How To Own a Car By December 2023

Happy 2023!

It’s time for New Year’s resolutions. 

If one of your new year’s resolutions is to own a car this year, then this article is for you.

Buying your first car is one of the most exciting decisions you’ll ever make. It’s a sign of freedom, independence, and self-reliance. But it can also be one of the most daunting experiences, especially if you don’t know where the funds will come from and where to start. Worry not! We’ll walk you through the process of successfully crossing “owning a car” off your bucket list this year. 

First, do your research on what type of car you want to buy.

Before you go out to buy your first car, you should ask yourself the kind of car you want. Do you want an SUV? Or maybe something more compact? What about safety features, mileage, and fuel consumption?

When choosing the type of car you want, you must consider its purpose. You should buy a car that suits your lifestyle and purpose. If you’re just looking for a car to drive to work and back home, a small car such as a Nissan Note will do. But if you’ll be carrying your family and luggage on long-distance trips or to the upcountry, then a spacious SUV car like a Nissan Xtrail is a better choice. 

Create a budget and start saving early

Before we dive into the financial aspect of owning a car, let’s bust two common car ownership myths. 

• Myth 1: You need to be rich to buy a car.
• Myth 2: It costs too much money upfront or for a down payment when buying cars.

Yes, you need money to buy a car. But it’s not just about your liquidity status. In fact, few car owners buy their cars in cash because you’ll still need money for additional costs such as insurance, maintenance, and fueling the car. All you need to own a car is a stable source of income and a good credit rating.

Once you’ve decided on the type of car that will suit your needs, it’s time to create a budget and start saving early towards it. If you have a disposable income of Kshs.80,000, you can save at least 25k per month. By December, you’ll have saved about Kshs.300,000. That will be enough to get you car financing for a locally used car and still have some extra cash to work with. 

The sooner you start saving for your car, the better. That way, when December 2023 rolls around and you’re ready to purchase a vehicle, there will be less time spent trying to find one and more time enjoying your newly acquired ride it.

Work on your credit rating

If you have a bad credit rating, it can be difficult to find lenders that offer a good car financing deal. This is why you will want to make sure that your credit history is as clean as possible. A good credit rating doesn’t mean that you have perfect financial habits. It simply means that you’re never late on any of your payments and there aren’t any red flags on your credit rating report indicating repayment troubles ahead.

If you start working on your credit status now, you should have a clean slate by mid-year and be able to get good car financing by the end of the year. 

Save money for fueling and maintenance

Once you’ve saved up for your down payment, you should start thinking about fueling and maintenance. Ideally, your car should undergo servicing every three months. But your fuel consumption will depend on the type of car you will be driving and how you use it. The Toyota Allion, for example, is a very fuel-efficient car that you can get at a good price. 

Besides regular maintenance, unexpected repairs can be financially draining and inconvenient. If you have a little money set aside, it can cushion you against any unexpected car issues. 

Buy from a reputable dealership

By December 2023, you should have saved enough to buy a good locally used car. If you want to avoid paying high dealer fees, the hustle, and getting stuck with a lemon (a bad deal), you should consider buying your locally used car from Peach Cars. Our values are built around transparent information sharing and providing a one-stop-shop experience for our customers. We pride ourselves in giving our customers a 360-degree view of the car they’re buying so they can make an informed decision. All our cars come with a complete inspection report so that you know exactly what you’re paying for. We also work with financiers and insurance providers who we connect our customers to if the need arises. Once a customer has purchased a vehicle with us, they can also get car servicing from our car care department.

Want to own a car by December 2023? Browse through our listings to add a car to your wishlist.