If you’ve had one family car for quite some time and you’re starting to feel the drawbacks, it might be time to start looking for a second car. Otherwise, when your spouse or teenage kids need to take the car, you have to wait until they’re done, take a car share service, commute by bicycle, or wait for public transportation. What if two of you have to be in different places at the same time and the weather is inclement? The following tips will help you get a second family car on a budget.
Create a Budget
Like other big purchases, this one also requires some financial planning. Create a budget and see if there’s anything you can do to loosen up your cash. This part is not going to be easy, but you will likely find something you can sacrifice for a while so that you can start saving the money you need to buy a second family car. For example, you can eliminate things like streaming services or other expenses you know aren’t necessary. Ask yourself if this expense is necessary for your family. Talk about this with your partner because this isn’t something you want to do alone.
Downgrade Your Current Car
Okay, some people own their cars outright, and others don’t. This tip is for those who don’t own the first car. If, for some reason, you’re still paying a note on this car, consider trading it in and getting a car you can pay cash for. It can be hard to buy a second car when you’re still paying for the first one. You may love this car, but this is a compromise you may want to consider to stay within budget.
Deciding on the Type
Ideally, you want a second vehicle that will complement the whole family, not just one member’s tastes. You aren’t shopping just for pleasure but necessity, and your choice needs to reflect that. For example, you might want an SUV with room for kids, pets, and groceries while your husband is already shopping for Subaru WRX parts online. If your first car is already compact, the second car doesn’t have to be. You can focus on getting something with a little more room if you want, which is why an SUV or van would be a nice choice.
Look for the Deal
Young families are often on a budget, so you can’t just buy any vehicle. Every so often, there are good deals at dealerships for new cars, so see what you can find. Yes, shopping for a new car can be a little like shopping for a new outfit, even if the price tag is considerably higher. You can also look for a good used car. There are used car dealerships online, but that’s not the only place you’ll find potential deals. You should check out popular social media platforms to see if anyone’s selling a car. You should also look at popular auction sites to see if anyone has a deal for the vehicle you’re looking for. This part is going to take some time, but it’ll be worth it.
Factor in Additional Costs
You’ve found a potential car, so now is the time to factor in additional costs to make sure you can do this. Depending on the vehicle, insurance companies may be willing to insure it at a low price, while other times, they charge more. Get an estimate and make sure your family can still afford the additional cost. You should also factor in those initial expenses you have to deal with, like registration costs. You might even want to get a mechanic to check out the car you’re thinking of buying unless someone in your family has some mechanic skills.
Getting a Loan
No one wants to get a loan, but if you want this second family car and it’s taking too long to save money, then take a short cut and look for a loan option. Ideally, you could ask a family member or a friend. These are folks you can borrow from without fearing high-interest rates or abusive tactics to get you to pay back. You trust these folks, and you’ll do your best to pay them back. You could even draw up a contract to make them feel better. If you can’t, then consider going to your local community bank or your bank to see if they are willing to loan you some cash to purchase this second car.
