Manydrivers dream of getting a luxury car one day butcease to make their dream a reality. If you strive to own a luxury car one day, you may be wondering how to do so. Luxury cars come with a high price tag to match but that shouldn’t put you off! Whether you’re after a sports car or a high-end SUV, our top tips below can make saving money on a luxury car easier than you thought.
Boost your savings account.
If your main goal is to save up enough money to buy a luxury car, you’ll need to get serious with your savings mission. Look at your current financial situation and savings and check out the market value of cars that you like. This way it’s easy to roughly know how much you’ll need to save and how to get there. Look at your monthly wage and calculatehow much you could put towards your savings goal each month. Don’t be scared to get strict with your savings, just remember to leave enough money over to pay your bills and any other essential payments.
Explore different finance options.
Getting sports car finance can be a great way to get the luxury car you want but pay for it over a term that suits you. If your dream car is taking too long to save for, you could consider spreading the cost with car finance instead. If a lender agrees to give you finance, it allows you to bear the expense of a car into monthly payments over a term length. Usually car finance deals are spread over 3-5 years and can be adjusted to fit your monthly payment amount. Some deals such as Hire Purchase equally split the value of your car into monthly payments, so a higher value car would mean high monthly payments. Alternatively, PCP can be good for luxury cars as the much of the value of the loan is left till a final balloon payment if you wish to keep the car.
Pick the right car.
You may have a certain make and model in mind which you strive to own but spending so much money on a car that isn’t fit for purpose will leave you feeling disgruntled. Take some time to think about what you need from your nextcar and set out a list of requirements. This can help to make the whole process so much easier. Whether you need enough space for the kids or a car with low running costs, knowing what you are looking for from your next car is key. If you’re buying a luxury car brand new, many manufacturers are now offering electric only models so it can be worth considering if an EV would benefit your life and if a home charging point could be installed.
Choose second-hand.
If you are wanting to buy a luxury car but buying from brand new is off putting, you could consider a second-hand car. Expensive, high-end cars come with better technology and hard-wearing materials so they can hold their value for longer. As a usedcar buying, you could still get a luxury car but one that has been around for a little while first. When you buy second hand, much of the depreciation of the has already happened in the first few years of ownership so you can buy a car which holds its value better and you’ll not be that much worse off when you come to sell it on again.
Ditch the extras.
When you buy a car from a dealership, there are a whole different range of options extras and trims to choose from. Dealerships make more commission on the more add ons they sell to you so whilst they may seem persuasive and attractive, they usually aren’t worth the money. You may already be paying quite a lot for a luxury car and putting on extras which bump up the price could make it a deal which is no longer affordable for you.
