We would hazard a guess that if you ask anyone, they will always have a set of wheels they would love to own. Even people who aren’t normally auto enthusiasts tend to have a dream vehicle. It could be a classic model or a simple old car from their childhood. It might be a brand new sports car or a classic from a Bond movie. The point is, most of us dream of getting behind the wheel of some car or another – but most people see it as out of reach.
But, perhaps it isn’t just a dream. At first glance, you might think that you will have to part with a small fortune – or a large fortune, in some cases. The good news is that there are ways of getting your hands on your dream ride without paying full whack. Today, we’re going to go through some of your options and reveal how you can grab your dream car for less.
Play the waiting game
Let’s say that you dream car has just come onto the market. It is has a hefty price tag, and there is no way on earth you will be able to afford it. But, as you might already know, something called depreciation will come into play as soon as that car leaves the forecourt. Brand new cars are terrible for holding their value. A buyer can expect anything up to 20% taken off what they pay for the pleasure, just from signing the ownership papers. And, it doesn’t take long for that figure to go down even further.
After a year, there will be another 10-15% decrease in value. After two years, it might have lost 50% of its original value. And, it could be even worse if the driver hasn’t been looking after their car properly. That’s an astonishing figure, and it’s one of the major reasons why you should avoid buying brand new. But, for the used car market, it is wonderful news. Just waiting a couple of years can get you your dream set of wheels for less than half of the original price. And, if you wait even longer, you can expect that to drop even further.
The DIY method
How much do you know about auto mechanics? If you want to put in some time to learning the basics, then it will increase your chances of getting your hands on your dream car. It doesn’t matter whether it’s old or new if you can make some basic repairs you can pick up an absolute steal. When cars break down, people don’t want to invest in expensive repairs, and would rather buy another vehicle. Make sure that you are there to take advantage. There have even been stories of people paying others just to take their write-offs.
But how can you find out where to look for a bargain fixer-upper? Well, there are plenty of websites out there that you can find a great deal. There are the usual auto sites, of course, and there are services such as Craigslist. You can also get in touch with your local scrapyard and make some connections there. If you can strike up a good relationship, they might give you a shout if your dream car ever comes through to be turned into scrap metal.
Loan or lease it
Another option for you is to loan or lease your dream car. Now, we can’t recommend that you take out options on a brand new vehicle. There’s a simple reason why. As we mentioned above, you can lose 50% of the value on a new car within two years. Then you have to take into consideration the cost of your loan. Over five years, you will be looking at paying around 50% extra on top of your original loan. It doesn’t take a genius, then, to realise that when you add these figures together, you will end up paying twice what the car is worth. That’s fine if you want to spend a fortune, but that’s not the point of this post!
So, look into the pre-owned market instead. You will get smaller loans that you pay off quicker, and your car will hold its value better if you ever want to sell. However, finding your dream car at a dealership is another matter entirely. Your first step should be to take a look online at your local dealers. Find some that sell your favorite brand, and check in on a regular basis. For example, if you have always wanted a BMW or a Dodge, you could browse used cars at GMT West. Don’t be afraid to look further afield, either. The car markets are different all across the country, so while it might cost you in gas, you might save more overall.
The old fashioned method
Of course, people always used to buy cars without relying on car financing. So, why not take a leaf out of their book? Paying cash up front always ends up with the opportunity for a good deal. It’s easier for dealers, you won’t get tied into expensive loan repayments, and you can expect a hefty discount, too.
There are a lot of benefits to saving up for something you love, too. It gives you a sense of purpose, and when you finally make your purchase, it will be well worth the wait. That’s your blood, sweat and tears on your drive, and you deserve every euphoric feeling you get! Although saving can seem like a long and drawn out process, once you get started, you will find you can build up a large chunk of money quickly. And, who knows; perhaps a bargain will come your way earlier than you think.
As you can see, there are plenty of different ways of getting your hands on your dream car. And, of course, if all else fails, get in touch with your local driving track. You might not get to own the wheels of your dreams, but if you strike up a good relationship with them, you might get to drive it!