For a family car, you often need to look in different directions than you might have when you were a single man. It’s not the fastest, zippiest thing you want any more. It’s one that has the space you need. That’s safe and takes care of you and your family. It’s also one that’s good for your finances. Family budgets are always a thing of serious consideration, so you want a car that’s good value for money. Here’s how you measure it.
First, you need to look at how much you can initially afford. You don’t want to go too cheap, either, because the car still needs to be reliable and effective. For example, the new Volkswagen Golf is available from as low as £17,625. But with it, you know you’re getting a trusted brand. You need to hit the sweet spot between inexpensive and trustworthy.
Then you also need to consider which cars are better in terms of insurance costs. This will largely be influenced by your own history, but the choice of car does matter. Cars with better safety features and designated ‘family cars’ are expected to be handled more safely on the road. Therefore, they tend to get better insurance prices.
It’s the third biggest running cost, and the most regular, that your car brings with it. It’s no surprise that you should be considering the car’s fuel economy. Hybrid or electric cars will always offer the best fuel economy, but they also tend to be expensive out of the dealership. Again, you want to strike a balance. For an affordable, yet efficient car, consider something like the Fiat 500 Pop.
Another cost that not enough people prepare for is how much it’s going to cost to keep the car running. How likely is it to need repairs and how much can you expect those repairs to cost? You don’t have to do guesswork on that, anymore. Nowadays, you can easily look up the reliability index of your car and see what its problem areas are. Just remember, regardless of what car you get, you need to set up an emergency fund for repairs. Otherwise, you leave yourself susceptible to maintenance costs digging deep into your finances.
Finally, you need to look at what monetary value the purchase actually has to you. What’s the car’s rate of depreciation? How much of a market does it have? Some cars will keep their value better simply due to reliability. Others have a brand that gives them automatic selling power. You don’t want a car that becomes worthless. Look at how yours is going to keep value.
We hope that this article helps you find a car that ticks all the boxes. One that’s reliable and safe, while also not totally tanking your finances. At the end of the day, cars tend to be the second most expensive purchase we will make in our life. But that doesn’t mean you can’t still be smart with how you finance it.