For most people, investing in a car is the second biggest decision after their home, that’s why we supply used cars Belfast wide, cars that suit all budgets. Buying a car can have a big effect on your budget, especially if it is not done correctly. Spending time considering your budget and the type of used car that fits in with your spending will help to make your final decision stress-free.
At Carlover, we understand that each customer will have different requirements when it comes to their cars, from the number of miles they drive each week to their monthly budgets. Here is a handy guide on how to budget for a car that will make visiting your local used car dealership and your purchasing experience a lot easier!
What Running Costs Will I Need To Consider?
The running costs of a car can be costly, so it’s important to understand what you can afford. Setting a budget will ensure that you are purchasing a car that will meet the needs of you and your family, especially when it comes to calculating the running costs and insurance.
Although there is a range of great leasing deals available it can be easy to be tempted to lease a car based on the monthly payments, however, it’s also important to consider how much your new car will cost to run and maintain.
There is a range of different factors to consider when setting out your budget, including:
- Fuel
- Car insurance
- Road Tax
- Maintenance costs
- Vehicle repairs
You also will need to consider the amount that a car depreciates in value every year. Generally, a more expensive car will depreciate faster than a cheaper car. This will have an effect on the resale cost of your car and should be considered in your overall budget.
How To Budget For A Car
When you are setting out your budget, the first thing you need to think about is your monthly and annual outgoings. This will include housing costs, savings, subscriptions and money that will be spent on socialising or eating out. Once you have a better understanding of exactly where your money is allocated you can then start to factor in the different car costs.
When you have decided on the type of used car you would like to invest in, you can now think about the down payment. This is a larger sum of money that you pay upfront that is then followed by monthly payments. Although there is the option to pay for the car outright, most people don’t have the savings to opt for this and rely on financing to complete their payments. It is a good idea to think about saving for longer and paying a larger down payment. This will come in handy in the following months as the more you pay upfront, you will have a shorter repayment period and fewer interest charges.
When you put together the running costs of the car and the monthly repayments alongside your outgoings you will have a better overall understanding on what you can afford.
Purchasing a car can be a stressful experience, however at Carlover we have a range of dealerships across Northern Ireland who are dedicated to helping you find the perfect car. No matter your budget, or requirements, we have a car to suit everyone’s needs.
Used Cars Northern Ireland
If you are looking for used cars Northern Ireland wide, then Carlover are on hand to help you in making an informed decision that you will be happy with for years to come.
