The life of a driver is quite expensive. In addition to the high purchase price, the cost of gasoline, visits to the repair shop or the purchase of spare parts has become noticeably more expensive over the years. Still being able to afford a car requires good planning and sometimes a little luck. Our article shows ways to make buying a car possible, even on a budget.
Analyze opportunities and costs correctly
The first step to a successful car purchase is to consider whether a new car is absolutely necessary or whether a used car will suffice. It is important to be honest with oneself and realize that the available balance in the account may not be enough for the luxury vehicle of one's dreams.
Even the market for used cars in Germany has become more expensive in recent years. In addition to the general price increase, more and more households are thinking about investing in an inexpensive, used alternative instead of a new car. Here it helps to be aware of the actual needs in everyday driving and not to emulate a certain brand model out of principle.
Leasing of new vehicles is possible. With this, no one has to pay thousands of euros at once. Instead, payment of a monthly lease installment takes place, which may better suit the bank balance. The same applies to credit financing, where a monthly installment must be paid back to the credit institution.
Compromise on manufacturer and age
Whether it is a new or used car, taking out a loan to buy a car is not uncommon. Every major car dealer works with a finance partner and can offer financing directly to their customers. This makes buying a car very easy at first glance, but the credit conditions are rarely the best and the buyer pays unnecessarily expensive money every month. It is better to get a comprehensive overview of the credit market, which can be done effortlessly online.
Not only when using online calculators, it is easy to misjudge how much money is available each month for the repayment of a leasing or loan installment. This financial freedom should determine which car brand it should be and whether the money is more likely to be enough for a used car. Issues such as climate protection when driving or the possibility of charging an e-vehicle via the domestic socket should also be considered before the purchase.
With a regular income it is possible for almost anyone to get a loan. The question is: How creditworthy does the bank consider the applicant who wants a car loan to be?. It may be that a loan amount of 20.000 euros rejected, a loan over 10.000 euros, however, is granted without any problems. This alone gives the framework in which the car purchase should move.
Make expenses dependent on additional income
Depending on your profession and lifestyle, there is the possibility of receiving unexpected additional income. This can be a bonus payment or a commission by the employer, as it is paid in various service industries. This money is rarely planned as a fixed income and can be seen as additional leeway for the car purchase.
You can also hope for luck to make car dreams come true with a handsome winning amount. If you look at the current lottery numbers twice a week, you have ideally handed in your lottery ticket and can be excited about every draw. Filling in and handing in the tickets can nowadays be done easily online, so motorized participants can save themselves the trip or the drive to the local acceptance office. And also the overview of current profit rates is easily done online with just a few clicks.
Guarantee or private loans as options
Of course, your own collateral may not be sufficient for a bank to grant a loan for the purchase of a car. Two alternatives are conceivable here, even if they are used less frequently in practice. On the one hand, a guarantee is established in many areas of life. With this, another person steps in as a guarantor if there are difficulties in fulfilling a loan or lease agreement.
The guarantee is a conceivable option especially within a family. For example, if the parents have some assets and the son or daughter wants to buy a car, the parents can guarantee the loan. Many lenders pay close attention to the relationship between applicant and guarantor. A family has better prospects here than a simple guarantor from the circle of friends.
Without guarantee and own fortune it is conceivable to get with a swarm financing to the money for the car purchase. Here the car purchase is integrated as a project on an appropriate online platform to attract financiers for the project.
Experience shows: Funders don't invest in just any project. The willingness to invest is greater with a business idea or a special life situation. Here it depends on the correct presentation of the own financing desire. It would be ideal if the car is not only used purely privately, to increase the willingness of an investment.
Consider maintenance expenses
Whether on a regular salary or an attractive windfall, sometimes car-related expenses come completely unexpectedly. Especially in the case of an accident or damage that requires hundreds of euros for repairs, financing can become a problem. So it's no use putting all your assets into a car and the monthly loan payments, only to be in the red on the first car repair.
When replacing spare parts, it does not necessarily have to be the original quality of the manufacturer in order to continue to be safe and comfortable on the road. Specialized stores of the well-known brand manufacturers as well as suppliers of identical parts offer prospects to make the planned repair cheaper than expected.
Practical tips for reducing costs in everyday life
The purchase of a new vehicle or a damage situation with settlement through the insurance company can motivate to change the car insurance company. According to contract law, the damage that has occurred is usually considered an event that triggers a special right of termination for both parties. It is important to pay all outstanding premiums in order to be able to take the valid no-claims classes with you to the new insurer.
Even in everyday driving costs can be actively reduced. For fuel costs and wear and tear on the vehicle, it makes equal sense to optimally plan longer routes, minimizing route length and expenses. Maybe the vehicle can even stop for shorter distances. With this tactic, reserves are built up slowly but surely, so that the next lottery win does not have to decide on a car purchase.