Why Investing in a Home Garage May Save Money in the Long Run

Investing in a home garage may sound like an enormous expense and not an ideal way to save money, but you will be amazed at just how much money you could save in the long run. The majority of motorists will take their car to a mechanic whenever there is the tiniest of problems, but the cost of this can add up very quickly.

Easy Fixes

There are actually all kinds of repairs and work that you can complete yourself in your garage provided that you have the right tools for the job and you are able to follow a simple set of instructions. There are many websites and YouTube videos that show you step by step instructions for simple car maintenance. Changing brake pads, changing the battery, changing spark plugs, replacing headlights, fixing chipped windshield and replacing air filters are all repairs that you can easily do yourself, but most pay somebody else to do.

When to Use Professionals

In addition to the tidy savings that you make by completing the work yourself, it can also provide a great sense of pride and satisfaction knowing that you have accomplished the task. Of course, not every bit of maintenance can be completed and you should always visit a mechanic for the larger issues. Examples of work that is best left to the professionals include body work, electrical work, fuel system fixes, transmission work and a blown gasket. If you are ever unsure, look online and never start work that you are not confident doing.

Tools

In order to carry out this work successfully and safely, you will need to spend some money on tools and equipment. You should always invest in high-quality tools, as this can make the work easier, safer and quicker. There are all kinds of tools and equipment to consider, but it is always worth obtaining these from specialists like SGS.

Other Uses

Of course, it is not just car repairs that you can use a garage workshop for. There are all kinds of DIY projects that you could take on in your garage which could save you money in the long run. Building your own bookcase, fixing furniture, working on your bicycle and all kinds of other projects can be completed in this space. Thanks to so many resources online, more people than ever are able to save money by completing projects themselves instead of using a professional service.

 

It may cost a little to set up initially, but in the long run, having your own workshop could save you a huge amount.

Three Used Subcompacts that Depreciate Slowly

There are many important factors to consider when in the market for a second-hand car. One of the most important, but also one of the most overlooked, factors is depreciation. The majority of motorists change cars every few years, so you will want to avoid a large financial hit by purchasing an automobile that does not lose its value quickly. The biggest loss occurs in the first year, but it is still important to find a car that maintains its value for a smart financial investment.

Here are three subcompact cars to look out for used which are unlikely to drop in value:

Ford B-Max

The B-Max from Ford is a stylish subcompact car with sliding doors – this makes access and fitting child seats incredibly easy. It is also roomy inside, so families will love this car. It is a classic Ford in that it is well-built, fun to drive and very efficient with the 1.0-litre EcoBoost returning 57.7 mpg.

The B-Max depreciates slowly thanks to the brand status and the appeal of sliding doors. It is estimated that resale values are between 41 and 47% after three years. It can be affordable to buy second-hand from reputable dealers like AA cars too.

Skoda Fabia

The Skoda Fabia is proving immensely popular thanks to its excellent value for money and all round ability. It shares many underpinnings with the VW Polo (more on this below), but is available at more affordable prices. It is also surprisingly spacious inside despite its small dimensions, making it a great choice for families.

The Fabia also holds its value very well which is another key selling point. The entry-level 1.0 MPI 60 S retains almost 51% of its value after three years of ownership.

Volkswagen Polo

The Volkswagen Polo remains one of the best subcompact cars on the market and has always been a great investment. As a VW automobile, you know that you are getting a reliable, practical and well-built car that will not let you down. It is also one of the cheaper to run vehicles in its class.

In terms of residual values, the Polo is a smart investment as the strength of the brand and recognisability of the model ensures that it retains its value well. The 1.4 TDI SE should retain 48.8 % over 3 years.

These three subcompact cars are all great investments as they are all excellent automobiles which manage to retain their value well.

The Benefits of Buying Used Cars

The benefits of buying a new car are pretty self-explanatory. Everybody likes owning new things. Sure, it might cost a little more, but you get the benefit of feeling cool, having a nice thing that works really well, and reaping the benefits of consumerism.

For those who just aren’t into those things, at least enough to warrant spending thousands of dollars more than necessary to get a nice and reliable vehicle, used cars are always the way to go. Some of the benefits of buying users are well known. We’ll cover most of them here.

1)    Newer Used Cars Are Better Than Ever. People like to complain about the quality of consumer vehicles, but the reality is that cars are getting better and better. The average car is safer, lasts longer with less maintenance, and gets much better gas mileage than a similar car would have gotten a couple of decades ago. If you go to J.D. Byrider, you could pick any car on the lot and find a vehicle that won’t break down anytime soon. If you’re old enough, you’ll remember ten or fifteen years ago when car trouble was frequent for just about everybody. You might go to a party and learn that your friend didn’t make it because they broke down on the way. This doesn’t happen nearly as often anymore.

