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Having a car is such a necessity for most people that we tend to spend on them even though we could take a bus or a train. There is no other convenient way to visit the supermarket or get from door to door, home to work and back – especially if you live in a village!
But getting a car can be a bit of a nightmare, especially if you are a young driver and don’t have much in the way of savings. Fortunately, there are a few ways to get a car without stretching your finances to breaking point: car finance, rental cars and buying your own. If you already own an old or damaged car then you could look into selling it to a place that buys cars for junk so that you have a bit of extra money to spend on a new one.
Let’s run through some of the pros and cons of the different options.
If you can’t afford to buy outright and feel that renting isn’t for you, car finance could be a good option. Companies like Quick Car Credit are happy to work with people who don’t necessarily have a glowing credit record and they can set you up with the perfect car too.
Car finance is essentially a loan so you should always do your maths before you sign on the dotted line. Make sure that you can definitely afford the monthly payments and you are being realistic about what you need. Car credit can be applied to new and used cars but a used car is likely to be cheaper.
Unlike car finance, you won’t have the option to keep your car at the end of the lease but it could be a good route if you like to change your car regularly. Leasing or PCP, as it is known, gives you the chance to drive a more expensive car than you might otherwise be able to afford with smaller monthly payments.
The downsides here are fairly obvious. At the end of the lease, you won’t automatically have a car and you may end up paying charges for any small signs of damage. You may also find yourself locked into a deal you can’t get out of even if your situation changes.
Most people would prefer to buy their car outright as this provides stability and is a one time deal. The big advantage is that buying a car does give you a valuable asset that you can sell on if you fancy a new one later.
However, finding a decent cheap car can be quite tough. Used cars are ideal and smaller cars tend to cost less in road tax and insurance. Looking at the fuel consumption should also factor into your buying strategy – you don’t want to end up with a car that sits on the drive!
Whichever route you go down, value for money should be the phrase on your mind. If you need a car now, you might be more willing to spend more over time but if you have the savings, it might be better to buy outright, especially if you aren’t really into swapping cars regularly. Research your options carefully and don’t forget to test drive before you agree to anything!
This is a collaborative post.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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