Dream Cars: Is Owning or Leasing Best?
It’s fair to say that no luxury lifestyle is complete without the right car. Cars are more than just modes of transport; they’re a lifestyle, a status symbol, a sign that you’re moving in the right circles and have the right wheels to support you.
The downside is that luxury cars tend to require luxury budgets, and if you don’t have a budget to fund your dream car, then your options can seem limited. If you can’t afford a luxury car, then that seems to be that– doesn’t it?
Perhaps not. There are other routes that can allow you to finance your ideal car even on a meager budget; you just have to be savvy about it. So if you’re determined to live the driving dream without a financial nightmare as a result, peruse this list and see which solution is going to be best for you…
Option One: Use Existing Collateral
Buying a luxury car tends to require an upfront deposit. While you might just about be able to squeeze the monthly payments for a high-end car into your finances, the deposit is off-putting to a huge number of people. Few of us have a chunk of cash sitting around waiting for a purpose, so you have to start thinking creatively about how you can put together the requisite deposit.
If you’re already a car owner, then the answer could quite literally be sitting right in front of you on your drive: your existing car. It’s not the luxury car you dream of, but that doesn’t mean it’s not useful to the luxury car cause; car title loans can take your existing car as collateral, so you can use the money raised as a deposit for the car you really want.
If you don’t already own a vehicle, there’s still plenty of options for existing collateral to help fund the deposit. Pawn shops are a good option for items you own that are in good quality; you’ll be able to buy the items back in future too, which is far preferable to just outright selling them.
Option Two: Leasing
Leasing is becoming more and more popular in the modern world, so why not join the bandwagon? There are a huge number of benefits to leasing a car over buying one. You’ll be guaranteed the car is well-serviced and maintained, and you won’t have to worry about finding the money for a huge purchase deposit.
On the downside, you won’t ever own the car. Some argue that leasing is throwing money away, as you have no capital to show for your financial investment. However, leasing is one of the most accessible routes if you’re looking for a champagne car on a beer budget, so it’s worth considering it as an option.
Option Three: Buy and Repair
Luxury cars should be treated well, but let’s be honest: some just aren’t. They’re poorly maintained, get into accidents that the owner can’t be fussed with repairing, and generally aren’t always afforded the care they deserve.
If you can buy a luxury car that’s in need of some work to the mechanics or bodywork, then you could save a fortune on the upfront cost. You can then upgrade and improve it as your finances allow, taking your time to bring it back to its motoring best.
Where there’s a will in life there’s a way; so if you just have to have a luxury car, one of the options above might be just what you’ve been in need of!