If you are looking at the clapped out banger on your driveway, you might feel like it’s time to bite the bullet and buy a new motor. However, any new car, whether driven brand new straight off the forecourt or used, is a big ticket item. Budgeting for such an expensive outlay is tough.
There are alternatives to buying a new car. While you might have an empty space out the front of your home, you could enjoy a little more freedom financially. Take a look at why you might not need to buy a new car after all.
If you use your vehicle to commute to work or to ship the kids to school, and little else, the chances are that you could utilize the joy of public transport rather than purchasing a car. Having an asset on your driveway may sound like a good way of spending your money, but cars only ever depreciate in value. The longer you have them, the less desirable they become. If you live near a railway station or you have a bus stop nearby, trial a public transport month. See if you can complete all of your journeys without a car.
Without a vehicle, you won’t have to worry about car maintenance services, insurances, tax or running costs. You no longer have to worry about forking out for comprehensive cover and you won’t have to budget for fuel each week.
Hire Instead Of Buy
If you drive a little more often, enjoy putting the pedal to the metal and travel around the country, public transport won’t work. Instead, hire a car as and when you need it. This is a great idea if you like driving the best vehicles. You won’t have to hire a banger, and instead can enjoy driving the latest hybrid, or you might choose a sporty little number. Every time you hire a car, you can choose a different one, adding a touch of variety to your driving experiences. Insurance comes with the rental fee and you only have to worry about filling up the fuel tank. You could hire short term or long term depending on your needs, meaning that you never have to go without a car just because you don’t have one on your driveway.
If you do fancy buying a car but you don’t want one hundred per cent of the responsibility, why not car share. Pooling resources and buying a car with a sibling or friend can help share the costs. You could split the insurance and fuel costs down the middle. You can have the car for half of the week and alternate weekends, and you don’t have to worry about spending so much on the initial purchase price. Set out some ground rules and consider sharing your car with someone that you trust.
Buying a new car is stressful at the best of times, but it can be even more exhausting when you have to look for a car on a budget. Instead, follow this guide and trial a different sort of car ownership to help you and your finances.