Everything You Need to Know for Affording a New Car

Who doesn’t love the dream of owning a shiny new car? A four-wheel chariot? While cars are super common, and it seems as if more and more households in the world are owning cars, there’s just one question, and that’s about affording one. Cars are expensive, very expensive, so how are people able to afford them? In general, when it comes to cars, they’re a tad more challenging to afford than something like utility bills. 

Honestly, outside of buying a house or education, this is going to be one of the biggest purchases you’ll ever have in your life. So, with that said, how can you afford a new car? What can you do to have that family car you need? Well, here’s everything you need to know!

Your Budget Needs to Be Realistic

Sometimes, it can be a hard pill to swallow, but you need to be entirely realistic with how much you can comfortably afford for a car. You might not actually be able to get the car you want (unless you’re willing to wait longer to save up). You’ll need to take into account your monthly income, existing expenses, and potential car-related costs such as insurance, fuel, and maintenance.  

On top of that, what about expendable income? How much do you have? If emergencies happen, will you be able to bounce back easily? What about if there’s car trouble? 

Look into Financing Options

Chances are high that there might be some financing options that you could look into. Some dealerships and brands will have financing options and services to help customers out, for example. There’s the Audi financial services that customers can take advantage of if they’re looking into buying an Audi. But whatever it is you’re considering, you’ll still need to compare interest rates, terms, and monthly payments to find the financing option that best suits your financial situation. You absolutely need to think about this carefully. 

Consider a Used Car

Alright, alright, who doesn’t love the idea of a brand-new car? That new car smell is remarkable on its own; a used car just doesn’t have that. Used cars, especially those with low mileage and a good maintenance history, can actually be an excellent value for money. Just think about it for a moment: not only is this eco-friendly, but it also allows you to access a higher tier of cars at a much more affordable price.

Take Advantage of Government Incentives

Fortunately, in the UK, there are a few government incentives that you can look into for a car. For the most part, these are actually aimed at promoting electric and low-emission vehicles. Plus, other factors such as family income are also calculated into this. So, if you think that you might qualify for one of these, then it’s highly recommended that you try it!

Be the Master of Negotiating

There is a lot of potential to save huge if you’re able to play your cards right with negotiating. You’ll just need to research the fair market value, be aware of any ongoing promotions (at the dealer you’re at), and use this information to negotiate a better deal. For the most part, dealerships will almost always be willing to offer additional perks or discounts to close a deal. Plus, if you’re doing this at the end of the year, such as in December (when they have quotas to meet), you’ll be able to save even more. 

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