For many drivers, there is a particular car which they strive to buy one day. A dream car can vary from driver to driver and your aspirations may be higher than others. You may be wondering how to turn your dream into a reality and own the car you’ve always wanted. There are a number of ways you can save for your perfect car, and you may need to make some sacrifices in order to do so, but you will soon reap the benefits of owning your dream car.
Research the market.
Before you can purchase your dream car, you will need to know how much you need to save up. Researching the market value of the car you want to buy is key to setting your budget and also for negotiation purposes too! Dream car aspirations may look completely different for each driver and whether you want to buy a brand-new Porsche or a sport Ford, knowing how much you need to save is the first step. The cost of both new and used cars can fluctuate or decline over time too so having something to aim for can make your next car more affordable.
Set a savings goal.
Once you know how much your dream car will cost to buy, you can go ahead with planning for your purchase. If you wish to pay for your car in cash, you will need to save up for one lump sum. By working out how much you can put towards your savings goal, you can start to create a heathy savings account. You could also finance your dream car and set aside affordable monthly payments to fund it. If you’re buying with finance, you will need to be offered a finance deal first by a lender and finance is never guaranteed to any applicant.
Check your credit.
Your dream car can be any car you wish to own, if you’re wanting to buy a used BMW on finance or use a loan to get the Audi of your dreams, you will usually need to have a good credit score. So many drivers apply for finance without even knowing what their current credit looks like and if they need to improve it in anyway. When you check your credit report, you should make sure all your information is accurate and up to date and if your credit score is low, you should work to improve your credit before taking on anymore debt.
Save more, spend less.
It may seem pretty obvious but if you’re serious about saving more money, you need to spend less. This is a great opportunity to assess your financial needs and what is essential to your life. Get rid of any subscriptions, streaming services, or gym memberships you don’t need and think about making coffee at home rather than grabbing a coffee on the go each day. These little changes will add up and make your dream car more obtainable.
Boost your income.
If you’re saving as much as possible but your dream car is still feeling out of reach, you could consider boosting your income. This can be done in a number of ways and doesn’t always have to mean taking on a second job. If you have the time, you could consider taking on more hours at work or picking up another job but for most people this is unrealistic. Boosting your income to reach your savings goal can be as easy as selling some of your unwanted stuff, signing up to cashback websites, take online surveys or start a blog to share your expertise.
Check car insurance rates.
It’s one thing to buy your dream car but being able to own and run your car is another story. Once you’ve secured the vehicle you want to buy, you will need to fuel to vehicle or recharge a hybrid car or EV. You will also need a valid car insurance premium in place to legally drive your car. Car insurance rates can vary depending on the type of car you buy, and more expensive cars may also have higher insurance premiums. This is because the cost to repair the vehicle if you get into an accident could be higher. It can be worth comparing insurance rates before you commit to getting your dream car in the event it’s an unrealistic buying option.
