Wednesday 24 April 2024

How to make buying a performance car a little easier on your wallet

Affording your dream car requires a fair amount of money behind you, however you don’t have to be a millionaire. By saving up carefully and shopping around for car loans, you may be able to afford the down payment on that performance car that was once a poster on your bedroom wall. You can also further cut costs by adopting some of the following crafty strategies…

Time it right

The cheapest time to buy a sports car is in the winter. This is when sales slow down and manufacturers and dealers have to try extra hard to attract customers, which can mean slashing prices dramatically, sometimes by as much as ten grand. Keep your eyes peeled for deals during these cold months.

Buy used

Never buy brand new – let the vehicle you’re buying depreciate a little. There are many second-hand dealers that specialise in a brand such as Jaguar used cars so that you can find that dream model you’ve been looking for. Check the mileage and check any record of previous owners so that you can see what work has been done on it in the past (there may be reoccurring problems). By skipping dealers and finding a private seller you may have more room to negotiate although you will be limiting your choices.

Say no to extras

Don’t be tempted into buying extras. Some companies may allow you to accessorise your car with carbon fibre wing mirrors, illuminated treadplates, ski carriers and all other manner of fandangles. Dealers will try everything to get you to buy into these accessories, even throwing in bundles. This could add extra thousands to the sale price that could make up for any discount you’ve managed to obtain up until that point.

Take action to lower insurance

Sports car insurance is very high, especially if you’re a young driver (some insurance companies may even refuse to insure you). It’s important to take action to lower these premiums. Passing an advanced driving course can lower your insurance rates, proving that you’re a safe driver. A more extreme method could be to take out a black box insurance scheme. Alternatively, you could simply raise your deductible (the amount you’re willing to pay yourself if you ever are in an accident). Shop around for insurance using comparison sites and keep a budget in mind to stop you overspending.

Join a club

Quite often, joining a sports car club can open you up to various discounts. An insurance company may charge you less if you are part of a club. Being a club may also get you in the know when a good deal comes up as many of the members are also likely to be looking for models. If anything, you’ll save money on accessories and may get free parking at club events.

** This is a collaborative post

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