Guys – we may or may not be getting a car at the start of this year. Well, I say start as in over the next month or two. A lot of our priorities and lifestyle has changed and I think I have changed in the last couple of years. Of course, with the lockdown and restrictions, it’s definitely brought to light the need that we have for a car. Not just for doing mundane things like the weekly shop but also for travelling and seeing friends and family. We also have our property on the market currently and so we may need to start viewing properties soon. And with that being said, it’s good to have a car so that we don’t have to always rely on public transport. So what are the plans for getting our very first car together?
*This is a collaborative post. Image Source
Budget
As we’re fast approaching the anniversary of COVID ruining our lives here in the UK in March, we’ve really hunkered down when it’s come to saving money. This was an opportunity for us to save as much money for our wedding as possible whilst also putting money aside for various debts we both had. So now we’re in a really good position financially, especially with the uncertainty of our wedding this year too. It means we have a bit more money to play with when it comes to getting a good car. Personally, even though I don’t own a car and I don’t have my driver’s license yet, I think getting an expensive car isn’t worth it. I honestly feel like spending around £3-£10k on a car is where you should aim for. Whether it’s on finance or buying it outright. At the end of the day, a car isn’t a valuable asset as it simply depreciates in value.
I may be alone in that opinion but I want to ensure we don’t splurge too much, especially as things are still uncertain due to Covid and this is our first car.
Picking The Right Type Of Car
Picking the right type of car is also important to us because we’re at a point now where in the next couple of years, we want to start a family. It means that we’ll be looking for a car that’s a little bigger and will perhaps cater to a family. Not that smaller cars don’t but I think both me and Sam are in agreement that having a bigger car may help us feel safer on the road. So whether that’s an SUV, Hatchback, or a Hybrid type, this is the type of car we’re after. In regards to makes, models, and features, I’m not that fussed and that’s not necessarily going to drive the reason for me purchasing the car. However, having a radio and perhaps a SatNav built into the car would come in handy. it’s likely to be more costly, but if we were able to find one with rear view cameras, that would be a bonus.
Leasing/Financing
Financing a car is something that I think is important to cover because there’s definitely a mix in terms of what people like to do. Paying for the car in cash seems to be the best option if you’re able to do it and especially as you then don’t incur those extra interest rates and fees added on. However, a lot of people can’t afford to just buy a car outright, especially when they cost thousands to buy, new or used. With that being said, I think we’re likely going to do financing but perhaps pay a significant chunk of the money upfront to help lower the monthly costs. As a household, we’re doing well financially but it’s important we don’t spend beyond our means. I think when it comes to monthly outgoings for a car, I wouldn’t want to really go above £150-£160 on the financial payment alone. That’s not including things like fueling, taxes, maintenance, and insurance.
I’d like to say that I’m pretty proud of the fact that I’ve managed to go without a car for so long, especially as plenty of my friends at college ended up getting their car as soon as they were able to learn to drive. For me, I didn’t need it and it would have just been a waste of money. Now though, we need it and I can only imagine we’ve saved a huge amount if, in theory, we add up a rough estimate of how much the average person spends on cars over their lifetime. I’ve probably saved tens of thousands! The beauty of financing is that there really are so many options out there. So for us, whether we pick a lease option like Skoda leasing or we choose to buy a car through a lender who can pay for the car and we simply pay it off through them, financing and spreading the costs seems to more realistic option.
What do you think about buying cars? Feel free to send me your tips below so that we can take them on board for when we do eventually buy!
*Disclaimer – This is a collaborative post with Carparison Leasing. All words are my own.