2)    Used Cars Depreciate Less Quickly. If you want to buy a car that holds a lot of it’s value, buying used is the way to go. Cars lose value most quickly when they are new. People will pay much more for a brand new, never-driven car than they would for the same car even three months after it was first purchased. Some of these reasons are practical, others are psychological, but the outcome is the same: used cars lose value, but not as fast as brand new ones.

3)    Used Cars Cost Less. This will be obvious to anyone paying attention, but used cars cost less than new ones. They’re cheaper to insure and they’re cheaper to purchase. They can cost more to maintain and repair but, as described in point one, used cars of more recent vintage have higher standards of design than those manufactured ten years ago. They’ll continue to perform well, often without expensive repairs, even though they are no longer brand new.

4)    They May Get Fewer Tickets. Some studies indicate that people who drive new cars get more tickets. We won’t get into the weeds of the implications of this. Maybe new car drivers just drive faster. Maybe people in new cars seem like easier targets to corporals on patrol. Whatever the case, a used car might make you slightly less conspicuous on the road, which is never a bad thing where traffic violations and ticketing are concerned.

 

Used cars are the way to go for people who want to save money. If you do the leg work necessary to find the right vehicle at the right price, there is pretty much no downside to buying used instead of new.

How to Afford a Luxury Car Without Breaking the Bank

It is something that any car enthusiast has dreamed done: stopped and stared at a luxury car and wished they could trade in their current commuter car for a more plush model. Your standard 1.4 litre engine may get you to work fine, but the thrill of driving a high-end car would make your commute that bit more bearable.

The good news is, that affording a luxury car may not be as out of reach as you think. If you are smart, do your research and know where to look, you could upgrade to something a little more luxurious. Here are some ways to get a luxury car without breaking the bank.

Buy Used, Not New

When you think of buying a luxury car, you may picture a highly-waxed vehicle inside a shiny, glass-fronted dealership. However, buying a new car directly from the dealership carries a large price tag, something that many simply cannot afford. Instead of purchasing new from the factory, consider buying a used luxury car. Purchasing second-hand from the likes of RRG Group Ltd means you can still get a bigger engine, heated leather seats and all of the mod cons, but for a fraction of the original price. You also avoid the car depreciating up to 34.6% during its first year on the road.

Make Money From Your Car

When looking a buy a luxury car, you think of the horse power or comfy leather seats, but also think about how your car can work for you. If you are on a budget or looking to minimise financial impact, there are ways you can make money from your car. This includes: listing on a car share website and charging passengers to share your daily commute; branding your car with company advertisements, offering taxi or transport services, or even renting out during the day while you are in the office.

Affordable Payments

If used is not for you, then consider all of the finance options. There are loads of ways to pay for your car in monthly instalments, spreading the cost and making a luxury car more affordable. This includes a personal loan, hire purchase (HP), a personal contract plan (PCP), or even leasing options. In addition, if your car is to be shared between yourself and your spouse, or perhaps another family member, you could consider splitting the purchase price and running costs, meaning you both get a luxury car for a fraction of the cost.

Buying a luxury car does not have to break the bank. By choosing used, making money from your vehicle, or signing up to an affordable payment plan, you can own your dream car without breaking the bank.

Car Title Loans for When You Need Cash Fast

There are many times in your life when you may need cash but don’t have the funds in your bank account. You may need money to pay for college tuition, home improvements, car repairs or a vacation. A car title loan can get you the cash needed, without the long application process required by banks and other types of lenders.

There may be other reasons keeping you from obtaining a loan from a traditional lender. Perhaps your credit score is bad, or since you haven’t had a chance to build up your credit score yet. A car title loan works a bit differently than a regular loan.

A car title lender will not take a look at your credit history when approving your loan. Instead, your loan is secured against the value of your vehicle. After your loan has been approved, you will receive your cash. You then pay back the loan to a payment plan, plus interest. Failure to pay back the loan means that you forfeit the title to your vehicle. However, most people are able to pay back their car title loans to deadline, so it can be a good way to finance your purpose. A car title loan will also have no bearing on your credit report.

To begin the car title loan process, you fill out an form if you’re applying online. The lending company will then determine the value of your vehicle.

The value of your vehicle will be based on wholesale prices. The lender will then give you a loan based on what they believe your vehicle is worth. They will hold the title of the vehicle until you have paid off the loan in full. At this point, the car’s title returns to you.

This type of loan is different than the car financing loan you obtained when you purchased the car. This type of loan is meant to be short-term. It’s a lot like a pawn shop type of loan where you hand over the item to get your loan, and pay it back over a set payment schedule. If you fail to pay the loan back, the lending company keeps the item, in this case the vehicle. Basically, you’ll have sold your vehicle to the lending company by default.

