Making Your Dream Car a Reality

Posted by Ben Davidson about 5 months ago
If you’re anything like most car enthusiasts you’ll have been dreaming about your perfect car since being a child; perhaps you’ll have had posters or magazine cut outs pasted next to your bed looking forward to the day you were finally old enough to drive and could go out and get your dream car.

Unfortunately, acquiring our longed for possessions isn’t always as effortless as we feel it will be as a child which is where this article comes in to bridge the gap between your dream car and your hands behind the wheel.  Let’s take a look at the three most popular practical options when it comes to turning your dream into a reality.


BUYING YOUR DREAM CAR OUTRIGHT

Owning a car might seem like the most sensible choice, however, a car is a depreciating asset that rapidly loses its value with each mile you drive, meaning if you buy a brand new car, as soon as you drive it off the forecourt, you can expect to lose four figures in terms of depreciation.  

For this reason, it might be better to consider buying an ‘almost new’ car that has been driven just a few thousand miles.  This way, you still have the prestige of driving a new car without the inflated price tag.  It also means you could upgrade the spec so that it has even more bells and whistles such as a heated steering wheel.

Buying a second-hand car, particularly one that is just a few months old, seems to be one of the smartest moves you can make if purchasing a car outright… yet owning an older car can come with a fair amount of hassle.  Indeed, many people share horror stories of buying a car only to have it sat in the auto repair shop for weeks on end as they quickly discover it has problem after problem.  

This is the downside of owning the car yourself; if something goes wrong with it, it’s your responsibility and you assume all the risk under the legal concept of caveat emptor, known colloquially as buyer beware’.


RENTING YOUR DREAM CAR

It might seem a strange idea to rent a car, as an alternative to owning one, but if you don’t often use a car then hiring a car could prove to be a good option.  The great thing about this option is that you can rent a different car each time, if you wanted, as often the fun wears off once we get used to a car and we look for the next toy to play with.

Also, when you consider how much insurance costs - renting a car that comes with fully comprehensive insurance can end up saving you money, particularly for inexperienced drivers, or those without a no claims bonus.


LEASING YOUR DREAM CAR

Leasing is the longer term cousin of renting.  You can find some incredible offers on a variety of premium cars for a typical two-year period, though there are many short-term premium car leasing options available too on a variety of cars ranging from the BMW X5 M to Audi R8’s and many more.

Leasing can offer a hassle-free option, but the downside is you never end up owning the car, so a bit like renting a property - you’re not building any equity in an asset, however, with a car… it’s a depreciating asset anyway, so this shouldn’t be too off-putting.
Tags:
Rent a car, dream car, Leasing

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