Do you get a yearning in your heart when you see a commercial for a fast, sleek car with a luxurious interior? If you have a secret longing for a high-end car, you can make it a reality. Here’s how to buy the expensive car of your dreams.
Here’s Why You Need a High-End Car
According to an article in Forbes by Hannah Elliott, it’s not self-indulgent to want a high-end, luxury car with all the options. There are actually good reasons to look at these cars, including the following:
- Safety: New, high-dollar cars have the best safety features. All cars that attained perfect scores on Consumer Reports’ safety rankings were cars that cost $30,000 or more.
- Resale value: These cars hold their value far longer than other cars do. Many are considered desirable even when they’re 10 or 20 years old.
- Design quality: Luxury cars have high-end styling in everything from the brakes to the lights. This makes driving easier and safer.
- Interior comfort: You’ll ride in total comfort with heated seats, adjustable everything, top-quality sound systems, remote starters, electronic parking aids and top-of-the-line technology.
These cars are a sign of prestige, and there is no denying their head-turning appeal.
How Will You Pay for an Expensive Car?
All right, you’re convinced. Now the only question is how to afford one of these. There are various ways to upgrade your wheels without winning a lottery ticket. Here are some ideas.
Leasing: When you lease a car, you can get a more expensive car for the same monthly payments you would pay if you were buying a cheaper car. Leasing allows you to upgrade to a new set of wheels every year or two. On the downside, you don’t own the car after making payments on it for all those months.
Short-term rental: If you’re going on vacation or just want to get wild for a weekend, you can rent a luxury car from a car rental company. You’ll pay a hefty price to do it, but you’ll get to enjoy the car for a weekend or a week.
Get a second job: A part-time job is one way to cover the down payment and monthly payments on your new wheels.
Automate your bills and saving: Financial expert Ramit Sethi advocates setting up automatic bill payments for everything in your budget. Once you automate your payments, you always know just how much “disposable” income you have every week and can choose how to spend it.
Make more money: This is the best solution. Making more money will allow you to buy luxury cars and anything else you want. When you make more money, you can afford the finer things guilt-free.
Get Behind the Wheel of Your Own High-End Car
Here are some ideas for getting your dream car in your driveway.
Are You Financially Ready to Buy an Expensive Car?
Before you make the plunge, consider whether you’re in financially good enough shape to pay for an expensive car.
Go Ahead, Go For It
David Weliver at the MoneyUnder30 blog says if your heart is set on buying a luxury car and you’re in good shape financially, meaning you don’t have significant credit card debt and have a six-month emergency fund, you should go for it. He adds the following warnings:
“If you’re hoping to add a vehicle to your garage, I would strongly encourage you to save the money and pay cash. Although I’m not entirely opposed to financing a primary vehicle, I don’t like the idea of financing toys…It’s never a good idea to finance a depreciating asset that long. When you finance a vehicle, keep the term as short as you can afford. You’ll save thousands on interest and minimize the amount of time you’ll be underwater.
Watch the Hidden Costs
Constance Brinkley-Badgett at Policygenius says there are ways to get a high-end luxury car at a lower price than you might expect. These include leasing the car and buying a previously owned one. She also warns that these cars come with unexpected expenses.
A big one is maintenance. She uses an example of buying or leasing a Maserati.
“You can probably expect to replace tires on the Maserati GT at around 7000 miles,” she writes. “And they can cost between $250 and $500 each. Sure, you can buy some cheaper tires, but…little things like tires and gas octane can make or break performance in these vehicles. And if you’re not going to get the performance you paid for, what’s the point in owning the car?”
Get Ready for Some Sticker Shock
You should also be prepared for sticker shock when it comes to repairs and insurance on these cars.
As Brinkley-Badgett points out, parts for these cars are often double the price of parts for normal cars. They need premium gas and even something as basic as an oil change can cost $300 for a high-end vehicle.
When you consider buying one of these cars, you have to look beyond the sticker price. If you’re ready to hand over the cash to buy an expensive car, you should also be prepared to pay more for repairs, maintenance and insurance.
On the Thrifty Side
Before you get carried away by dreams of a Porsche, a Lincoln Town Car or a Cadillac Esplanade, you should hear the other side of the argument.
Sam Dogen of FinancialSamurai has a stern rule for all car buyers. After many years of writing a blog about personal finances and going through his own financial ups and downs, he believes you should buy a car that’s priced at 10% of your yearly income.
In other words, if you make $100,000 a year, you should buy a car for $10,000. If you make $60,000 a year, your car should cost $6000. That seems like a really small budget, but Dogen says owning a cheaper car is less stressful and more enjoyable than owning an expensive one. You won’t be as worried about every chip, scratch or ding. You won’t fret about parking or feel you have to use valet parking. You’ll also have more money to spend on inevitable repairs.
He does offer a final piece of advice:
“But let’s say you’re set on buying a car that exceeds far beyond your 10% budget. If that’s the case, then instead of believing you deserve to own a $35,000 luxury vehicle, motivate yourself to think of ways to make $350,000 and then actually try to do it.”
So, how do you make that happen?
Here’s One Great Way to Make it Happen!
If you increase your income, you won’t have to wonder how to pay for an expensive car. One smart way to increase your income so you can buy that car of your dreams is to start your own online business.
- No changing jobs
- No asking the boss for a raise
- No guilt
Every day, more and more people are providing the luxuries of life for themselves and their families with the money they earn from their own online business.
Starting your own online business will allow you to chart your own future, and let you pay for that expensive luxury car without touching the money you have earmarked for your regular living expenses.
Check out my #1 recommendation for building an online business. The folks there provide wonderful hosting, amazing tools, and teach you everything you’ll need to know. You are never alone in your journey with access to live mentoring and a superior site support department.
Best of all, you can check it out for yourself at no cost or obligation. Why wait any longer to turn that dream of yours into a reality? By the way, when you drive your gorgeous set of wheels into your driveway…send me a picture of you in the driver’s seat!