People from all walks of life have a passion for exotic cars. Whether they are classic, vintage models or modern works of art, it’s safe to say that not everyone is able to own one. You should never miss out on your passion because you aren’t rich, and luckily, you don’t have to anymore. Here’s how you can save up for your own exotic car.
Work out how much you need
Before you get to work on saving, you need to figure out exactly how much money you need. The thing is that most people underestimate how much they should save, meaning they usually encounter unexpected costs along the way. These costs include long-term spendings like insurance and repairs. To avoid this problem, dedicate a few hours to calculating costs, and then compare it to your current financial situation. Note that if you go for a second-hand, exotic car, this will help cut your costs further. If you’re in it for the long haul, create a savings plan to stick to, which will keep you motivated to reach your goal.
People always think that an exotic car must be shiny and new. While there is nothing quite like that new-car smell, you can get similar makes and models for a fraction of the price when you go second-hand. It doesn’t matter if the car has been barely touched, once someone has owned it for a year, the car’s value depreciates by almost a third. This isn’t good news for the seller, but it is always for budget buyers. This sometimes means waiting until the car you want has been released for a while, but it is the best way of cutting your savings goal to something more manageable.
Open a savings account
Having a savings plan in mind is a great feeling, but you will need somewhere to put these savings, so you don’t dip into them. Take time to shop around at your local banks for a savings account, and see which one offers the best interest rates. If you pick one with a higher interest rate, this will go a small but crucial way to helping you reach your saving goal quicker. Once you commit to a monthly deposit, you’ll see the money stack up in no time. On the side, why not save any spare change you have. It’s true that this change won’t seem like much, but over time, it’s surprising how much it can add up to.
Start shopping differently
If you’re committed to having your own exotic car, you’ll have to assess your entire spending habits to save more money. One of the biggest expenses people incur in life is the weekly food shops. Coincidentally, this is also the area where spending is easiest to cut. The best thing is that you can do this in a multitude of ways, such as through couponing, buying local, and growing your own fruit and veg. This can take more time out of your day, but it is more than worth it if you want to own your dream car sooner rather than later.
Think outside the box
You might be used to hearing about all the usual hints and tips for making extra money, such as taking on extra work. Though these are sometimes, useful, there is no one size fits all policy when it comes to saving. In fact, it may take some time to figure out exactly what works for you, as you may not have time to commit to another job. Luckily, there are lots of creative ways to make money that people swear by. Getting paid to exercise, monetizing a blog, and taking online surveys will all help you hit small savings goals. You can even combine some of these methods with relative ease.
Take out a loan
Loans have always been used to help people afford big purchases, like homes and cars. There is nothing to say you shouldn’t take out a loan for your exotic car purchase, but you should only do this if you are sure you can commit to paying the loan provider back in monthly increments with interest added. One option is to take out only a small loan when you have nearly reached your savings target. This means you owe only a small amount, and you can be certain you’ll pay it back. You should also inquire at car dealerships to see which kind of financing options they have available to customers.
When you’re yearning for an exotic car model, it is tempting to do whatever it takes to reach it. This can sometimes mean cutting down on other important areas in your life, such as nutrition, family, and fitness. It can also mean that people sometimes end up with a lemon car, which will only satisfy your passion for cars in the very short term. Though you should take saving seriously, you should also remind yourself that you will get there eventually. Not only will this ensure you don’t make any compromises on the model you want, but that it will feel amazing when you finally own it.