When people house hunt, they tend to do so within a strict budget. But if they find the one house that seems perfect – with great catchment area links for their child’s local school, an amazing community life, and a beautiful household that can be renovated and extended – they may be happy to push their budget even further, perhaps taking out a larger mortgage or borrowing money from friends or family to make the dream work.
But when it comes to cars, most people consider this to be irrational and silly. Of course, living beyond your means is certainly much less advisable in a vehicle which could break down from time to time, require your car, and perhaps have higher car insurance premiums.
Yet this logic doesn’t always penetrate when you’re in love with a beautiful vehicle you really believe suits you down to the ground. Where are you supposed to go from here? Well, in this post, we hope we can offer a few tidbits of advice to ensure you can get closer to bringing that car home, without condemning your financial output forever:
Financing Options
Financing a vehicle is perfectly acceptable but you have to remember that you may end up paying more than you would have otherwise when insurance is collected, only over a longer time. We’d recommend that you take your time, compare options, and read the fine print on any deal offered to you. Look at the interest rates, repayment terms, and any extra fees in line with that. If it all checks out and fits your budget, financing could make your dream car a reality without draining your savings for now. Just make sure the monthly payments are something you can comfortably handle alongside your other expenses, and what the limits are.
Trade-In Possibilities
Trading in your current car could lower the cost more than you think, especially if you’re working alongside a government program to help you pick up a hybrid, for instance. Dealers often factor trade-ins into the deal, so get your car valued first to know what it’s worth. It might not cover a huge chunk of the cost, but every little helps as they say. However, you do have to be realistic about the condition of your vehicle and don’t be afraid to shop around to get the best offer.
Restoration For Classics
Some homeowners find themselves buying a fixer-upper because the beauty, history and character of the place is just too good to enjoy. Perhaps you’re more in this for the hobbyist approach. If the car you’re after is a classic, you could think about buying a version that needs some work. A restoration project can spread the cost over time in that way, and les you upgrade the car as you can afford it. This way you can become a bigger car lover than ever and learn a great deal about bringing a beautiful old vehicle back to life, which is really a form of historical preservation when you think about it. Just make sure you’re up for the challenge, or know a trusted mechanic who is.
With this advice, we hope you can achieve a vehicle out of your budget in the best way.
