By: Gov Auctions | 7 November 2012

How to Afford Your Next Car Sooner

Whether you are looking to buy your first car or upgrade your family vehicle, the speed at which you can get your money together will make a huge difference, and the following is a brief look at some of the ways to speed up the process.

Watch for deals

Buying a vehicle is almost never cheap, but if you know where to look and are vigilant in keeping an eye out for deals, you may be able to afford that car far sooner than you expected. Vehicle auctions and online classifieds are two extremely popular ways to find some great deals, and even just putting word out through your various networks can end up saving you a small fortune if you get lucky. Regardless of where you look for those cheap cars for sale, the more effort you put in, the more likely you are of finding a good deal and saving some money.

Sell other assets

For most people, their car is one of their most significant assets, so if you need to sell off an asset or two in order to upgrade your car, it is well worth doing so, as you will essentially just be transferring money from one asset into another.

Borrow money

If you need to get your next vehicle sooner rather than later, whether for work, to help a friend move house or to do an epic end-of-year road trip, borrowing money can be a smart way to go, especially if you know that you will be able to pay off any money you borrow quickly and easily. Borrowing from family or friends is often the best scenario if you are fortunate enough to have people who can help you out; otherwise, consider asking your place of employment for an advance on your wages. As a last resort, get a payday loan or even put the cost of the car onto a credit card. Even though these options will cost you money in interest, they may prevent you from paying far more through hire car expenses.

Prioritise it

To be in that car you are dreaming about sooner you are going to quite simply have to prioritise it, so start by cutting back on unnecessary expenses and putting this extra money towards the fund for your car. Whether you have to stop eating out or drinking beer, thanks to your simple sacrifices you’ll be enjoying the benefits of your new ride before you know it.