As someone who works from home, I don’t rely on my car all that much. However, I do love having it, as without it getting about is just downright difficult. So if I love my car this much and only use it for getting to social activities and events, I can’t imagine how much people who rely on their cars to get to work must feel.
A couple of months ago, my old car (a lovely little four by four) finally gave up the ghost. It was all very undramatic: it went in for a MOT, failed on various things, and would have cost more than double what it was worth to fix it. So, I had to make the decision to say goodbye to it. Although I knew straight away that I would need another car, I didn’t have the money to purchase one right away.
I honestly didn’t think that I would miss my car as much as I did. We don’t realise it until we’re in a position where we don’t have our cars, but we rely on them a lot. When my car broke down, I spent three weeks trapped in the little town where I live. Sure, I could have got the bus to the local city, but compared to the 20-minute drive it would have taken me, a bus ride would last over an hour.
So, how did I get around the fact that I needed a new car but couldn’t afford to buy one at the time (and what should you do if you’re in the same position)?
Research different vehicles
Although I didn’t have the funds to purchase a new car right away, I started researching different vehicles. I found that sites like Autotrader were useful as they showed me what cars were available in my area. As well as what I could get for different amounts of money.
I wanted to get an idea of how much it would cost me to get a good car that would last and that hopefully, would have very few problems. It can be tempting to buy an old car that’s cheap. However, as the chances are it will be more prone to problems, it’s best to wait and invest in a more expensive vehicle. As that way, the chances are that it will run better and be less prone to problems.
Work out how you will get the funds
Once you’ve got an idea of the type of car that you want, the next step is to work out how you will get the funds. For example, I knew that I wanted a car that was no older than nine years old, had done no more than 40,000 miles, and was cheap to tax and insure. I also knew that this would cost me between £1500 and £2500.
Once you know how much you need for your dream car, the next step is to work out how to get it. This was something that took me a while to get sorted, I must admit.
Do you have savings? If you’ve got savings in the bank, then now could be the perfect time to dip into them. After all, that’s what savings are for – helping you out when you’re a little stuck. If however, you don’t have savings or don’t have enough savings to cover the cost of your new car, don’t panic. There are plenty of other options to consider.
How long would it take you to save up the amount that you need for your new car? If you’ve got a good job and are able to save a high percentage of your monthly income then saving up for a car may take no time at all. However, if you’ve got other things that need paying, it could take you months to save up.
If this is the case, consider taking out a loan. Because I didn’t have the funds in my savings account to buy a car or wouldn’t be able to save up quickly enough, I decided to take out a loan. Admittedly, I was a little apprehensive about the ins and outs of the process, but as it turned out, it couldn’t have been easier. I looked at the different options and read up on them using resources like the Cash Float short term loans web page, to learn about the process. Then, when I was happy with how it worked, I applied for a loan, and when my application was approved, used it to buy a new car.
Choose a car that’s going to be reliable
When it comes to picking a car, make sure to select a vehicle that’s going to be reliable. If you don’t know much about cars and how to check them over for signs of any problems, take someone along with you who does. If you don’t have a friend or family member who you can ask to come along, contact the RAC or AA and use their vehicle check services.
When your car breaks down and can’t be fixed, it can be incredibly stressful, especially when you don’t have the funds to buy a new car. However, what it’s important to remember is that there’s always an answer, so there’s no need to panic.