Getting a new car is an exciting time: the new car smell, the extra grunt when you put the right foot down, the hidden storage compartment you find six months in…
One thing that you do need to plan ahead for, however, is how getting a new car will impact on your finances.
If you’re upgrading, you’ll have to reassess your budget and if you’re adding a new set of wheels to your driveway it comes with all sorts of additional costs to factor in such as fuel, insurance and maintenance.
So here are some ways in which you can still get your hands on a new motor while keeping an eye on your pocket at the same time.
Think: Do I really need a new car?
You no doubt have your reasons for wanting a new car, but does it have to be a brand-spanking-new one?
Even buying nearly-new versions from a used car dealer can offer you huge savings on ones that are fresh on the forecourt.
Leasing is another great way to get your hands on a newer vehicle without tying yourself into a long-term agreement.
Find a model that holds its value
One way to protect your investment is to purchase a car that you can make a decent return on further down the line.
Used car prices are at an all-time high at the moment, so this strategy could help you in the long run.
There are numerous studies into which models best hold their value – if one matches up with what you’re looking for in your new car it could present the perfect opportunity.
Pick the best time to buy a new car
There are certain times of year where dealerships will be keen to bump their sales numbers up and you might be able to haggle a better deal.
When new registrations are released in March and September each year, many brands want to have as many cars on the road sporting the latest number so as to boost their popularity.
This offers you the opportunity to chance your arm and try to knock a few quid off your payments – or get extras like service plans and metallic paint thrown in for cheap.
Get a car that’s cheap to run
You will no doubt have a rough figure in mind that you want to add to your monthly budget if you are financing your new car.
However, as we have all discovered in recent months, running costs can be a more fluid situation, with fuel costs being directly linked to global events.
To mitigate against this, find a model that is economical to run and you won’t find yourself heading back to the pumps quite as frequently.