Tuesday, April 29, 2014

How To Afford Your Dream Car

Do you have a dream car in mind?
When I was a teen my parents were looking for a new car. I remember one day pulling over on the side of the road to look at a car. It was a beautiful, older model Jaguar.

Jaguar cars are quality, luxury cars and my dad was in love with it. He talked about how great they are, how he’s always wanted one, it was in our price range. Only one problem, we didn’t all fit. It was a 5 seater, but I come from a big family and 3 back seats did not meet our needs.

I still think about that car. I remember offering all sorts of things to dad to get him to buy the car, but it wasn’t practical at the time. However, never let go of your dream!

If you open my parents garage now, you’ll see their dream cars and dad’s is not a modern model, it’s a classic and so much fun to drive.

Currently, I’m a single mum and while my dream car is not in my budget, I know I will get it one day.  9 years ago we (ex and I) picked our dream car and managed to get it 3 years ago.  It’s a good, reliable car, but no longer my dream car.

So how do you get your dream car?

Image courtesy of Jaguar

1.) Picture it 

I always have a picture of my dream car around. I know what it looks like, the paint colour, the leather interior etc. I know it, I can visualize it at any time and I can pretty smell it.
2.) Save and budget for it  
Once you know what your dream car is and how much it will cost you can plan for it. Since you have to replace your car at some point, it’s a good idea to start saving as soon as possible so you never need a car loan.
3.) Work out your priorities
Is a dream car really what you want? Work out what is important to you. For some people, their car is really important and that is ok. Reliability, resale value and overall expenses, not just upfront cost all play a factor in my ‘dream’ car. I am not into very expensive cars celebrities drive. I appreciate a good car and definitely have my favourites, which I know come from my dads influence on me as a kid.
4.) Make it work for you
How can you make your car work for you? Have it as a business car if you are self employed and it is practical to do so. Use it to motivate you and have it as a reward for when you achieve certain goals such as a set level of net worth.


To me, your finances are your business. We save in some areas to spend in others and it is your choice how you spend your money. While a car is expensive and you can get by on a basic one, if you truly love quality, luxury cars, as long as you budget for it and can afford it, there’s no reason you can’t have one. The big thing is if you can afford it, do not go into debt for your dream car, wait until you can afford it.

What is your dream car? How do you plan on getting it?

1 comment :

  1. I've never been a huge lover of cars. To me, they are efficient for getting you from point A to point B. However, my husband is a huge car fanatic! He loves cars. His dream car is always evolving (and we obviously don't own one of his "dream cars"!), but I suppose the someday he'll splurge on a luxury vehicle. We've also discussed buying a classic car (1960's or earlier) that fits the bill and is more affordable (yet maybe a little less reliable.)

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