There’s been a lot of talk in recent weeks of the world being on the cusp of an autonomous, self driving car revolution. Within 10 to 20 years, it’s predicted that just one in five will own one, the rest of us relying on ride-sharing, ultra cheap ubers or self-driving numbers. What better time than now, then, to embrace the joy of driving before it’s too late. And with that in mind, here are 5 IDEAL ways to fund your new car.
GET ONE ON FINANCE
If you’ve got a good credit score, then financing your car is a wise way to go about funding your next set of wheels. By breaking up your purchase into monthly payments spread out over a couple of years, the initial financial burden is lessened significantly. However, be sure to keep up with your payments to avoid getting yourself into a financial ditch. We’ve written a detailed breakdown of various methods of finance here; go check it out.
FLIP YOUR OLD CAR, QUICKLY
That old banger sitting in your drive; a source of eternal embarrassment or a ticket to quick cash? Indeed, once you’ve decided your long and often arduous relationship with your car has run its course, there are several options available to you on how to bolster your bank balance.
Just as you wouldn’t step out for a first date in a scruffy outfit, so your car shouldn’t be looking its weather beaten worst if you’re hoping to get good money for it. Have it detailed and repaired to give it a maintained look and make sure that you have all the records ready. Then, research diligently so that you can determine the realistic price for your vehicle and list it. Over or underselling it is usually a result of a lack of thorough process at this stage. There are several sites you can use to flip your cars quickly (and metaphorically, of course) such as Craigslist and eBay Motors. Make sure information about your car is detailed in these listings, to avoid disappointment on both sides later down the line.
If your vehicle is more or less past it, and making money on it as a whole unit looks optimistic, then you could sell its various parts for scrap. It may seem bleak, but it’s better than nothing, right? Before you take the leap, make sure your old car is ready to be taken apart and sold. Cars, much like that drawer next to your bed, accumulate a lot of stuff over time; some useful, some not so. Do a thorough clear out and check every nook and cranny before you bid farewell to your wheels. Remember, too, to cancel license plates and insurance to avoid any extra costs slipping your mind later down the line. What’s more, you should use up all of the petrol in the car; that’s extra money right there which you don’t want to be donating. Finally, find a reputable place to junk it, such as Abbey Scrap Cars, to get a fair price.
SAVE LIKE YOU MEAN IT
For those who don’t have an old car to sell, it’s time to start saving in earnest. A car is a massive purchase, so don’t expect that by simply cutting out the morning coffees and weekend brunches, you’ll rake in enough revenue to afford new wheels. Instead, set serious saving goals through a thorough look at your outgoings and incomings, and a redressing of the way you spend money. Boring, we know, but in the long run well worth it.
FACTOR IN HIDDEN COSTS
The bigger, faster and more powerful your intended new purchase is, the more your insurance will be. Indeed, every car available in the UK is assigned a car insurance group number, between 1 and 50. Cars belonging to group 1 have the lowest premiums, and cars in group 50 the highest. To get a lower premium, make sure you’re buying a car in a low insurance group; better for your budget, for sure. These will typically have smaller engines and lower repair costs. So, while you may want to impress your friends with a flashy new car, if you’re looking to get the cheapest car and insurance, then keep things simple and streamlined.