Cars are an object of passion for many people in Britain. According to a BBC article, the Society of Motor Manufacturers recorded more than 2.6 million car registrations in 2016, indicating that people still place great importance on owning their own car. If you’re planning to buy your dream car, this guide will help you achieve it.
Step 1: Decide how you will finance the purchase
Car finance has enabled many Britons to own cars that they are passionate about. You need to decide whether you will buy the car with cash or finance it. Car finance companies can help you determine if your dream car is affordable or not. Loan calculators can help you understand the interest and if you can make the repayments.
Step 2: Create a plan
Create a concrete plan on how to buy the car of your dreams. Write down a deadline and a timeframe to save the money to make your dream a reality. The plan should include saving for the car, buying an affordable car, and paying for maintenance costs.
Step 3: Determine affordability
Determine whether you can afford the car based on your current salary. If not, consider increasing your income. Think about extra ways to earn money such as freelancing, consulting, or starting a side business.
Step 4: Consider maintenance costs
Create a maintenance budget when you start saving to buy your car. Maintenance costs can be a significant expense, ranging from small costs that you can pay immediately to large bills depending on the brand and age of the car. Ensure that your maintenance fund is liquid so that you can access the money if required.
Step 5: Decide whether to buy a used or new car
The debate of buying a used or new car never ends. Some people prefer new cars while others prefer the financial security of buying a used car. Used cars are more economical since new cars lose their value as they age. Focus on getting the car of your dreams and relentlessly work on getting your costs down.
Step 6: Decide whether to get a personal contract purchase agreement (PCP)
In 2015, eight out of ten cars were purchased via car finance, according to Arnold Clark. PCPs are a type of car finance agreement that is increasing in popularity. It’s important to understand how they work before deciding if it is the best option for you.
Conclusion
Owning your dream car is a significant accomplishment, but it requires careful planning and consideration. This guide has provided you with the steps to help make your dream a reality. With patience, persistence, and careful consideration, you can achieve your goal of owning the car of your dreams.
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