Getting behind the wheel of your dream car is a surefire way to put a smile on your face. Unfortunately for many would-be owners, a dream car can also feel like a financial investment which will never get beyond the dreaming the stage. The good news is that does not have to be the case for you. If you plan carefully and make the right decisions you can make your dream car a very real part of your life.
Dream Your Dream
A dream car is only living up to your name if it really is a vehicle you dream about owning and driving. If you intend to start saving up and planning for your dream car you need to do so with a concrete plan of which vehicle that is and what it will entail. Consider all your options and choose the car which you want to focus on. Having a real target, as opposed to simply trying to save a set amount of money then deciding, can make it easier to stay disciplined.
Plan Your Finances
Once you know what you want it’s time to assess your financial situation and start making plans on how to get to the point you can make your purchase. Make honest assessments of what you spend money on to see what are your needs and what are your wants. You may have to make some hard cuts to get on track for your dream car.
Although you should rarely limit your dreams, when it comes to large purchases there is the need to be realistic, as well. After you’ve chosen your target and looked at your finances you should make a realistic assessment of the feasibility of your plan.
Prepare for the Unexpected
The act of earning your dream car doesn’t stop when you get approved for financing to purchase it. If you get a loan to make the purchase you have to keep up your payments or risk your dream becoming a nightmare. When planning your purchase, factor in the need to keep cash on hand in your savings for several months of payments if times get tough.
Use What You’ve Got
If you’ve paid off your current car it can be tempting to jump into making a new purchase right away as you no longer have that bill and can afford a new loan without altering your budget significantly. Don’t fall into this trap. Try to last at least six months with your paid off vehicle, and put the money you would have spent on your old car payment each month directly into your dream car savings.
Think Long Term
Buying a dream car is likely not going to be a short process if you don’t already have a great deal of savings to spend. It’s important to be patient going into the process, setting aside enough money every month to steadily grow your account until you have enough for your down payment.
Find the Right Financing
Once you are on the verge of finally getting your dream car it can be tempting to jump at the first offer you get for financing, but this is a big mistake. Make sure to shop around and look at multiple different options, including online lenders, for your financing in order to make sure that you get the best possible deal. A small change in your rate can make a big difference long term.
Just because a car is your dream doesn’t mean it has to remain a fantasy. By setting a budget, making a plan and sticking to it you can set yourself on the road to owning your dream car