When it comes to buying a new car, we all have different priorities that will make up the majority of our decision. Whether you’re a car nut looking for the most tech-heavy and impressive model you can get your hands on, or you’re just looking for a simple car that will get you to work and back, there’s a car out there to suit everyone. No matter what, there’s one thing that should always come into consideration – Reliability. Whether you opt for an affordable Honda or splash out on an impressive Alfa Romeo, here’s why you should always pay out for reliability.
Spending On Quality
Financial strain is something that every single one of us wants to avoid and as a result, more and more people are trying to live a more frugal lifestyle. Whether we try to save on shopping every week or cut down on leisure spending to save for a big purchase, living on a budget can always prove beneficial. However, this frugal lifestyle can actually stop us from making good investment purchases under the mindset of ‘if it’s got a big price tag, it’s out of budget’ and while this can stop us from spending unnecessarily, investing in a good, reliable car could actually help you save those pennies – yes, really!
By investing in a high quality and reliable car, you could save yourself from having to pay out excessive running costs, eye-watering maintenance fees and hefty repair bills. Settling for a cheap car is never a good idea, especially when investing in a higher quality model could actually work out more cost-effective in the long run. While you don’t need to pay out for an expensive, flashy model, a reliable mid-range car is often a recommended buy.
How Much Should You Spend?
With the above in mind, how much should you spend on a car? Of course, this can all depend on your salary, what you’re planning on using the car for, how many people will be using it and more, but as a rule, the general answer is to aim for spending as little as possible without compromising on quality.
In general, it’s advised to spend around 35% of your annual income on a new car, though this can vary depending on the factors we mentioned above. For example, if you’re really on a budget, 10-15% of your income could be spent on a trustworthy used car, while those looking for a budget-friendly, but highly reliable car should lift that to around 20-25%. Of course, if you’re a huge fan of all things automotive, you probably have your own idea on how much you’re willing to spend on a car. If cars are your passion, spending a good chunk of your paycheck on a brand new car is perfectly fine. On average, 50% of your income is a sensible amount, providing you can afford your living costs on top!
All in all, buying a car is always going to be a big spend, but knowing how much you’re willing to pay out and how much is sensible will help you make that decision. Whether you’re looking for a cheap car for the occasional trip, or you need something with a bit more punch for that commute to work every day, it’s important to take reliability into account and be willing to pay the higher price tag to get it – after all, spending more now could save you money in the long run. Which car will you buy?