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How to budget for a better car

Consider leasing: Through leasing a car, you can gain access to highly prestigious models that would normally be financially beyond your reach. Leasing, as the name suggests, involves loaning a car for a set period of time in return for regular payments. Benefits can include driving brand new cars every two to three years, avoiding the need to haggle on the used car market, and making lower monthly payments than you would with a loan or hire purchase arrangement which can also cover maintenance and servicing. The downside is that, like renting a house, you are paying a monthly sum for a car you will never own.

Take out a loan: An alternative way to secure finance for the car of your dreams is to take out a car loan. Car loans are offered by car sellers as well as independent providers such as Alliance and Leicester, and allow you to pay for your car in instalments rather than shelling out a lump sum upfront.

Loans often come with perks and incentives, such as free breakdown cover, and current low base rates mean that there are some great deals out there. Make sure you get the best deal on your loans by shopping on price comparison websites as well as contacting individual providers for quotes.

Cut motoring costs: One deterrent involved in purchasing an expensive car is that it may incur higher motoring costs. Large and powerful vehicles are often expensive in fuel and insurance, as well as being pricey to maintain. The best way to cut your motoring costs is to find an insurer who will offer you a cheaper premium.

There are various ways that you can reduce the premium for a high-value car, including storing it overnight in a garage and installing a car alarm and immobiliser. It's also worth comparing deals online ? try price comparison sites and dedicated providers such as Auto Direct where you can get a car insurance quote in minutes. Also you could try to renegotiate with your current provider to undercut the rest.

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