Lifestyle : 3 Ways To Afford Your New Family Car


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Maybe you’ve recently had your first child - or perhaps a new one is on the way. Either way, you’re probably looking at your family car and thinking that it needs an upgrade. You need some extra space for the new little ones, but how will you afford this purchase? Cars can be expensive, particularly if you want to buy one that lasts for a long time and has all the features a family needs. 

Don’t worry, there are ways to help you pay for a new family car - and I’ve listed three of the most popular below:

Get a loan

You can take out a small loan to help cover the cost of your car - or to cover a percentage of the costs. Many short term loans will be perfect for this, giving you some extra cash that you pay back over time. Loans let you afford the car outright, so you’re no longer dealing with the car dealership and any interest rates they might slap onto their finance packages. Getting a loan can also be useful if you’re dealing with independent sellers instead of dealerships. They can’t offer finance packages, so a small loan helps you give them the cash they’re asking for.

Part exchange deals

Most dealerships will offer part exchange deals when you’re buying a new family car. Effectively, this means that you exchange your car for part of the price of the new one. As an example, imagine you’re looking to buy a new family car that’s worth £6,000. You trade in your old car and get £3,000 for it, meaning the cost of your new car is just £3,000. A lot of people choose to do this because it makes cars more affordable to buy in one go without needing to borrow money. So, you can bypass the need for loans and interest payments, making it more affordable in the long run. There’s also the benefit of getting rid of your old car very easily, preventing the stress of trying to sell a car all by yourself. 


Alternatively, you can opt to lease your new family car. This will mean you make fixed monthly payments to drive the car - almost like how you make monthly payments for a mobile phone. At the end of the lease, you can either keep the car or take out a new contract to drive a different one. Leasing is a very cost-effective way to own a car because you don’t have to pay a lot of money all in one go. Plus, take into account that cars reduce in value the moment you drive them, meaning you lose money whenever you sell or exchange them. If you want a hassle-free approach to driving a family car, leasing could be perfect for you. 

Ultimately, it comes down to which option is the best for your family. A lot of people like leasing, but if you do a lot of miles each month, this might not be a good idea for you. Think things over and choose whichever idea you believe will help you save the most money while getting a good family car upgrade.

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