We’re all familiar with that feeling when you’re walking past a car showroom and you see “the car”. This is the one, you say to yourself. This is my constant companion for the next however many years, the workhorse that will ferry me to and from my office and take my family out for countless trips and holidays. This car is everything I need and want it to be. It’s a nice feeling, at once cosy and exciting, familiar and entirely new.
Of course, then your eyes stray to the price tag and you begin to despair. You can’t possibly afford that car – not with the money that’s in the bank right now, anyway. Even if you and your family pooled together your finances you still wouldn’t quite have enough. You’re understandably upset. Thankfully, there are plenty of ways you can pull cash together to fund the car of your dreams. Here are just some of those ways.
Take Out a Loan
If you’re financially stable and you know you’ll be able to make repayments on a regular basis, then we’d strongly recommend you consider taking out a loan to fund your dream car. There are plenty of reputable, trustworthy loan lenders out there who will be open and honest with you about terms. There are even lenders who will overlook poor credit scores, so don’t let that be a barrier to you either. Taking out a loan gives you that quick cash injection you need to put a deposit on the car, and your monthly income will take care of repayments.
Sell Stuff that’s Gathering Dust
Everyone has a room full of stuff they no longer need. Whether it’s ancient electronics, clothes that are no longer needed, or even vehicles and other useful items, we all have our treasure trove of accumulated junk over the years. You’d be surprised how much of a gold mine you might be sitting on when it comes to your hoard, so start sifting through it and marking stuff to sell. CDs, DVDs and games can be sold to reputable online vendors like MusicMagpie, while old mobile phones and tablets (along with select miscellaneous electronics) can go to places like Mazuma.
Sell Your Old Car
Hey, if you’re considering picking up a new vehicle, what good is the old one going to do you? Unless you’re dead set on the idea of a second car for a family member, you’re going to get much more use out of your old car if you sell it (and even if you are going to give it to a family member, you could perhaps ask for a little cash if that’s the kind of relationship you have). You might be surprised how much you can get for your car, and even if it’s only good for scrap, you could still manage to make some money from it. Just don’t let it sit in the garage.
Create a Strict Budget
This isn’t so much a way to make money as a way to restructure your finances so that more money is available. If you create a strict, tight budget for yourself and stick to it month-by-month, you’ll watch the money roll in and you’ll likely not need to make too many drastic changes to your life. Everything from meals to subscription services, from petrol bills to meals and nights out, can be appropriately budgeted. Could you visit a different restaurant to the one you usually dine out at? Could you drop a few subscription services and save a couple of pennies a month? As the saying goes, look after the pennies and the pounds will see to themselves.
Ask for Help from Family
If your family will be benefiting from the new car you’re looking at getting, then it’s not unreasonable to ask if they can perhaps contribute a little to its cost. If you’re in a committed relationship, then the likelihood is you share a lot of the money in your life with your partner anyway, so the cost for the car will come out of a shared bank account or similar. Asking your family to help you pay for a new car might not feel great at first, but when shopping trips, days out and long-haul journeys are smoother and more enjoyable for everyone, they’ll be glad you did.
Buy a Used Car
If only new will do, then disregard this advice, but for the vast majority of car owners a used car will more than suffice for their needs. Did you know that, according to the principle of depreciation, a new car will immediately lose 40% of its value the instant you drive it off the forecourt? You might have a preconceived notion of used cars – perhaps they seem battered or beaten-up, or maybe you think used cars won’t perform as well. The truth, though, is that used cars are often just as good as new, and a massive bargain besides. Pick up a used car and neither you nor your wallet will regret it.