A Guide to saving for Your Dream Car
So, you want to buy yourself a sports car? Excellent news! You’re going to need to do a lot of savings if you want to get your hands on the new Audi e-Tron, but that’s where we come in!
We know that saving is something that looks easy on paper, but isn’t always as manageable as it seems. Even though we know that in order to save money we will need to cut back on spending and put that money away, the temptations of life and unexpected bills all get in the way.
If you need to save up several thousand dollars for a big purchase like an Audi, there are a few ways to do this that just involve some common sense! Here’s our guide to saving for your dream car.
Work out your payment plan
Depending on your credit, there will be a range of payment plans out there which are available to you. Spend some time thinking about what you will be able to afford to pay each month, as well as the initial down payment which will be required, and do some shopping around and comparisons on car loan companies.
When you are working on this budget, be sure to factor in some wiggle room for car maintenance and insurance. These added extras can all easily build up and result in your monthly car outgoings being much more than you originally intended. Remember that, when driving a sports car, it is likely that you will be spending a lot more money on gas.
When will you be buying your new sports car?
The sooner you purchase your car, the less time you will have to save for it, so, after calculating how much you can afford each month, or outright, you will need to work out a timescale. If your current car is on its last legs, a new vehicle may be of the highest importance so that you can get to the office, to meetings and see family. However, this doesn’t leave you with much time to save some much-needed cash!
We know you’ll be in a hurry to get your new car, but try to be realistic and patient about this timescale. Remember that, if you are currently without a car, then a hire car or public transport are both affordable and realistic options.
Save, save save!
Saving up the money for an expensive car isn’t going to be easy, so cutting back on extravagant purchases and unnecessary spending is going to be the most important thing you can do right now. After you have assessed your finances and projected what spending you can afford, it’s time to get real about your current spending habits. Cancel that gym membership you never use, cook dinner for friends rather than going out and spend weekends enjoying the outside rather than spending money on attractions. Be sure also to set up a direct debit which automatically goes into your savings account so that you can’t forget to withdraw money and move it to a different account which you can’t use!