In order to qualify for the loan, you must own the vehicle outright, and have no other existing loans on it. In other words, the title must be in your own name. If the vehicle’s title is still in the hands of the bank, you won’t be able to use it as collateral for a loan.

To further qualify, you may also be required to be a minimum age, provide proof of residency, and proof of your income.

A car title loan is a good way to quickly pay off finances, or credit card debt that has exorbitantly high interest rates. Car title loans are also a great way to get some quick cash for personal purposes.

Do you upgrade?

As I type this post, I’m sitting amongst the lowest of the low. The scum of the earth. The outcasts. That’s right. I’m flying coach. Gasp!

Let’s be real, flying first class is pretty awesome. Not only do they enjoy a couple of inches of extra legroom, but they also have the luxury of having their nuts warmed (I mean the airplane peanuts your perverts). But is it worth it? Not for this ninja. First class is nice, but I’d much rather save that $50-$100 and be slightly uncomfortable for a few hours.

For me an upgrade to first class just isn’t worth it. There are, however, a few things I will almost always upgrade.

Camera:

I’m totally obsessed with photography and I’ve got to warn you, it’s an expensive hobby. I got my first digital SLR this last Christmas. I, like many others, decided to lose my dSLR virginity to the Canon Rebel. The camera comes in three different models: the XS, the XSi, and the T1i. The XS is the cheapest model at about $500 and the T1i is the most expensive at $706. Instead of being totally frugal and getting the cheapest model, I did a little research and decided the cost increase for the XSi was worth it to me. Even though it is about $100 more than the XS, it has some features I didn’t want to miss out on. Six months later, I’m still in lust with my camera and am glad I went with a slight upgrade. Here’s a picture I took of a friends baby this weekend…

Electric Toothbrush:

Unfortunately, I learned this lesson the hard way. I’ve always owned the normal $0.99 toothbrushes from Target, but a few months ago I decided to “upgrade” to an electric toothbrush. Only problem was, I was too cheap to drop the $80-$100 on a Sonicare. Instead I opted for the $20 no name one. Big mistake. It sucked. The motor in it was so weak that it would stall when I’d push the bristles up against my teeth. Let’s just say, I tossed that toothbrush a few days later. I’m still too cheap to fork out the moolah for a Sonicare, but if I do venture back in to the world of electric toothbrushes, I’ll be sure to upgrade to a legitimate model.

Gas:

I don’t know if this technically qualifies as an upgrade seeing that I put regular unleaded in my car like most of you probably do. The upgrade isn’t in the type of gas I buy, but where I get it from. I’ve read some pretty interesting reports about the negative impacts “cheap” gas can have on your car. Filling up at Chevron or Shell may cost a couple bucks more than stopping at Arco, but good quality gas has a pretty significant effect on the overall efficiency and lifespan of your vehicle. I’ll gladly pay an extra $0.10/gallon if it means I’ll get better gas mileage and have less vehicle maintenance.

What are some areas of your life where you’re comfortable paying for an upgrade? Do you fly first class? Book nicer hotels? Pay for premium memberships? Buy the middle or highest grade models of a certain product?

Hypothetical questions are fun…right?

Forgive me PDITF loyalists, for I have sinned. It is way to late for me to really think of anything worth writing about, so on this glorious Friday morning, I ask a simple, but thought provoking question.

How much money would you have to be given tomorrow to go out and buy a new car?

I asked this question to the roomy and he said if he was given $200,000 tomorrow he would consider going out and buying a $50,000 car. He then turned the question around to me. I think I would have to be given a million bones before I would consider upgrading to a $30K to $40K car. My roommate and I had two very different answers, so I’m wondering how it would work for you.

I think this question is interesting for a few reasons. First, playing the hypothetical game is always fun. Second, good/reliable cars are a necessity for most of us as we spend a good chunk of time behind the wheel. But I think the most interesting piece of this question lies in the fact that cars are a depriciating asset. Wise investing says “D0n’t buy things that depreciate” but the materialist in us says “It would be so nice to have heated seats, gps, a microwave, and a wireless headset in my new car.” Cars are interesting because they are so important, yet counterproductive to our financial well being.

So here’s what I want to know…

1) What kind of car do you currently drive. (Year, Model, Street Value)

2) How much money would you have to win/inherit/steal before you would even consider changing vehicles? (Would you upgrade right away, or have to be given over $100K, $300k, etc?)

3) From that ideal amount, how much would you spend on a car? (i.e. would need to be given $500K in which I would spend $20K on a car, or would need to receive $200K in which $80K would be put towards a car, etc)

Drop your details in the section below. I suspect there will be a huge fluctuation in answers.