How to choose a car you and your spouse can share
Sharing a vehicle with your spouse may not seem like the most appealing idea, but it is a great option when you consider the savings involved.
And if you live close to your work or work in the same area, this might be a viable option for you both.
Here are three benefits that come with sharing a car right off the bat:
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Save money: When you have one car, that’s only one set of vehicle payments that need to be made, one petrol tank that needs to be filled, one set of car insurance payments and one servicing cost that needs to be covered. Eliminating the costs that a car brings will allow you to take great care of the one you do have and save you money for other luxuries to splurge on as a couple.
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Save the environment: By sharing a car, you’re also saving the environment by ensuring that there’s one less vehicle on the road emitting harmful gasses. You’ll be decreasing your carbon footprint as a family and that should always be in your best interests. And as you will be looking for vehicle finance pre-approval for a new car, you can consider the more eco-friendly vehicle options.
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Quality time: And when you share a car with your spouse, you have extra quality time to spend together. Cape Town traffic is bumper to bumper, and who better to spend those hour-long drives to and from work than with the one you love? Most couples would give anything to have a few extra quality time minutes with their partners and, this way, it’s effortlessly done.
Now that you’ve confirmed your commitment to a shared car, it’s time to come to a decision about which car you’re going to buy together.
Consider your budget
As with any large purchase, the first thing you need to do is consider your budget. This is the most efficient way to see which type of cars you’ll be able to look at, let alone buy.
When you look at the price of a car, be sure to use a vehicle finance calculator to get an accurate estimate of how much you’ll be spending on the vehicle repayments every month. In this vehicle finance affordability calculator, you will also be able to insert the amount of money you’re able to pay upfront as a downpayment on the vehicle.
This is also something you need to consider in terms of budget as it will likely be a culmination of cash from your savings and the trade-in values of your other vehicles. The more you can pay in cash, the less money you’ll spend on interest over the repayment period.
Once you know what you will be able to afford on a car, you can consider the other deciding factors.
Assess your car needs
When choosing a car, you’ll need to assess what your priority car needs are. Is it purely for work and leisure transportation? Is it a necessary part of your job? Are there family errands that need to be run with the kids every day? Do you go on road trips regularly? Are you an adventure driver?
These activities will affect the size and power of the car you need. If there are kids involved (or if they’re expected to be a part of your near future), you need to look for a car with enough interior and storage space to accommodate all the bags and accessories that go with them.
But if it’s just the two of you, a hatchback car with enough space for your road trip belongings will be enough car for you. And if it’s just about getting to work and the usual errands, then you’re going to want to choose one the most fuel-efficient cars on the market.
Who will be making the most use of the vehicle?
Another deciding factor would be about who would be making the most use of the vehicle. You might choose to have a “designated driver” for most of the car rides who might need to make extra runs while the other is at work. They will have first preference in terms of interior style, comfortability, preferred transmission and colour of the car – all within your calculated affordability budget, of course, and only if you cannot both agree on those aspects of the car anyway.
Know when it’s time to double-up
As a newlywed couple starting out, one car might be all that you need and allow you to focus on saving money. But the “one car, two people” arrangement might not be a permanent option throughout your marriage. Should jobs change, children become involved in your decision or even a home relocation, it might be time to double-up and it’s important to recognise when it’s not working anymore.
Sharing a car with your spouse is an opportunity to pay off your debts, spend quality time with your loved one and help the environment. This might just be the best way to start out your marriage.