Thursday 13 June 2024

Can you really afford that new vehicle?

If you’re on the lookout for a new vehicle, there’s a lot you’re going to need to take into account before you make any kind of purchase. Because of this, you’re going to need to have some funds socked away, as well as spend a good amount of time researching all the pros and cons about the vehicle you’re interested in. Can you get it on a deal elsewhere? Is it practically the same as a cheaper model? Make sure you’re taking all these questions into account before you let yourself shake a dealer’s hand.

With all that in mind, we’re going to have to ask ourselves some questions right now, and think about the different options available to us. Of course you need a vehicle, you’re not going to be able to get anywhere reliably if you don’t have one, but let’s not sacrifice your entire bank account at the same time. And let’s not forget the amount of maintenance it’s going to take to keep your new vehicle fully functioning when it’s on the road! Here’s a couple of pointers to follow if you’re finding yourself in this position.

How much money should you spend in the first place?

When it comes to buying a car, you’re usually going to have to put down a deposit to make sure you secure the new vehicle and the provider knows you’re good for the rest of the price. And this down payment you have to being with should amount to about 20% of the total price. Once you get that out of the way, you yourself are going to know you can manage the rest of the money as you continue to pay your way into your new car.

Try to make sure you won’t have to be paying for this one car for more than 3 or 4 years, as this is a surefire mark of knowing you can’t afford the vehicle you want right now. Then you have the percentage of your income you’re going to be paying straight out again to take into account, and even then there’s auto loans on top of this as well. All in all, sometimes a vehicle is a lot more hassle than it’s worth, so always try to go under the margin when it comes to choosing a new car.

Always try second hand first

Second hand vehicles are just as good as the modern versions being released on the market 24/7, and thus you should always scout these models out first. If you’re going the route of buying from a trader, make sure you know their reputation before you look around their shop; they need to be entirely trustworthy with good reviews and all the right paperwork.

Don’t worry, whenever you find a car through a dealer, you’re going to have protection from the law at the same time. Once you’ve found a car you like, make sure you look into its history as well. We often don’t know where a car came from, and any documents could not be legit, so look up the registration and the number plate with your local authorities.

Would a smaller vehicle be better?

If you’re the kind of person who doesn’t need to transport your entire family back and forth each day, it’d be a good idea to buy smaller than you’d really like to. It’s a lot cheaper and easier on you, and you can still find a vehicle that’s just as reliable. Something like a motorcycle would be a good choice here, and going through a driving course to make sure you can drive one is a much faster process than learning to drive a car! Not to mention how good you’re going to look when you’re cruising down the road!

Keep it in mind if you already know you’re going to have a difficult time making sure your car’s deed stays yours for as long as you need it. You can even look into bike loans if you’re still having trouble being able to afford a vehicle for your household; grab a couple of helmets and you can always give your partner or a friend a ride whenever they need it.

Your new vehicle shouldn’t put you out of pocket, so always make sure that you’re buying within a price range and a timeframe you know won’t disrupt your life for long. Don’t worry, a lot of people are in the same position as you, and there’s always options around it!

** This is a collaborative post

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