Get A Second Family Car Without Sinking Your Finances

standard May 18, 2017 Leave a response

It’s likely that your family has already got one car. They’re becoming a necessity in this day and age, where the commute is a very real struggle and trying to lug more than one child onto public transport is almost impossible. You might use it as a family at weekends to go out and about, see your family and do the school runs (and fight for a legal parking space).

But there might come to a time where you need to consider getting a second car… just like we did. We work at two very different places and now we have a toddler to get to and from nursery every day. With just the one car, that simply wasn’t possible. However, a second family car is an expense that lots of families might struggle to afford. I know that we had to do a lot of digging down the back of sofas when we got ours last year and that’s what this post is about.

If you’re thinking of a second car, here are a couple of ways that might become a reality sooner than you think.

Budget how much you can afford

Before you go to the showroom, you need to work out a realistic amount of how much you can afford to spend on the new vehicle. After all, you don’t want to end up going and looking at cars which are way out of your price range. Therefore, having a budget in mind before you go can ensure you rule out vehicles above this figure. The internet is a wonderful tool – use it to get a good idea of the kind of car you can afford. Make a list of all the must-haves and see if you can stretch to it. Remember that when you are figuring out your budget, you need to include petrol and insurance in this cost too. After all, it’s not just the price of the vehicle which can sink your finances. It can be the running costs which don’t ever stop…

Get a car loan

It might be the case you already own the current family vehicle. But it might not be as easy to splash out on another. However, you might want to look at getting a car loan this time. That way, you can just pay off the car over a number of years rather than having to pay it outright. And it can save you a lot of hassle of trying to find extra cash for a new vehicle. There are lots of different car loans around. In fact, you can look on sites like http://auto.loan if you’re in the US to find one which ticks all the right boxes. Just make sure it’s a monthly cost you can add to the rest of your bills. After all, you don’t want something which you are going to struggle to pay after a year!

Look at a long-term rental instead

You might find that you don’t have the funds to buy a second car outright. However, if you do need another car, all is not lost. You might want to consider a long-term rental instead of buying a second vehicle. It can ensure you have another set of wheels without having to pay out a load of money. Of course, you need to make sure the monthly rental cost doesn’t stretch you too far. After all, it might be more than a loan costs, but renting can give you a good idea if a second car is something your family really requires. Remember with most long term rental deals, there’s a mileage limit, so make sure your lease car is the one you don’t use as often!

And remember that if you make cuts in other parts of your life, you could soon have the funds for the additional car. For example, as it says on http://www.thesimpledollar.com  cutting back on holiday costs can save you a few thousand which can go towards the vehicle. It’s just a thought if you don’t mind a Staycation (and hey, the weather’s not bad for it!) in order to fund your new little runaround.

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