Everyone has a dream car – even people who don’t think of themselves as being particularly into cars. This isn’t too surprising. Who wouldn’t want the very best car to take them to work in style, make driving easier and employ all mod cons?
Whether your dream car is a simple family saloon car or a peppy little sports car that really goes, finding a car to suit your real lifestyle and your imagery ideal can be quite tough.
For one thing, you will need to be able to afford your car. And for another, if you have a family, that convertible two seater isn’t quite as practical as you need!
Dreams, Realities and Compromises
The dream car is always fast, comfortable to drive and easy to run. It has an awesome sound system, leather seats and somehow, whenever you drive, the weather is amazing. It could even have dihedral doors that make it feel like getting out of a space ship. At least this is what the car adverts suggest…
The reality is that your car needs to be cheap to run, fit your whole family in and maybe you can find one that’s red and at least looks a bit cool. You can always add a personalised number plate to disguise it’s age or respray your car for a better finish.
Compromise is about laying the foundations for your dream car search. Unless you are a two car family, your car needs to fit everyone in.
This is your starting block. This is England so whatever you do, the weather is not going to be great. Cross that off too! As for the spaceship doors and leather seats, imagine yourself installing a booster seat and then think again.
Range rovers and saloon cars are all the most likely to give you the space you need and there are lots of models that are suitable for families that won’t dent your ego too badly either.
If you want to go upmarket, though, there’s the small matter of funding to overcome.
Finding the Funding
Saving for a car is like saving for everything. The best thing to do is put around 10% of your income into a savings account and watch the money gradually build up.
However, if you wanted things to move a little bit faster, you could try selling on old stuff or setting up a small side business to earn more money faster.
Bear in mind that the value of your current car could help matters. Many dealers will accept a trade in as a part of the payment, but do have a think about whether you should sell.
A dealer will need to make a profit on what they buy so will offer a lower value than you could get selling locally or online. It all depends on whether you are looking for a quick sale or if you are willing to put in the extra effort for a bit more cash.
If you are really keen, you could try instant car title loans online, but be very wary as the interest rates can quickly rocket. With the loan, you can buy the new car and then once it has arrived, sell the old car to pay off the debt. Another way to borrow would be to remortgage your house.
This will give you the funds you need on a relatively secure asset. Just be aware that your monthly outgoings will rise and you will be paying off your mortgage for a longer period of time.
Another idea could be buying a car on finance. Usually these deals include the car and insurance and are called something along the lines of ‘just add petrol’ cars. Though this is another type of loan, it works in a similar way to a mobile phone contract.
It means that you can afford to run a car that would take you years to save up for. It usually cheaper to save, and you might not find your dream car is an option, but it could be worth considering as a financing solution.
When you dream of cars, all the practicalities aren’t necessarily what is keeping your imagination occupied. More likely you are thinking about the looks on your colleague’s faces as you rock up in the latest BMW, or imagining the other parents in the playground turning to watch you drop off the kids. A car is more than a vehicle, it is a status symbol and, let’s be honest, a lot of fun!
Keep dreaming and start saving!