Driving a sports or luxury car is a dream for many people. But often, these types of cars come with a hefty price tag. The average cost of a new car in the United States in 2022 stands at around $46 000, and this is nowhere near the price that most people would pay for a sports car. Despite this, budgeting for and buying your dream car at a young age is possible – here’s how.
Do Your Research
When buying a car, especially vehicles within a luxury range, many people rate aesthetics as the main driving factor behind their decision. While the look of a luxury car is one of its biggest pulls, often, sports cars in the more expensive range come with many hidden costs due to the high performance parts they use. It is important that you do some research on the cars that you are interested in before simply purchasing one that you like the look of.
For example, many people don’t know what a catalytic converter is, and they don’t know the range in prices between these parts from an average road vehicle to the average sports car. The cars with the most expensive catalytic converters in the world include the Ferrari F430, Lamborghini Aventador, and Ford F-250 Mustang. The cost of the catalytic converters of these vehicles range between $3700 to $7500. Before buying your dream car be sure to research costs such as these, as they can and to the price tag – and for good reason.
Consider Buying a Used Version of Your Dream Car
There is nothing wrong with buying second-hand in certain markets. In the car manufacturing and dealership business most people around the world prefer to buy used cars as they have long shelf lives and can often be repaired and restored if problems arise. There are many other benefits to buying a second-hand car. In the United States, around 40 million used cars are sold every year, proving the reliability of the second-hand market and the belief that many consumers place in used cars. Most importantly, a used version of your dream car could end up being markedly cheaper than buying it brand new.
Be Money Savvy: Invest and Save
One of the things that many young people fail to do before they start earning a decent salary is save. The potential of your wealth does not always lie in how much you earn. Rather, it lies in what you do with the assets and money that you are accruing. The best way to make your money grow is by finding good investment opportunities, opening up savings accounts, and setting yourself clear goals and milestones in terms of financial expansion.
Building wealth at a young age is not an easy task, especially since more distractions seem to present themselves. Setting yourself the goal of buying your dream car before you hit 30 will give you a reason to remain consistent in your focus. Consistency and sticking to the above tips could be the trick to getting you behind the wheel of your dream car before your 30th birthday.