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Tips for Getting a Car on a Tight Budget

ByDave Stopher

Jul 6, 2021

It isn’t always easy trying to stick to a budget, particularly if money is a bit tight. What’s worse is that these are often the times when you suffer a major issue such as your car breaking down, meaning you need to get a new one. If this has happened to you while you’re trying to balance your finances, here are a few tips that might help you get a new car while you’re on a tight budget.

Buy Used

Never turn your nose up at getting a used car. It might not seem as glamorous as buying one brand new, but most second-hand vehicles are in great condition and a lot are models that are quite recent, too. You can even purchase more luxurious motors for a discounted price in this way if you have a bit of extra cash to splash. You can find these at dealerships like this one that sells used Mercedes Liverpool. Whatever type of car you want to get, buying used could save you a lot of money.

Pay in Instalments

You can also pay for your new motor in manageable monthly instalments if this is an easier way to keep it within your budget. Most dealerships offer this these days, but just make sure that you’re double-checking any interest rates that they are adding to your repayments. If they are too high, you’ll end up paying out more than you can afford, and although it might not seem so bad paying small instalments one at a time, you don’t want to end up paying more than you need to in the long run.

Shop Around

You might find yourself in a tight spot and need a new car as soon as possible, but don’t let this rush your decision. You don’t have to spend forever searching for the ideal car, but it is always smart to look around a few different dealerships or private sellers to find not only the best price, but the best quality of car you can. When you’re on a tight budget, you want to avoid spending money on a car that is going to break down two months later, or has simply been priced higher than it should have been.

Remember to Account for Additional Costs

Another consideration you must be mindful of when buying a car on a budget is all the additional running costs that come with it. Necessities such as your MOT, taxes, insurance and general maintenance work will all need to be covered when you own a vehicle, but certain cars might incur higher expenses than others, so carry out some research before you buy.

Open a Savings Account

If you don’t need a new car immediately, but know that within the next year you’ll need to replace your current one, you can always open a new savings account to put money into for it. This might make it easier to keep track of your finances and see how soon you can get a new car.

If you’re working with a tight budget but can see that your motor is on the way out, consider the tips above so you can get your replacement without breaking the bank.