With the new decade drawing in, for many it’s the time to consider an upgrade for their current car. Finding and saving up to buy your dream car can be a challenge, so Seán Kemple, Director of Sales at Close Brothers Motor Finance, offers his top tips on how to make the leap in 2020.
1. Don’t let savings stall your lifestyle
We’re often reminded to save, and it can be easy to assume that this requires big sums of money coming out of our account. But it doesn’t have to be so impactful. Set yourself a savings goal and create a separate pot that you can add a little into every month. Most banks now have a function which can round up the cost of each payment you make, and automatically put the difference into a savings pot. This can quickly accumulate, and soon you’ll be able to get your hands on your dream car.
2. Getting the right wheels
So, you’ve decided that it’s time for a new car, but where do you start? Research from Close Brothers Motor Finance found that 91% of drivers do their research before buying their next car, rising to 96% of under-35s. Research is key, and there are lots of ways to get information to ensure you drive away from the showroom with the right set of wheels. Get online; many car dealerships now have impressive online forecourts so you’re free to peruse at your leisure. Or if you want some more personal advice, then pay a visit to your local dealer - they can advise on the model that would be best suited for your lifestyle and talk through finance options to help you afford the car you really want.
3. Plug into electric
Electric is no longer the future; it’s the present. And 2020 is set to be the year that electric sparks, with more manufactures joining the race to alternative fuel vehicles. Two in five drivers are considering an electric vehicle as their next car, according to the Britain Under the Bonnet report. If you’re trying to be more sustainable then the no-emissions element of electric cars is attractive. And whilst the initial outlay for electric cars can be expensive, they are cheaper than a petrol or diesel car to run – so could be a money saver in the long term. If you’re still unsure whether you want to make the leap, then speaking to a dealer can help you weigh up the pros and the cons.
4. Accelerate your savings with your old car
It’s now easier than ever to make money from your old car. Online car buying sites can take the work out of selling your car, giving you a valuation on its worth, and some marketplaces allow you to advertise for free. You can also take your car into different dealers and hunt around for the best deal. It’s worth cashing in if you can.
5. Paying for your dream car
Just as there are lots of makes and models to choose from, there are also finance options available should you need it. Shop around for the best deal and talk through your finance options with a dealer. Many dealers can help you set up affordable monthly instalments for your purchase in line with your budget. Just make sure you choose the right option for you and that you’re totally clear on how, and how much, you’ll be paying.
