If you’re anything like most people struggling to manage their financial situation, you’ll dream of one day having a decent car that you feel proud to drive – the feeling of going through the McDonald’s drive through or pulling up at the petrol station without that sense of embarrassment and perhaps even shame.
See, having a decent car is one of the most prominent material goals for people as it is such an obvious external indicators of how well you are doing in life, and in a pretty materially focused society it can feel important to drive a car that’s credible and represents who you are on the inside… rather than having to drive something out of necessity to get you from A to B.
Unfortunately, financing our longed for possessions isn’t always very effortless, particularly if you’re in a position where you are trying to break free from debt, so in this article we will look at three popular options to driving your dream car, or at least a more decent car.
BUYING YOUR DREAM CAR OUTRIGHT
Owning a car might seem like the most obvious choice, however, it’s good to remember that a car is a depreciating asset that rapidly loses its value, particularly in the first year, meaning if you buy a brand new car, as soon as you drive it off the forecourt you will lose four figures in terms of instant depreciation!
For this reason, it is often better to buy an ‘almost new’ car that has been driven just a few thousand miles. The first step, therefore, might be to check out Vauxhall opening times in your area and see what deals they have. Also, be sure to head there toward the end of the month as sales people will be much more willing to accomodate a good deal, as they clamber to meet their sales quota for the end of the month!
RENTING YOUR DREAM CAR
Renting a car, as an alternative to owning one, makes a lot of sense if you don’t use it all that often. The great thing about hiring a car, of course, is that you can rent a different car model each time, meaning you’ll never get bored.
Also, when you consider how much insurance, tax and car maintenance costs the idea of renting a car isn’t as financially luxurious or wasteful as it first might appear; just consider how much insurance costs for your dream car, then work that into the price being quoted to rent the car – and you’ll see with the tax, insurance and maintenance costs… renting a car can be a cost effective way forward particularly if it’s just used sporadically.
LEASING YOUR DREAM CAR
You can find some incredible offers on a variety of premium cars for a two-year lease, and these tend to be much more cost effective than short-term premium car hire options as the contract tends to be for 1-3 years.
This can offer a hassle-free, low-cost option, to driving a decent car but you will need a decent credit status and the downside is you never end up owning the car, so it’s akin to renting a property rather than owning it.