Passing your driving test can provide you with a whole new world of freedom. However, if you are using your parent’s car, the freedom you’ll experience is nothing compared to owning your own car and hitting the open road.
The only problem is how do you get there? Many people find it can be difficult to start the process of getting a vehicle because they are expensive to buy and then keep running. This quite often puts people off, but there are lots of ways to finance your car without breaking the bank. These top tips should help you take the first few vital steps to achieve just that.
Make A Budget
The first thing you will want to do is work out a realistic budget for buying and running a car. This should include taking into consideration how much it will cost to:
- Pay for fuel
- Get auto insurance
- Pay road tax
You will soon find that this is already quite expensive to run but by working out a budget early on, you will be ahead of the game and be prepared to work hard to get any extra money you need to pay for the upkeep of the car.
Decide On A Make Of Car
Deciding on a make and model of car is a vital step in buying a car on a budget as the price can range tremendously, for example, getting a Honda compared to a BMW will see yourself saving nearly a third of the price and the car is still going to be great to drive.
Not only does the cost of the car impact on your decision but also the size of the engine will because this will depend on how big the tank is to fill it with fuel. If you chose the BMW, you would spend a fortune on fuel because the tank is much bigger than the Honda.
There are so many models out there that even if you find a make of car you like, you can get an older model that will be cheaper and just as good. Another thing you should think about is the Petrol VS. Diesel Vs. Hybrid debate. A diesel car is said to be more expensive to buy and run so bear this in mind when choosing.
Forget New; Buy a Used Car
While purchasing a brand-new car sounds great, you don’t need to do this. You can save yourself a fortune simply by buying a used car; this can be from a family member or a friend or even a used car dealership. Used cars are often just as good as a brand-new car and will last you for a long time if it is kept in good condition. All the extra money you save means you can put towards something else.
Getting The Best Insurance
Owning a car means you have to pay auto insurance, and depending on the policy you take out can cover you in case of damage to your vehicle, accidents, and injuries, and in worst case scenarios covering the cost of funerals.
Finding insurance can be one of the most difficult steps in purchasing your car because of how complicated it can become and quite often people just settle for the first one they come across. However, through companies such as My Choice, you can get the best auto insurance deal available. They look and compare cheap car insurance from over 30 different providers so you can save more money and put it towards other important areas of financing your car.
Ways To Make Money
Financing a car can be possible even on a budget, but if you want to feel secure in knowing that you’ve got some spare money in the bank, then there are different ways to make a bit of extra money to go towards the budget.
You could get a part-time job or sell any belongings that you don’t want any more such as clothes, books or an old bike. This little bit of extra money you make will come in handy to put towards the out-going bills such as the insurance.