How To Budget For Your Next Car

September 9, 2019 8:33 pm

Having a car on your driveway can make your life a lot easier, especially if you are commuting long distances for work. It’s a significant financial decision, of course, but it’s a decision that can change the way that you live your life. A car offers you the chance to get out and about on your own terms, with no timetables to consider or waiting around for trains and buses. You also don’t have to rely on anyone else if you have an emergency situation and you cannot wait for others. The thing is, cars are not cheap, and you do need to consider what your affordability is when it comes to budgeting for a car for the first time. So, with that in mind, let’s take a glance over the things that you need to consider before you indulge in your new car purchase.

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What Can You Afford?

First and foremost, the most important question is what you can afford. Some people are able to afford the cost of a new car straight off the lot, but others prefer to go for a used car with Hilton Garage for their car purchase. They offer finance, and when you can’t afford the cost of a car outright, it’s an excellent alternative to have on the table. The one thing that you don’t want to happen is to leave yourself financially short, so do a cost that you can afford every week and go from there.

Are There Any Unexpected Costs?

When you are busy calculating your costs for your car, you need to think beyond the initial price of the vehicle. You may want to change the features and add entertainment systems. You may need to adjust and replace the tyres, and you need to consider whether you’d want to spruce up the car with new parts and paint. These things are always going to cost more money – so you should be sure that you have it!

What About The Regular Costs?

Every car has costs. It’s not just a case of money changing hands, driving away and that’s that. You have to consider road tax, MOT, insurance, petrol and other costs for repairs as you go along. Cars that are in your price range right now may feel impossible to pay for monthly when you have the costs of insurance and repairs on top. Adding car insurance can change your affordability, so calculate these costs before you head to the nearest showroom.

How Can I Pay For My Car?

There are a lot of options on the table, from cash upfront to finance that you pay monthly for your car. Either way, you should make a pros and cons list for each method of paying for your car and go with the method that makes the most sense for your affordability.

Buying a car should be exciting, but don’t get too carried away on the model and make if you can’t afford it. Money first, daydreaming later!

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