Porsche models are well known for their beauty and technological brilliance. Owning a Porsche has an aspirational value that few other brands could match. However, the ever-expanding price tag of a brand new Porsche has made it out of bounds for the middle class. If you are an automobile buff and want to own a Porsche but do not have the moolah to afford one, we will advise you a few ways through which you can get one without breaking a bank.
The Long Term Ownership Route
If you are on a stretched budget and want to buy a car, then you can look for a Hire-Purchase agreement with the dealer. This path should be taken only if you are interested in buying a brand new car. We are giving this advice because it has some shortcomings that may mar your experience with the car bought through Hire-Purchase agreement on the long run. If you want to sign this agreement, you have to make an initial down payment and then pay the rest of the money through easy installment scheme. This agreement, though, looks good is not without its fault.
The first disadvantage you will face is that you will not get the title of the car you are buying. Therefore, you cannot sell or mortgage it if you like to in the future. Additionally, any item purchased through the Hire-Purchase agreement is a costly affair because the total amount has the interest component of the price included in it.
Taking Loan from Bank or Any Financial Institution
If you want to buy a brand new car with complete ownership, then taking a loan from the bank is a credible option. Now a day, there are several financial companies that provide you with car loans that require very little paperwork. All you are required to do is to show them that you have a steady income and a healthy bank balance. These loans are easy to arrange and can be negotiated over the telephone or through the Internet also. We advise you to go to government bank for such loans because they don’t have any hidden costs which private finance companies have in their finance schemes.
Before you take the loan you should do some calculation as to whether you have the requisite income to make the monthly instalments after covering all your basic expenses. You should also compute the total cost of borrowing including official charges for the loan transaction and compare it with other financial institution to find out which of them is cheaper. Bank loan is a cheaper option, but it requires a good credit history to avail it. If you have a bad credit history, then it is unlikely that any reputable Bank or finance company will provide you with the car loan.
Purchase Refurbished Cars
If you believe that buying a brand new car through Hire-Purchase agreement is not your cup of tea, then we suggest you to try an alternative route of getting a car from the second-hand car dealer. This scheme is for those who are on tight budget and are not finicky of driving a second-hand car. If you want to buy a used Porsche car, then either make the purchase from the company’s approved dealer or get it from a reputable second-hand car dealer.
Our advice is that you should go for the company approved used Porsche cars. The reason behind this is that, any company approved car is certified by the company’s engineer for its safety and quality. In addition, the company also provides a warranty for these refurbished cars making them more attractive to the buyers. Buying from a second-hand car dealer will get you the advantage of lower price and more models compared to the company approved the scheme. However, this route is fraught with danger because the used Porsche car you buy might not come with any warranty and you are not hundred percent sure about its condition.
But there are some reputable dealers that offer cars, including used Porsche, which are fully certified and verified by the concerned bodies so as to make the dealing fair.