There are always times when you need to spend a lump sum of money on a major purchase. Sometimes it’s a want and sometimes it’s a need. Maybe you want a new car because the one you have is getting old and rusty, or maybe you need a new car because yours is broken down and will cost more to fix than it is worth. Either way, you need a good amount of money to get a new car (or even a used one).
Not everyone has the luxury of having a savings account or even credit good enough to allow them to get a loan, of any kind. There are plenty of people who live paycheck-to-paycheck and struggle when something needs replacing, especially if it is a big ticket item. And then there are those that have the money and just want to make sure they make wise investments when it comes to their big ticket purchases.
Whether you have a 401K to cash in (which isn’t the smartest of choices unless you’re retiring or already retired) or you have squeaky clean credit that will allow you to get a loan for anything you want in any amount, here are some tips on saving money, following trends, and making wise purchases when it means spending thousands.
Investing In A New Vehicle
When it comes to buying a new car you want to look for something that works for you and your family. If you’re on the road a lot you need to shop for something that can help cut down your gas costs. You may want to look into investing in a hybrid vehicle, like the Lincoln MKZ hybrid.
When it comes to a vehicle investment what you spend and what you buy can have a lot to do with the money you have and the image you want to portray as well. For someone that likes vintage vehicles, it may be a wise investment to buy a fixer-upper if you have the ability to do the work. If you have plenty of money to throw around a fancy sports car isn’t always a bad investment either. But for someone with limited funds, these are frivolous investments.
Buying A Home
There are different trends when it comes to the ideal time to buy a home. Time isn’t the only thing that matters either. Sometimes where you buy a home is a big deal as well. Some areas have a better market than others, depending on the economy and other factors.
When it comes to investing wisely in a home you also want to consider the shape that home is in. If you spend a lot on a home that needs tons of work you may find yourself spending more than it is worth in the long run. Your home purchasing decision should also reflect how many people and how much stuff will be in your home.
Taking a vacation to the theme park as a weekend event isn’t really a vacation investment, but buying a vacation home in a warmer climate is. Consider where you are buying your place, how much you are spending on it, and how much it is going to cost to keep it protected when you aren’t there.
Vacation expenses, on a larger scale, could also include investing in an RV. This is a trend that many people are doing, sometimes turns into them being nomads, working on the open road. Remember that RVs need some of the upkeep of a vehicle, combined with the upkeep of a home!