Can I Afford a BMW on a Budget?

Many people think BMW drivers are either completely loaded or have made financial sacrifices in other areas of their life to afford such a vehicle. While occasionally this may be the case the majority of them will have bought wisely and worked out that there are many ways to afford a BMW on a budget. Affording a brand new Z8 is still going to be a long way away, but with the number of different models and car purchasing options available, a BMW can be yours whatever the budget.

BMW

Know What You Want

If you desperately want a brand new BMW then clearly it’s going to cost a lot more than buying a quality used model. This should be kept in mind when deciding what type of BMW you are after. Buying new means looking at the cheaper end of the range, whereas a used version could be snapped up for a lot less or perhaps a fancier model instead on the same budget.
Hatchbacks are best for those desperate for a brand new BMW as they often come in at a lower price and are cheaper to run, best example being the BMW 1 Series. Depending on what you plan to use the car for and what kind of mileage you’ll cover will have an impact on whether to purchase a BMW new or used.

Set Realistic Targets

When buying a new BMW looking into alternate financing schemes instead of paying cash outright is the best option of you’re on a budget. You should work out how much you can afford in cash and on a monthly basis decide on the best payment method. A personal contract plan for example is a great way to acquire a car for a fixed budget but there are restrictions – for example the annual mileage.  Exceed it and it could cost a lot of money. Dealers are always ready to offer finance, but shop around to make sure you find the most economical option.

Take Your Time

Perhaps this is an obvious comment but don’t buy the first BMW you see. Sure, it will save time but you really need to think this through – after all, it’s a big purchase and you will need to live with the car for you buy for a while.  If you have any doubts, then there is always another car: and there could be much better deals out there just waiting to be uncovered with some further research. Going straight to a BMW dealer can also lead to a salesperson encouraging you to buy a car you don’t really want or you end up spending more than you plan to: again, good research is the answer.  So if you do choose that route go in prepared. Buying a car and then having to sell it soon afterwards because it wasn’t quite right results in a huge financial loss that could have been avoided. And if you still can’t wait you can always just buy a BMW M3 badge and stick it on your current vehicle in the meantime!

Jyotsna Ramani is a passionate writer and an avid globetrotter. She had a knack for writing since her early years, though that was mostly letters to her penpals and jotting her thoughts down in her "Dear Diary". Over the years, she realized how her hobby could turn into a full time career and she started writing web content, books and pieces for local magazines. There has been no looking back ever since.

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