Have you ever been driving past your local dealership, or browsing a car group on Facebook, and then you see it: The high-tech car of your dreams. That one ride that makes everything else look like chopped liver?
For most of us, buying that fancy high-tech car seems like an impossibility, but what if we told you that a bit of critical thinking, planning, and commitment could get you behind the wheel of your dream ride faster than you think?
If you’re tired of driving a half-busted junker, and you eventually want to own the car of your dreams, try these seven tips.
Research and Commit
Don’t commit to saving tons of money for a car based on how it looks. You may spend the next decade or two trying to sort your life out in a way that makes purchasing that car a possibility. Wouldn’t it suck if you found out the average monthly upkeep costs were so expensive you’d just have to leave it sitting in your garage?
Take the time to research the car you want. Learn about the monthly and annual upkeep costs, any issues the vehicle is known for, and how much those issues cost to repair. Sometimes, even the finest cars on the market have tremendous hidden costs beyond the initial investment, and those might make you change your mind.
Plan
Just like any major financial move, you need to plan out how you’re going to buy your dream car. Everyone’s financial situation is different, but the key is to realize what resources you have, how you can optimize them, and what milestones you need to reach in the short, mid, and long term.
Optimize Your Credit
Your credit is a huge factor in the types of loans you can receive and how high your payments will be. We recommend getting your credit score as high as you can to make low-cost financing a possibility. You can do this by paying bills on time, hiring someone to correct credit mistakes, and taking the advice of a financial adviser.
Finance
You don’t have to save up every last dollar to pay the dealership price in cash. That’s probably the least preferable way to buy a car. Instead, finance it.
Financing a car means coming to an agreement where you pay a down payment, and then you pay monthly installment fees until the vehicle is paid off. This lets you pay a little at a time, and you can get your dream car faster. Just make sure you get a finance deal that isn’t extremely high in interest.
Save
The vast majority of people won’t be able to go out and finance their dream hi-tech car right away; even if they have a great job and reasonable income.
No, you’ll still need to save to cover your down payment, have some in reserve to handle initial fees and registration, and some set aside for upkeep costs.
Go through your monthly budget and see where you can cut your expenses. Then, toss your savings into a savings account.
Invest
Investing is a bit of a gamble, but it can be done intelligently, and it can have massive payoffs. If you have a decent surplus of income each month, use it to invest in the stock market, gold investment funds, and other low-risk opportunities. By the time you’ve saved a lot of money, your investment accounts may have increased their value, too.
Buy Used
Finally, the best way to get your dream hi-tech car is to buy it used. Considering it’s your dream car, it’s probably fairly valuable. So, you’ll likely have to follow several of these tips even if you go the pre-owned route. However, it will be far easier to save up or finance a $40,000 used luxury hi-tech car, than it will be to save up, let’s say $80,000, for the same car brand new.
If you follow all of these tips, your dream car isn’t as out of reach as you may think it is.