Purchasing a luxury vehicle is still a huge aspiration for a lot of people. If you’re into your cars, then no doubt there is a particular model that you’ve always secretly dreamed of owning. But whether you lust after Mercedes-Benz or fantasise about a Porsche, the reality is that these cars are expensive to purchase – and barring a lottery win, you may struggling to see how you’ll ever be able to call one your own. You might feel as if you have to stick to watching Top Gear to glimpse them! However, you can turn your dreams into reality – you just might have to go about it in a slightly different way.
Change Up Your Budget
This option takes some sacrifice, but if you really want to purchase that luxury vehicle, you will need to make some changes to your personal budget. This means everything from shopping around for the best deals on utilities, to cancelling unused subscriptions, through to giving up your Deliveroo addiction. Work out how you can reduce your outgoings down to the minimum, or consider taking on a little extra work to boost your savings.
Look Into Financing
There are lots of methods of purchasing a car out there, so if you want to borrow, make sure that you understand what is open to you – from bank loans to car title loans and dealership financing schemes. Take the time to work out the most affordable option for you, looking at factors like the deposit required and the APR (Annual Percentage Rate) charged to you.
Consider Purchasing Used
Who says that your new car has to be brand new? Buying an approved used car could be one of the smartest money moves you’ll ever make. A car is a depreciating asset, and the first owner takes the biggest hit. Sidestep that and get the car of your dreams at a lower price by purchasing an approved used vehicle. Most are in pristine condition and come with a limited dealership warranty as well. It may be a little harder to get the exact model options or trim levels you want, but put it a word with the dealer and they may be able to source what you are looking for from within their network. You may also be able to find ex-demonstration models that have only been used for test drives by the dealership, and are usually the fully-specced up models. Another option is to shop new but wait until registration plates are about to change. A new car with an ‘old’ plate will be cheaper, even if it’s never been driven.
Look At Hire Purchase
One way to access the car you like, especially if you don’t have a huge deposit available, is a hire purchase deal. These usually give you the car, plus insurance and a servicing package for one fixed monthly price and a lower deposit, although you will be required to make what is called a ‘balloon payment’ as well. When the term of the deal is up – usually around three years – you can either choose to end the deal and switch into a new car or find the money to purchase the car.