HOW TO BUDGET FOR A USED CAR

Here are some handy tips to keep an eye on your finances and help you find the best car for your needs:

Determine how much you can afford



First things first, you need to figure out how much you're able to spend. Sometimes, people skip this step and go to the dealership without having a clear idea of what they can afford.



In the spur of the moment, you may end up picking an attractive car that really tickles your fancy, regardless of whether your pockets agree or not. Over-stretching your budget can have a pricey effect in the long run, especially if you have limited savings or are faced with unexpected costs.



Lease vs Buy

PCP or PCH? The decision to lease or buy a car through hire purchase is something you need to consider fully. Leasing will bring your monthly payments down but may require a larger deposit, and you won't own the car at the end of the term.



Hire purchase may cost a little more on a monthly basis but you will own the car at the end of the term. So, make sure to do your sums and subtractions and consider things such as your income, expenses, and financial goals. ...