Financial

4 Ways to Make Upgrading Your Car Much More Affordable

Few drivers are content with driving a shabby vehicle. There are many car enthusiasts out there today, and the majority of them likely dream of upgrading their cars to the next best thing. 

Unfortunately, these higher aspirations are often soured by limited funds. It’s unreasonable to assume that most people can secure a nicer vehicle for themselves on a whim, especially during times of economic turbulence and especially with the cost of living continuing to rise. 

Still, there are some reasons to be hopeful. Many strategies can help you afford a better car than you might expect. We’ve listed what some of them are for you down below.   

View the Bigger Picture 

When you want a better car, it’s tempting to start researching makes and models right away. However, it’s important to proceed with a degree of caution, prioritising other matters that require your attention first. 

Obviously, the first one to address is your level of financial stability. While it’s possible to afford a better car than you’d likely expect, it is a process that demands your commitment as well as some measured and critical thinking. Resist the urge to get carried away or commit to a contract you might not be able to honour. 

Keep your goals broad to begin with and revisit your finances. Pay off debts. Make compromises in your expenditure where possible. You could even consider selling non-essential assets or temporarily running a side-hustle. Every penny will help your efforts, so explore every possibility and be patient. 

Negotiate with anyone you share responsibilities with to ensure they also practice tight control over their spending. The more committed you both are, the more opportunities you’ll have in this sphere. 

Research Car Leasing Sales

Everybody knows that leasing a car can be more cost-effective than buying. Still, you can take things one step further by scouring the market for special deals that take cost-effectiveness even further. 

The car leasing deals from Hippo Leasing can show you what’s possible here. They have listed all top offerings on quality cars for leading lease specialists in March, with affordable monthly prices that you can comfortably budget for. Should you wish to narrow down your search further, you can find your perfect vehicle by make, model, bodytype, and budget, or use their advanced search features for more options. 

You are in control of the leasing process, and can choose the length of contract, mileage limit and whether you want to make an initial payment on a deal. There are even options for those with bad credit, and you can potentially pay nothing for up to 30 days as well as no deposit required choices

Look into Electric Cars

Electric cars are growing more and more popular on the roads as mileage range and recharging infrastructure grows. While costs can be prohibitive to buy outright currently, leasing allows access and usership at a lower monthly cost. 

There are savings to be made in regard to running costs too. This is important to note as fuel costs reach record new heights and will likely continue to do so for the foreseeable future. 

Of course, drivers have different definitions of what constitutes a ‘better’ vehicle too. It’s not a term exclusively reserved for sports and supercars. The future is electric, with the sale of new petrol and diesel vehicles due to banned in the UK from 2030. 

Bring Car Insurance Costs Down

Car insurance is a necessity for every road user. However, each driver will have a different deal in place, the price of which is partly influenced by their behaviours. If you can bring your premiums down, it may free up some extra money for the car-loving portion of your lifestyle.  

There are many ways to bring costs down here, such as paying upfront at the start of the year or choosing a more ‘sensible’ engine size or make or model of car. It is worth researching each one of them to see which strategies you can utilise best, if not all of them, to some degree. 

Still, the best thing you can do is be a responsible road user. Premiums are predominantly calculated on risk factors. The better you drive, the less of a liability you are, so do everything you can to mitigate accidents and avoid convictions. Remember, complacency can be costly for drivers, both financially and personally. 

If you share your car with another person, or you’re partly financially responsible for them (i.e. any teenage kids you might have), then try to offer reminders if you suspect they might need them. Otherwise, you may be roped into messy financial situations because of their irresponsible driving. 

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