Almost half of UK drivers believe they’ll be able to buy their dream car

A new study conducted by the car-buying experts at Perrys has revealed that almost half of British drivers (48%) feel they are likely to own their dream car one day.

·       The average age that British motorists believe they’ll own their dream car by is 41 years old

·       The team have also put together some tips to help motorists afford their dream car

The study was conducted by the car-buying experts at www.Perrys.co.uk, who asked 2,300 UK motorists a series of questions about the vehicles they aspire to buy.

One of the most significant findings showed that nearly half of the drivers surveyed (48%) admit they should one day be able to purchase their dream car.

Quizzed on the average age that motorists expect to own their dream car, the average age was found to be 41 years old, when they’d be in a position to comfortably afford their dream car and everything that goes with it.

More than one in six of those (16%) believe they’d be able to afford their fantasy motor, provided they were not restricted by further costs associated with running the car. The most common reasons for being unable to own their dream vehicle were as follows:

·       High insurance cost – 76%

·       Expensive finance payments – 64%

·       Cost of road tax – 41%

Additionally, the most popular features drivers want in their dream cars were found to be keyless entry (78%), heated seats (58%) and Sport Mode (43%).

Commenting on the findings, a spokesperson said:

“When we saw these statistics, we couldn’t quite believe the sheer number of UK drivers that are closer to buying their dream cars than we might’ve first expected. This shows that owning your dream car can be a reality that is far more attainable than most people anticipate.”

The team at Perrys know that going after your dream car can sometimes be an expensive endeavour and with this in mind, have rounded up their key tips on how to afford and make your dream car a reality, without breaking the bank:

As with any large financial purchase you make, you want as much information as possible at first in order to help you make an informed decision.

When planning to buy your dream car, we’d always recommend contacting a licensed dealer that sells the model you’re after because they’ll be able to elaborate on the specifics of your dream car and advise you accordingly.

If you’re set on purchasing your dream car, researching all the costs associated with running that specific vehicle goes without saying. You’ll need to consider the cost of vehicle repayments, insurance and road tax, as they’re likely to be the highest expenses. Knowing this information will essentially allow you to categorise your expenses.

Additionally, doing your research is advantageous for negotiating with car finance lenders to ensure you’re getting the best deal (i.e., accurately comparing APR interest rates, considering PCP deals etc).

Improving your credit score is an immediate way to boost your chances of owning your dream car because this will increase your options when it comes to looking at finance agreements, shopping for a loan or the car repayments.

Although improving your credit score can be timely and requires a lot of dedication, there are several ways you can do this, from making regular payments on time (even smaller payments, such as your phone bill) to keeping your credit utilisation as low as possible. It’s all about ensuring stability in your circumstances.