How to buy that dream car in your retirement years

By | June 21, 2016

canstockphoto0914712Most people have had a dream since their teen years of owning a particular make or model of car, and often that car is way outside of their budget at such a time. However, once we reach a certain age, we are often in a very comfortable place in regard to finances, and so buying that dream car in our retirement years is very achievable.

Footloose and fancy-free

What makes the retirement years the right time to buy a dream car? Well, by this time, kids have flown the nest and have had families of their own, homes have been paid for, and expensive exotic vacations are not as desirable as they once were. This means that a person or couple of retirement age suddenly have a lot of money to play with. That being said, dream cars are often at the high end of the market, which means that savings may not quite cover the cost. However, do not despair as there are avenues that you can go down to purchase your dream car, such as taking out auto loans in Ontario, which are easy to apply for and are quick to be approved. You could also apply to a bank for a loan or see if a dealer offers a particular hire purchase plan. Alternatively, you may prefer to buy your dream car outright, which will require some careful planning on your part.

It is also important, particularly at the planning stage, to appreciate that the purchase price of the car is not all you will have to spend; other costs will almost certainly be involved. This may include a delivery charge to the car dealer, government stamp duty, and a luxury car tax if your dream car is very expensive. Then you will also need to factor in the running costs – gasoline, regular servicing, car insurance, and registration. You should also be mindful of the unforeseeable costs, such as repairs.

The first rule when it comes to buying your dream car is to accept no compromises. You have had an image in your head for a long time of what your perfect car looks like, and to compromise on this image, whether because of cost, availability, etc., will inevitably leave you disappointed. Never make do with second best.

The second rule is to go with your gut. It is likely that many people will voice an opinion as to the type of car you should buy, what features to include, what color it should be, but what may be one person’s perfect car is not yours. They may prefer practicality over style, bold colors over muted. You know what your dream car looks like, so do not pay attention to other people.

Your retirement years are the perfect time to finally indulge your dream of owning the perfect car. Just ensure that you choose the right payment plan for the purchase and put enough money aside for its maintenance to keep it looking as good as you always imagined it.