For those with smaller budgets, a big vehicle may feel out of reach, even if it is greatly needed. Large families, small businesses, big dog owners – there are a multitude of reasons for requiring a bigger car, so how do you afford to get what you really want when you’re counting the pennies? Here are a few great routes to take:
How to Afford a Car You Really Want
Lease your vehicle
Leasing a car might feel like a strange concept to some, but in the long run it works out to be a much more economic means of obtaining a vehicle. Not only can you get your hands on a big car for an easily affordable monthly rental price, you also don’t need to worry about depreciation when it comes to selling the vehicle on.
This means you can get your hands on that SUV or even the latest Range Rover comfortably. You do need to carefully consider your annual mileage and any wear and tear to the car – exceeding agreed mileage and any damage may require further expense when your lease is up.
If you want to purchase your vehicle outright, a personal loan is another option to consider but it’s very important you seek out a loan product offering the best deal in terms of interest over time. It’s likely you will pay more than the car is worth when interest is added. for many paying back a loan on a monthly basis is more affordable and achievable than saving up the full amount for a brand new, big car. For many, using savings and a personal loan is an affordable way to buy a bigger car on a budget.
But, for many paying back a loan on a monthly basis is more affordable and achievable than saving up the full amount for a brand new, big car. Using savings and a personal loan is an affordable way to buy a bigger car on a budget.
If you are happy to drive a second-hand vehicle or an older model, then this is an excellent way of saving money and getting a big car on a budget. Vehicles depreciate in value quickly – according to AAA, a brand new car loses 40% of its retail value by the first year that you own it. So, this means you can grab a great deal if you aren’t worried about how little you can sell it on for.
Choose a like for like
An SUV might be on the wishlist for a great deal of people but they’re not always reasonably priced. Therefore, finding a ‘like for like’ alternative is a good way to keep costs down, stay within budget but still get your hands on a big car.
The Fiat 500X is a great alternative SUV, available for a reasonable price or it can be leased. The Nissan Juke is another substantial sized car that doesn’t carry the same substantial price tag as high end SUVs on the market.
A bigger car can be sourced on a budget. It’s all about doing the right research and ensuring you find the best deal, with all this in place you should have no problem affording what you really want.
It’s hard to know how to afford a car you really want and stick to a budget, especially if you want to upgrade to a larger car. But, it can be done.
What about you? What are your favorite tips on how to afford a car you really want?