As per our previous guide to choosing the best family car, often worthwhile automotive features are worth paying well for. This is especially true if driving your children or extended family members, as more than anything you hope to keep them safe and comfortable on your journey.
But of course, family cars aren’t always so cheap. They can offer more seats, wider room in the trunk (or boot), larger engines, bigger wheels, and comforting features such as heated seats and more. If you hope to stretch for a hybrid or even full electric vehicle to be less impactful against the environment, well, you’ll have to pay for that too.
As such, all of these options, while desirable, will require a significant investment. Opting for a brand you can rely on is also important for many individuals, and non-negotiable for others. When searching for households, it’s not uncommon to look at options a little more expensive than your current budget. Perhaps you don’t mind stretching your finances a little to make sure your dream car sits proudly on your drive.
But how should you stretch your budget for the car you desire, without being financially irresponsible? In this longer guide, we hope to offer a few worthwhile steps:
Sell Other Cars To Combine Their Value
Many families find themselves with multiple cars that aren’t being used as much as expected. Perhaps you mostly just use the family car and leave your little hatchback in the garage, or only use that now and again. Perhaps now that your partner works from home and you live in a place with pretty well-designed transport links, having three cars isn’t as necessary as before.
Even that second car sitting in your driveway might be worth more than you think. Some families trade in both their current vehicles when upgrading to a single, more capable family car. This not only provides a substantial down payment but also reduces your ongoing insurance and maintenance costs, and can pay for itself over time.
Sell Private Number Plates
A personalized number plate might have seemed like a great purchase years ago, but it could now serve a better purpose. These plates often hold their value well, and some even appreciate over time. The DVLA makes the transfer process fairly straightforward, and you might be surprised by how much collectors are willing to pay for certain combinations.
You can use value my number plate services to get an idea of how much yours is worth, and then connect you to possible buyers for a small fee. You can always buy a new one later if you hope for it, and as this is mostly cosmetic, you’re not really losing anything during the interim.
Consider Part-Financing Options
Most dealerships now offer flexible financing packages that let you spread the cost of your new car, and that in itself could help you get over the finish line regarding your budget. Personal contract purchase plans often work well for families because they offer lower monthly payments than traditional car loans, and will require less negotiation with your partner to agree on.
Just make sure to read the mileage limits and end-of-contract terms carefully, as if these don’t suit you, the plan could bite. Some deals even include maintenance packages that help you budget for routine servicing, and that can be worthwhile for a vehicle you rely on so much from day to day, constantly being used for school runs and grocery trips, or even family holidays.
Consider Any Government EV Schemes
Electric vehicles typically cost more upfront for obvious reasons, but government incentives can help offset this depending on what the current environmental strategy of yours is. For example, many countries offer tax credits or direct rebates for buying electric cars to some degree, and may even offer trade-in deals for certain vehicles.
If you live near a major city that has introduced toll roads for cars that don’t meet certain emission standards, you may also be saving money there depending on what routes you take on a weekly basis. Some local authorities also provide perks like free parking or reduced toll charges for electric vehicles. These savings add up quickly over the years of ownership. You might not be able to calculate it all right now to the perfect final figure, but it’s good knowing such options do exist, and may inspire you step over that finish line.
Look for End-of-Season Deals
New car models most often arrive at their dealerships around autumn, making late summer an excellent time to negotiate on current-year vehicles and to really stretch your budget. Dealers often offer good-enough discounts to clear their lots for new inventory. This timing strategy could save you thousands on a nearly new car with all the features you need. But of course, if you’re opting to purchase second-hand, third-hand or even fourth-hand, you may need to negotiate with a buyer directly.
In some cases a seller might be happier to sell to more cheaply you if doing so in cash and right now. Just make sure you give the vehicle a thorough inspection, a test drive, and even see it twice if you wish to. Don’t feel rushed into a purchase no matter what the seasonal deal is, because nothing is more expensive than a bad car purchase you didn’t think through.
Calculate Total Ownership Costs
While it’s impossible to figure out exactly how much you’ll spend over the next few years (no one buyers a home knowing exactly what the full maintenance cost of upholding the property over the next ten years will be), but there are certain measurements you can use for cars.
For example, a slightly more expensive car might actually cost less to own if it has better fuel economy and lower maintenance needs – the same can go for EV vehicles. However, EV vehicles might also require more specialist parts which could imply maintenance is more expensive, balancing the two costs out. You can factor in insurance rates, expected repair costs, and fuel consumption to generate something of a standard figure, and even ask current owners online to see how much they spend. Also keep value in mind, as some luxury brands actually hold their value more capably, which helps when you eventually sell. When you do all this, you may be happier dipping into savings to buy a car because you know it’s worth doing.
Join Owner Forums
As we alluded to above, car enthusiast communities often know about upcoming deals and model changes before they’re widely known about, or will be able to offer you some tips for finding the best deal..
They can also advise you on which features are worth the extra money based on real-world experience – maybe those carbon fiber trimmings are actually much less quality than you’d expect, and can be safely skipped over. Many members have already gone through the same purchasing decisions you’re facing now so it can’t hurt to ask. Just be sure to avoid those brand diehards who can’t think critically about a vehicle model just because they like it. Thankfully, these people are pretty easy to identify ahead of time.
Check Dealer Networks
Sometimes the exact car you want sits unsold at a dealership hundreds of miles away. Many dealers will arrange transfers between locations, and some offer delivery services which can be convenient too. This wider search often reveals better prices than you’ll find locally, especially for specific trim levels or color combinations, so don’t be afraid to ask. And of course, don’t just go with the model you’re pointed to, look at the entire inventory if you can. You may find a good deal.
With this advice, we hope you can more easily find a family car for your needs, and when you do, stretch your budget to meet it with confidence, raising a little extra cash in the process.
