You’ve had your eye on a car for a while, you know it’s the right vehicle for you, and you’re finally ready to take the plunge.
There is no magic formula for raising the funds and driving away with the car of your dreams. But with careful budgeting, cutting a few corners, and taking advantage of the right finance options, buying the car you’ve always wanted may not be as hard as you think.
So if you’re tired of pining and think you’re ready to commit, check out these practical pointers for saving and financing to make the dream a reality.
Set a Healthy Budget and Stick To It
Before making any financial commitment, it’s crucial to set yourself a budget and stick to it. Focussing your attention towards a clear savings goal will make all the difference – both to your motivation, and the likelihood of your success.
You’d be surprised what you can save in small, well-planned steps, so be realistic about the coming weeks and months and set achievable financial goals.
If you’re serious about saving for your dream car, it’s important to get to grips with your incoming and outgoing payments, set up a savings account, work on your credit score, and understand where you might be wasting money.
If you have to make some cuts for a few months then so be it. Ask yourself: what could you sell, what products could you do without (or switch for cheaper options), and where could make some sensible investments that are going to make returns?
Regardless of whether you reach your dream-car goal, these budgeting guidelines have multiple benefits. Getting started on a savings nest-egg and improving your credit rating can help with anything from applying for insurance to getting a mortgage.
Research Finance Options
Unsurprisingly, most people struggle to afford the car they really want by just scrimping and saving. It’s great to do this too but luckily, car dealers want you to purchase your dream car as much as you do, and provide options to help you achieve your goal.
If you have a steady income and good credit history, then there are lots of finance options available to you in the form of affordable payment plans or loans.
A great first move is to get acquainted with a reliable local dealership like BelmontAutos and start a conversation with their sales team. They can help you find the right car for you and will give you the best advice on what payment plan will work best.
If you’ve already taken control of your finances and can demonstrate that you are a reliable earner, a professional dealership will do everything they can to support you.
Consider Buying Second Hand
If your dream-car is too expensive to buy brand new, another great option is to buy second-hand. There are risks involved in this and it’s important to do your research, but the financial advantages of buying a second-hand car tend to outweigh the negatives.
Pretty much any car over a year old will be MUCH cheaper than buying new – sometimes as much as 20% off the original price. The best (and least risky) places to look are at dealerships that specialise in second-hand options.
It’s worth bearing in mind that dealers have targets and bonuses to reach at certain times of year. These are based on sales, making the end of March, June, September and December good times to negotiate a little.
Lots of people would prefer to sell privately (rather than going through a dealer) as it will save them money. However, make sure you know what you’re doing if you’re buying from an unregulated seller.
When buying privately online, or going through an auction, carry out a thorough inspection of the vehicle before you commit. If you’re not sure the vehicle is safe, legal or properly accounted for, it’s always worth paying for a professional opinion.