Saving for a car is a big commitment. Your very own set of wheels, whether you’re upgrading or branching out from public transport, can be a liberating and essential part of progression and goal matching. Before you envision a four door sedan and make a booking at a local Ford car dealers, put a hold on grand dreams and start working out a savings scheme.
Be Realistic
While we’d all love a Porsche in the garage, quality and performance doesn’t always have to be part and parcel with a high price-tag. Identify the most you’ll pay and shop around accordingly; robbing yourself of a little Friday night fun isn’t always worth two extra cylinders or the bulk of a deluxe four wheel drive. Live within your means and roll without regret.
Refresh Your Budget
What is your total income? Will your parents, partner or flatmate chip in for the cost? How much can you afford to part with on a weekly or fortnightly basis, without feeling the pinch in other essential areas? Buying a new car is expensive when you’re starting out and the big zero looms accusatory and stubborn in your savings account. After paying bills and rent, allocate a fixed amount into a savings account every salary cycle – if you don’t have a savings account, research interest rates and perks across the Big 4, smaller banks and credit unions before making a decision. A good rate of interest may mean the difference between a metallic paint job and stock standard.
Plan Ahead
End of year run-outs and financial year sales are the perfect time to pick up a bargain. Aiming for this sale period gives you six months to cultivate a modest nest-egg; you never know, you might pick up a model above what you originally desired or discover test drive an unexpected road-worthy jewel, secretive in amongst the brand heavyweights.
Going Without
If you drastically desire new digs in record time, selling an older car online may grant you a little extra cash; not only will the lump sum sit nicely in savings, but the money you save on petrol, maintenance and registration for the next six months will further supplement your lifestyle or new-car fund.
Asking For Help
Borrowing money from the bank is intimidating, as interest rates and premiums fluctuate between ridiculous and moderate. If you’re ten thousand off your target and time is running out, consider drawing out a small car or personal loan to satisfy the last chunk. Every loan is a commitment, so we only recommend the paper-trail if you’re in a stable job, with a solid income and the cleanest of credit histories. A fast fifteen thousand can mean the difference between an A to B basher and a sleek, summer ride.
Weekend road-trips and long coast cruises are well within sight. With a little time, a drop of patience and a slick of self-control, the smooth leather of a new steering wheel will soon be a reality.
Author Bio: Jack has been a mechanic for 5 years and is a complete rev head. He has 3 cars to his name, and his past time hobbies include redoing old cars, travelling, going to car shows and writing blogs about cars.