Ways to Buy & Maintain Your Car on a Budget
With the rising fuel, tax and insurance costs, owning a car has become increasingly more expensive. So we’ve compiled a few suggestions of how you can make owning and buying vehicles more affordable in the long run.
What are the more affordable ways of buying cars?
Car finance can help spread the cost
Car finance offers drivers the ability to space out the overall cost over a set number of years. You negotiate with a lender to determine how much your monthly payments will be, and they’ll consider the car’s cost plus interest.
You can find the right car finance product for you
There are also several types of finance products available. If you’d prefer to own the car once the contract ends, then a hire purchase finance contract would be the best for you. But if you’d simply like to make payments on the car while you drive it for the contract's length and then return it, then a PCP or personal leasing finance contract would be better for you.
Car dealerships can negotiate with lenders on your behalf
Depending on your credit score, your chances of having a finance application approved can vary. But at Car Synergy, we are a credit broker, so we will negotiate with lenders on your behalf to bring you the most appropriate finance quote.
Ever thought of a used car?
A benefit of new cars is that you’ll be the first person to drive them. It will have no service history, be in impeccable condition, and you can even have it customised to your taste. But new cars come with a hefty price tag, and a used vehicle is an option worth considering if you’re buying on a budget.
Don’t have to sacrifice on the latest features
At most, a used car that’s three years old is likely to have the same safety features and technology found in brand-new cars. So if you’re looking for cars that are up-to-date, a young used vehicle is a great choice.
Recorded service history
When you purchase a used car, you can access any available service and repair history that was passed on from previous owners. So even though the car isn’t brand new, you will be able to know exactly what it’s been through before you decide to buy it.
Depreciation
It’s no secret that new cars depreciate severely after purchase, but you don’t have that concern with used vehicles. Used cars depreciate but are minor in comparison, so you won’t risk losing as much value if you decide to sell in the future.
How can I make owning a car easier?
Car sharing
If you take the same journey to work as employees who live nearby or do the weekly shop at the same supermarket as your neighbours, then sharing car rides can be a great way to save money. The fuel cost can be shared, and you can take turns over who’s car is used.
Use public transport
Depending on how far you live from work or your local supermarket, you may find that public transport can be a convenient alternative to driving. You can purchase daily, weekly, monthly, and annual travel passes to keep the costs down, and they can be less expensive than your fuel cost.
Perform regular servicing
Paying attention to minor changes in your car’s performance can help you pick up on minor issues before they become bigger problems. Getting into the habit of regularly checking your car for signs of wear and having it serviced more than once a year, can reduce the likelihood of breakdowns and potentially save money on repairs.