Buying a Family Vehicle When Money is Tight
As of 2015, it was estimated that there were 25.8 million licensed cars in England. Chances are, you and your family are one of the millions who own one (or more) of these vehicles. Having a family often requires the use of at least one car to be able to meet the demands of your hectic schedule. However, if your car will need to be replaced soon, the timing of the purchase may not coincide with having plenty of funds. If money is tight, but you have no choice but to buy a vehicle, you are probably feeling the stress of this significant financial burden. Thankfully, there are strategies that you can use to successfully purchase a car when your funds are low.
Explore three of the top ways to make car buying on a budget easier and more affordable.
Make saving a game for the whole family
Prior to researching which vehicle you will be buying for your family, you might have some extra time to save up for the big purchase. Instead of simply setting aside money, get your whole family involved. Make saving a game so that your children can also contribute to the experience. Not only will a group effort create additional motivation for your family, but your children will also have the opportunity to learn about and participate in saving for a major life purchase. You can create a game out of starting a change jar, or tracking savings progress with a colourful chart.
Research the value of the vehicles you are considering
When it is time to officially start your quest to find a new family car, be sure that you perform your own research to find the best deals. Research the value of a vehicle by searching online first (rather than immediately visiting a car dealer). This allows you to access a number of sources at your own pace, and it helps you gain a solid idea of the value of each potential vehicle. Once you have researched vehicle prices online, you should then plan on visiting a few car dealers in your area to compare special promotions and prices. Putting in the work to perform a little extra research can lead to thousands of pounds in savings.
Explore financing options
Once you have decided upon a vehicle, explore the many financing options that are available. Check rates on loans from a few trusted sources to see which will help provide you with the lowest payments and interest. Rather than settling on the first choice that presents itself, doing your research on financing options is another big area to save on your monthly payment, as well as on the total amount you will owe for your vehicle.
Although it can feel next to impossible to purchase a vehicle when money is tight, it can be done. Turning your efforts to save into a game for the whole family, researching vehicle pricing, and exploring all of your financing options are some of the best ways to save as much money as possible.