Do you rely on your family vehicle to get everyone around? If so, it’s probably used for work commutes, school drop-off and pick-up, running errands, family outings and more. A vehicle is something people take for granted, and they don’t realise how much easier it makes their routine until suddenly it’s in the garage and not available to them.
If your car is spending more time at the mechanic than at home or on the road, then there’s a good chance it’s nearing the end of its lifespan. But purchasing a new vehicle isn’t exactly cheap. Here are some of the ways you can make your new family car more affordable, allowing you to purchase it sooner than you may have thought possible.
Downsize the Vehicle – Get Only What You Need
While it’s tempting to go for a large vehicle as your family car, the fact is that costs will go up. The bigger the vehicle, the more it weighs and the more it weighs the more power it requires. This all increases petrol consumption, which will hurt your wallet.
Even though a compact car may not be ideal for the size of your family, look for the smallest model possible that will still fit everyone comfortably. It’s about getting only what you need.
Put Cash Down – Lower the Monthly Payments
Another way you can make the car seem more affordable is to lower the monthly payments whether it is a lease or a finance deal. Putting cash down means there is less money you need to repay during the term. A smaller monthly payment can make your budget much more relaxed and allow that wiggle room you require.
If you don’t currently have savings that you can use to put down on the vehicle, it may be worth saving for a few months. It depends on how much you can save, how long it will take and if your current vehicle will last until that point.
Shop Around for Better Deals – Don’t Settle for the First Offer
Savvy shoppers also know that it’s wise to shop around for a deal. That means a deal on the finance or lease rate and the price of the vehicle. Sometimes a salesperson may even throw in extras for no added fee. Anything you can negotiate that sweetens the deal for you and makes the car more affordable is worth it.
Fuel Efficiency Should Be a Huge Consideration
Fuel efficiency has never been more important than it is now for families mindful of their budget. The rising costs of petrol mean the cost to fill the tank is higher than ever before. You want to know that your vehicle is maximising its fuel consumption allowing you to travel the most distance possible between fill-ups. Many vehicles on the market have excellent fuel efficiency and should be on the list of top contenders.
Have You Considered an Electric Vehicle?
Another way your family car can be more affordable is to choose a style of vehicle that costs you less money in the long run. We’re talking about electric vehicles which will be much easier on the wallet when it comes to fuelling them and regular maintenance and repairs.
A full charge on your vehicle is a fraction of what you’ll pay in comparison to a full tank of petrol. The savings will be immediate and substantial. The savings alone can justify the monthly cost to lease or finance an electric car.
The costs you’ll need to factor in will include:
- The monthly lease or finance payment
- The cost to purchase outright
- The cost of a home charge point
- Car insurance
- Repairs and maintenance
Can You Make Cuts Elsewhere?
Even by following all of these tips, purchasing a new car will still be expensive. It may be that you want to make cuts elsewhere to help soften the blow of a lease or finance payment. Granted, there’s nothing you can do about your fixed costs such as your mortgage or rent, but there are other items in your budget with flexibility. This can include how much you spend on entertainment, dining out and clothing.
Even adopting green measures in the home to save on energy, cutting back on home streaming services, changing your mobile phone plan and so forth will have an impact.
As you can see by these tips, there are ways to make the purchase of a vehicle more affordable. It’s a matter of making a smart purchase and finding a variety of ways to cut back on monthly costs.