3 Common Routes To Owning Your Dream Car




A car is such a public statement of your lifestyle and affluence that many people become obsessed with having an aspirational car such as an Audi, BMW, Subaru or Jaguar… unlike our home, which most people never get to see, a car is always on display – it’s like your winter coat; you can be wearing a scruffy old t-shirt and pair of jeans, but step out of a brand new fancy car and the outside world’s perception of your affluence has just skyrocketed.

There are, however, many reasons to invest in a luxurious car beyond the impression it gives to the outside world.  There’s factors such as comfort, safety and speed to consider.  No matter what the brand is, a car offers us huge freedom and convenience yet they can be considerably expensive to run and own.

This article looks at the three of the most common routes to owning a fancy car such as a Subaru Liberty; which are leasing, renting and owning – in order to work out which is the most cost effective option for you to turn your dream into reality and obtain your ideal car.

Owning A Car

This might seem like the most sensible choice, as at the end of the day, whilst buying a car outright – whether in cash, or on finance, is a significant expense, it is at least an ‘asset’ you own yourself.  However, a car is a depreciating asset that loses its value each mile you drive and each day that passes by – it’s not like a house which appreciates in value.  If you are to buy a brand new car, then as soon as you drive off the forecourt, the financial hit you can expect in terms of depreciation is in four figures!

Buying a second-hand car, particularly one that is just a few months old, seems to be one of the smartest moves you can make if purchasing a car… yet owning an older car can come with a fair amount of hassle ,and even with an older model, the cost of insurance, road tax, servicing, maintenance and repairs can take its toll on your finances.  This is where the less mainstream option of renting a car can pay dividends.

Renting A Car

It might seem a strange idea to rent a car, as an alternative to owning one, but if you don’t always use a car (e.g. you live in a big city and commute to work on the train or metro) then hiring a car could prove to be the most financially beneficial to your situation.  This way, you are only paying for the car when you actually need it.  There’s nothing more annoying than paying for a 24 month lease, when you’re out the country for a few months, and the car is just sitting in your driveway… but one of the greatest benefits is that the insurance is included.  When you consider how much insurance costs – renting a car that comes with fully comprehensive insurance can end up saving you money, particularly for inexperienced drivers, or those without a no claims bonus.

Leasing A Car

The middle ground between owning a car and renting one is to look into long-term leasing; that said you can find some incredible offers even on short-term premium car leasing.

The great thing with leasing is that you aren’t always responsible for maintaining the car in terms of servicing, and if something goes wrong with the car, you can simply go back to the leasing company and they’ll replace the vehicle.  It’s a much lower hassle way of owning a car, but in reality, if you are thinking of purchasing a brand new car there shouldn’t be any mechanical issues to contend with that aren’t under warranty anyway.

Leasing can offer a hassle-free option, but the downside is you never end up owning the car, so a bit like renting a property – you’re not building any equity in an asset, however, with a car… it’s a depreciating asset anyway, so this shouldn’t be too off-putting.

In summary, there are three main options to consider in terms of having a vehicle; and the right option for you will be heavily dependent on your individual circumstances, but your dream car is obtainable as even if you have bad credit, where there’s a will there’s a way.

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