How to Financially Plan for a New Car

Cars are big investments. Not only do they hit bank accounts hard at the initial purchase, but they also come wrapped up with future costs too; insurance, maintenance and repairs. They’re not cheap, and most people need to make their purchasing of a new car really count for something in the long term. 

Consequently, here’s how you can financially plan for a new car. 

 

new car
Photo credit: Kevin Bhagat

 

Audit yourself

If you’re strapped for cash, the last thing you should be doing is throwing money away needlessly. Of course, this doesn’t only apply to the buying of cars. You may be wasting money in other areas of your life, and these funds could really help you secure that vehicle you really want. 

Therefore, you should combe through your finances to identify, and fix, any wasteful spending. Once this is done, you may find yourself being able to afford a car more comfortably. Money demands responsibility, and if you can take a cold hard look at yourself and fix any financial issues you’re having, a better car (and brighter future) will await you. 

 

Shop for second-hand vehicles

It’s a common fact that what’s used is often cheaper. In the UK, used vehicles are a more popular purchase than buying brand new, and it’s because people are becoming more apt at spying deals that are cost-effective, and also, deals that rip them off. While many use second-hand as a synonym for ‘inferior’ or ‘rubbish’, this isn’t always the case. 

Remember, a new Aston Martin may only be used once by the first owner, sold on or traded in, and it’ll still be referred to as being second-hand from then on. Not every used car is destined for the scrap heap in a few days or deemed a problem vehicle, and this is something quality dealers like FOW understand put into practice. There are extremely effective deals to be found in the second-hand auto arena, so if you’re meticulously planning to make buying a car has painless as possible, start your search here.  

 

new car
Photo credit: Jan Kahánek

 

A timely purchase

You may know that you want or need a car, but that shouldn’t immediately translate to a snap decision of what car you’ll buy. After all, cars are a big investment, usually second only to homes. This decision needs time and no small degree of patience. In the end, informed choices are always the best choices, so take the time to really round up some data pertaining to what kind of car you want or need. 

For example, you can undertake some research online and come across quality dealers and better deals. If you take the time to mull over multiple dealers, manufacturers and offers, you’ll be better able to pick the best of the bunch, instead of just throwing your money at something immediately. This, eventually, will help you save money instead of wasting it on ill informed, rapid fire decisions. 

Post Author: Ihunna

Ihunna
I'm a London-based fashion stylist and writer. When I'm not writing about the latest style and beauty must-haves I'm getting paid to play dress up with models and celebrities. Someone's got to do it! Three things I can't live without are avocado (it goes with everything), mascara and my bangles...

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