Everybody has one. Yours may be a gleaming red Ferrari, or you may prefer an iconic vehicle made famous by the silver screen. Nobody is going to turn down a DeLorean and the chance to go back to the future.
The only problem with a dream vehicle is that, well, it’s usually only available in your mind. You probably have a target to buy it one day, but it could take years, and no one wants to wait that long.
If you finally want to make your dream a reality, these are the steps you should follow. This is how to afford the car of your dreams!
Buy It Used
There isn’t a law that a Lamborghini or Porsche must be the latest model. If anything, this assumption makes your goal harder to achieve. Instead, you want to use dealers such as Wavertree Car Centre to your advantage to make an offer on a second-hand model. Dealers understand that exotic products from quality manufacturers are in high demand, but the price is a sticking point. As a result, many of them sell Bentleys, Mercs, and Porsches at reduced rates. There are finance options, too, for those who can’t afford a lump sum amount.
Trade-In Your Current Model
The best way to lower the price is to offer something valuable in return. You don’t want to dip into the stash of diamonds in the family vault, so you’re going to need an asset that demands a high value that you don’t mind swapping. Your current car is the perfect option. Almost every dealer will take the price of it off the cost of the new vehicle, making the latter more affordable. However, Consumer Affairs points out that trading in a car may put you in a vulnerable position negotiation-wise, which is why it may be worth selling it privately.
Bump Up Your Credit Score
Only 26% of buyers use cash. The rest must take out a loan or find an alternative form of finance, which is why your credit score is essential. A low rating will reduce the chances of securing the funds you need to purchase your dream car. Therefore, it’s worth trying to boost your score before heading to the bank. Merely paying bills on time helps, but a top trick is to restructure your debt. A consolidation loan and staying under half of your credit card limit are fantastic ways to boost your rating and the odds of buying a vehicle.
Understand It’s An Investment
Yes, an investment in fun. Sorry to burst your bubble, but cars aren’t great assets for the most part. Firstly, they lose a significant chunk of change as soon as you drive it off the forecourt. Plus, the demand is pretty low as only dealerships and some private buyers are interested in second-hand vehicles. Exotic and iconic models – the KIT car – are different, yet supercars aren’t. With that in mind, you must realise that you’re not going to get your money back.
That’s fine, though, because sometimes it’s about investing in your dreams. Don’t you agree?