Realising the fantasy of owning your dream car is an exciting venture that we all hope to take some day. Even if it can seem like a somewhat daunting task to embark on. In this guide, we'll outline the four main components of making your dream drive a reality. From finding your ideal car, to looking into suitable car loans, and all the way through to feeling that much-anticipated spark when you finally behind the wheel, this read will help you turn your automotive dreams into reality.
Now, let's rev up those engines and zoom through our steps to making your dream a reality!
What is your dream car?
First, you will naturally need to know just what your dream car is. Identifying your dream car means pinpointing two things:
1. What features you’re looking for, and
2. How you intend to use your dream car
Is your dream car one that you’ve selected for style or functionality? Or maybe it’s both. Maybe you already have your dream make and model memorised, or maybe you’re still on the fence between a few shortlisted ones. Granted, there are many different brands and manufacturers to consider, each with their own unique features and highlights. And whilst established and trusted manufactures are usually favoured, an investment in a newer company that makes electric cars (i.e. Tesla, Polestar, or even Nissan with their affordable Leaf series), could prove to be more financially sustainable in the long run.
Remember, if you’re looking into purchasing a luxury car, this can impact your regular car servicing. For instance, most mechanics will stock generic replacement parts for models and makes that are commonly sold in your area (i.e. consumer-friendly Toyota models, popular Nissan models, etc.), but seldom have the equipment to service a more high end brand of car (i.e. Rolls Royce, Porsche, Bentley, etc.). If availability (and cost) of parts is likely to be a deal-breaker for you, then you’ll want to know just what you can expect from sourcing spare parts well before you start scrolling through car listings.
And a car is more than just a one time purchase. Your car needs constant investment to ensure it stays functioning at its best. Before you make the decision to purchase a high end car, we strongly recommend that you locate your local luxury car mechanic and discuss the costs of ongoing maintenance with them. At the same time, consider the fuel efficiency and durability of the car. This preparation will mean less bumps down the road for you to navigate.
What are your financing options?
As we’ve mentioned, it’s integral to research alternative financing options in order to ease the strain on your own wallet. When it comes to buying a car, it is more than just the vehicle itself. You’re agreeing to pay for registration, insurance, maintenance, fuel, and any personal customisation options that you may want to make your car reflect your personality.
There are also a range of different car finance options for you to consider. For example, some dealerships offer tailored financing arrangements by partnering with a financial institution. If you are looking to buy your dream car by taking out a car loan, then you’ll want to ensure that you’re securing car loan rates that align with your lifestyle and current finances. And if you can’t find a car loan that’s suitable for you currently, then just be patient and keep on saving. A larger initial deposit may even help you take out a larger loan down the line, ensuring that you don’t have to settle for your second-favourite make or model and can put the funds you’ll need in place to go after your dream vehicle.
And what if you can’t wait? Then there are also lease options available, allowing you to rent a vehicle for a fixed period of time for lower monthly payments than a direct purchase or loan may require. This is also a good option for those who aren’t entirely ready to commit to owning their dream vehicle, or those who are looking to determine if it really is their dream car and not a vehicular nightmare.
How will you save for your dream car?
Strategising how you are going to save your money for your dream car is an integral to ensuring you can have the vehicle without causing yourself financial ruin. But don’t worry, there are plenty of ways to ensure you get the car of your dreams and stick to your budget. In preparation for owning your new dream car, there are small changes you can make in your everyday money management to ensure you are in the best possible financial position.
Consider setting aside a dedicated savings fund that acquires monthly interest. This way you can get paid just for saving your money. When examining your spending habits, look for any unnecessary purchases you regularly make such as food delivery or streaming service subscriptions. Using an online tool to ensure you are only spending money on what you actually use can help you towards saving for your dream car.
Consider also selling your current vehicle if you have one, or alternatively, renting it out on a car sharing app. That way, you can keep the asset and limit any risks of it infringing on your budget. Remember, every dollar counts.
And that’s a wrap
If you’ve answered these questions and solidified your plan, you should be well on your way to owning your dream drive. And if you’ve still got questions that you need answering, then keep on rolling forward with your research. You’d be surprised by just how much you can learn from reading through guides like these and perhaps even heading to your local dealerships to chat with the staff or perhaps even schedule a test drive.
No matter where you may be in your dream car buying journey, we hope that these tips have helped you towards realising all of your automotive aspirations. Happy driving!