be in their interest. If you don’t ask, you don’t get, so don’t be afraid to try haggling.
Choosing a car is an exciting time, and you’ll be able to enjoy it much more knowing you’ve picked something that sits comfortably within your budget. The next step will be looking after your car, so make sure you follow advice on keeping your car on the road for longer to help make your investment a long-term one.