How Not To Spend Your Life Savings On A Car

When it comes to expensive purchases, our vehicles are usually right up there. In fact, unless we have stumped up for a house, our cars can easily be the most valuable thing that we own. Now, you may think that this means you need to pull every available penny together and put it towards buying a car. However, that doesn’t necessarily have to be the case. In fact, you can own a decent vehicle without bankrupting your life savings in the process. Read on to find out how.

How Not To Spend Your Life Savings On A Car

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Buy second hand from a dealer. 

New cars, for the most part, do cost a lot of money. Especially if you want to buy them outright off the lot. However, this is not the only car purchasing option there is. One in particular that you should consider is going to a used car dealer and seeing what they have on offer.

In fact, you can often pick up a quality vehicle in excellent condition for a used car specialist. Something that allows you to reveal in the luxury that you want, and of course deserve, but without the massive price tag.

Even better, some used dealers like Suttons offer finance of your purchase as well. Something that means, not only do you get a great car for less than it would be new but that you can pay it off month by month as well. Rather than all in one go. A savings saving strategy, indeed.

Buy second hand privately. 

Another option is to buy a used car directly from the previous owner. In fact, in the UK there is a very brisk trade of these types of vehicles backed by websites such as Auto Trader where sellers display their wares, and buyers can browse.

Of course, buying privately isn’t like buying from a dealer. In fact, you often get a lot fewer guarantees as to the history and condition of the car. Something that leaves it up to you to make a thorough inspection and test drive to make sure you are getting value for money.

Although, if you know what to look for and have a gift for the gab, you may be able to get a bargain price for the vehicle you want. This being a strategy that will leave at least most of your saving firmly in the bank.

Consider PCP for a brand new model. 

Occasionally only a brand new vehicle will do, and if you find yourself in this situation, do not despair. This is because there may be a purchase option that can help you to keep your savings intact, and drive a shiny new motor around.

Of course, I’m talking about PCP. A situation where you essentially rent the car from the dealership over several years. Then you can choose to trade it in for a brand new version or pay off what is owing to own it.

Just be sure to choose your car purchase option from the ones mentioned above wisely. Otherwise, you could end up having to chip in much more of your precious saving money than you bargained for.

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