Home » Headline, Personal Finance

Priced Out Of A New Car? Here’s How To Fight Back!

28 February 2017 No Comment

The sad fact is young people are being priced out of everything from a new house to a new car. Fewer and fewer young people in their twenties are on the property ladder or drive a car of their own, but it’s time to for a change. Buying a property might still be out of your remit, yet a car isn’t or doesn’t have to be. The great thing about a car is that there are numerous ways to afford one. All you have to do is figure out what they are and put them into practice. Do you want to hear the even better news? You can find the tips below. So, what are you waiting for? Belt up because it’s time to get behind the wheel of your very own motor!

Look For A Loan

What you will find when you analyse your situation is that you have a lack of money. And your lack of money is holding you back with regards to buying and owning a car. It isn’t rocket science, but it is a problem. Thankfully, it’s a problem you can solve with a bank loan. Just head to your local branch and ask them to approve you for a loan, and pay back the loan on a monthly basis. What, you can’t get a conventional loan? Don’t worry because you can get bad credit auto loans which are the same thing. Regardless of the type of loan, the point is the supplier gives you money upfront which you pay back monthly. Because the payments are broken down, it makes it easier for the average person to afford.

Buy Second-Hand

Everyone wants a new car. ‘New’ is the operative word because it makes people feel better as if it is a life changer. The truth is a new car isn’t a life changer – it just makes you look better. Yes, that’s right – a new car is purely cosmetic. Used cars are just as good in a lot of circumstances and last longer. Plus, they are considerably cheaper because cars lose ten percent of their value as soon as they change hands. A used car is a no-brainer as long as you buy one in good condition and don’t overpay. There is a reason the second-hand car industry is booming, and it isn’t because of sentiment.

Lease

Leasing, or renting, a car is not as popular with drivers these days. There is a perception it is dead money because you can use the money to afford a car of your own. That is true, to an extent, but only if you can afford a new one in the first place and if you have the time. You see, a lot of people just can’t wait a couple of years to save up and invest in a motor. They need a car now, and they need it fast. Enter a leased car. A car on a lease is perfect for those of you that can’t afford a car right away but still need one. Plus, you get to change your car every couple of years for a new one. It might not be yours, but you still get to enjoy all of the benefits. 

Be Tax Savvy

What does that mean, ‘tax savvy?’ Well, it means your car can be recorded as an expense as long as it is legitimate. So, a £25,000 car can be taken off your yearly earnings to cut your tax contributions to a bare minimum. After all, how many people pay £25,000 in tax each year? And anyone that does shouldn’t be reading this post! A prime example is a company car. The car, the insurance, and the petrol are all taxable, which works in your favour. Yes, you do have to spend a fair amount of money for a new car, but it will reflect positively in your tax return for the year.

Stop Driving

There are two ways you can stop driving. First of all, you knock driving on the head and commute everywhere. That means you catch the bus, the train, or you walk to work or the shops. The amount of money you save in the process is quite amazing because you cut a huge amount of costs. If you still need to be on the road, you can stop driving a car and opt for a motorbike. Motorbikes are much cheaper to buy and run. Okay, they might not be as practical, but practical isn’t always cost effective.

Don’t let a car price you out of driving – use these tips to fight back thriftily!

 

Leave your response!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.

*