For many parents, having a vehicle is paramount. Between school runs, extracurricular activities household errands and commuting, family life is too complicated to rely on public transport. However, a car is a major expenditure that seems out of reach for many of us, especially considering the current cost of living crisis. Here’s how to find a budget-friendly family car that will give you the flexibility you need while remaining affordable.
Determine your needs
Ensure you end up with a car that works for you by taking the time to determine your needs at the beginning of the process.
Consider key factors relating directly to your children such as the number of seats and backseat and boot space, and any features you would like such as parking sensor systems and automatic or manual driving. Especially given the current cost of living crisis and recent spikes in petrol prices, you could also prioritise fuel efficiency and even look to invest in a hybrid or electric vehicle.
Research relevant cars
Once you have decided on your list of must-haves and nice-to-haves, you can research relevant cars to identify models that best suit your needs. You can do this online on comparison websites, visit local dealerships or request recommendations from trusted friends and family.
Highlight budget-friendly models which have proved popular, checking the reviews to get a sense of the pros and cons. Seek out reviews from parents in particular. Other things to check for are running costs and reliability which will significantly reduce your car-related expenditure during your years of ownership.
Consider used models
Choosing to purchase a pre-owned car is a much more cost-effective option than buying a brand-new car. In addition to the upfront cost savings, used cars depreciate more slowly, are less expensive to insure and can be just as cheap to run depending on the age and condition.
So you can be sure of the condition, it’s best to buy used cars in person from local dealers who give vehicles a full clean and service before putting them up for sale. Across the country, there are used car sales specialists from Blue Bell Hill in Kent on the outskirts of London to major northern cities like Leeds and Edinburgh. Experts will be on hand to discuss the pros and cons of each vehicle and you can test drive as many as you like until you find the right fit.
Explore financing options
Another option to consider alongside going pre-owned is to explore financing options for your car rather than buying it outright. Examples include:
- Hire Purchase – following an initial deposit, make fixed-rate monthly payments over a pre-set period until the full amount has been covered.
- Personal Contract Purchase – rent a car for a specified amount of time, making monthly payments to cover the difference between its initial cost and predicted value when the hire is scheduled to end.
- Leasing – similar to PCP but with no pre-set hire period. Usually works out cheaper overall as service and maintenance costs are included.
You can still save money if you’d rather buy outright. Look at options from various dealerships and do a price comparison to identify the best-value options, remembering to factor in the condition of the car and weigh up potential maintenance fees against a cheaper upfront cost. Additionally, don’t be afraid to negotiate the quoted vehicle price, especially when looking at used cars.
Thank you for reading.
