How To Afford Your Dream Car
Many of us have dreams of owning a luxury car – it could be something sporty and modern or something classic and sophisticated. Whatever your dream car may be, it’s most likely not cheap, but that doesn’t mean you should abandon all hope of ever being able to afford it. Just as people save up for houses and around the world trips, you can save up for your dream car with the right amount of discipline. The following tricks meanwhile could further help to put your dream car in reach.
Consider financing options
If you don’t think you’ll ever be able to save up to buy the car outright, you could always consider lease options or you could consider a loan. Such financing methods allow you to pay in small instalments, although you may still need to save up for a deposit. There are companies out there willing to offer leases on luxury vehicles. There are also lenders offering large car loans. You usually need to have a good credit rating to be accepted by these schemes, so consider whether you need to repair your credit score first. If anything, a good credit score will reduce your interest rates so that you pay less in the long run.
Don’t buy brand new
Used cars are almost always cheaper than new cars. A new car can depreciate in value by as much as 40% in the first three years, making you huge savings (so if your dream car has only been released this year, you may want to wait a couple years first). When buying used luxury cars, it’s often worth seeking out cars sold by trusted dealers such as these Mercedes approved used cars. Whilst you can buy from independent sellers (and may save money), you often have less protection on your purchase.
Time it right
Did you know that there are times of the year when cars are often cheaper? December and January are when you may find some of the best deals – this is because there is less demand to buy a car as most people are focusing on Christmas, resulting in dealers slashing their prices. You may also find that it’s cheaper to buy on a week day than a weekend for the same reason. Some dealerships may even have weekly targets that have to be met on a Friday, making this a good day to negotiate a deal on a car.
Take steps to lower your insurance
Luxury cars tend to come with high insurance rates. If you’re young and have a bad claims/credit history, you may even find that you’re uninsurable on your dream car. There are specialist insurance companies out there that may be able to offer you more tailored compensation such as this Lamborghini insurer. You could also consider taking steps such as an advanced driver’s course to lower your rates.