Often, we find that our car lets us down just when we can least afford it. This means that we need to find a way to afford a new vehicle when we just do not have the money to be able to pay for it. This might lead to us spending just a tiny amount on a very unreliable car which we have to replace very quickly and this is not ideal. If you need a new vehicle it is really important to make sure that you are able to buy something that you get good value for money from. There are different ways that you can go about this.
Buy very cheap
Buying a very cheap car is something that quite a few people do. They feel that it is a great thing as they can just scrap it when it is irreparable and they will get value for money. In some cases, this will be true but not in all. Firstly, if the car does not pass an MOT and needs lots of work doing then you could end up with a really big repair bill. This might be the case anyway, that the reason it is being sold is because there are problems with it. It can be quite easy to hide some problems, by painting over rust, doing temporary seals on places that leak and things like this. If you do not know what to look for then you can easily end up buying a car that costs you a lot more than the sale price in essential repairs. If you do know about cars, then you will have a much better chance of being able to find a car that will offer you good value for money. If you buy through a dealer, it will be more expensive but you will have some come back if the car turns out to be a wreck compared with buying form a private seller. In both cases they have no obligation to reimburse you for problems, but you are more likely to get goodwill from the dealer.
An option that many people choose to take is to borrow the money. This can be really convenient and it can mean that you end up with a car that offers better value for money or will last longer and be better quality because you can pay more for it. The cost of the loan, even payday loans with no credit check will need to be taken into account but it could still be worth it if you can save a lot of money in repairs and wait longer before you have to replace the car. It may also be cheaper to insure if you find a car which is not so old and in better condition. Of course, it is always wise to research the lender that you are considering using. Make sure that you trust them to provide you with a good service and also calculate how much the loan will cost in full and know how much the repayments will be. It is really important to be sure that you will be able to afford the repayments.
Use savings / Save up
If you have savings then using these to buy your vehicle could be extremely useful. It will save you the cost of the loan, which could add up to a big saving. It can be hard to part with savings, you may be saving for something else or want the money for emergencies. However, if you calculate how much you will save by doing this, then it could change your mind.
If you have no savings, then it might be wise to save up for the car. How long this will take will depend on how much you want to pay for the car and how much money you have available to save each month. You will probably need to cut back on spending so that you can save extra money. It is wise to start saving as soon as you get a car, ready for when you need to replace it and buy a new one as it is likely that you will need to replace the car at some point.
Find alternative transport
If you are saving up or do not like any of the finance options then an alternative is to go without a car altogether. It is likely to save a considerable amount of money on the cost of the car, tax, insurance, fuel, MOT, repairs, servicing and breakdown cover. However, some people will not be able to get to work without a car due to no public transport being available. Some may not like the idea of public transport or perhaps find it does not run frequently enough or is not quick enough. It is worth investigating though as for some people it could be a really good alternative.Continue Reading