Giving a car as a gift

The thought of a new car is one of the loveliest Christmas presents we can plan for ourselves. Rudolf Mahoney, head of brand and communications at WesBank, gives us some tips on how to make the gift even more enjoyable.

Bonuses

‘Bonuses beat balloons,’ says Rudolf. If you’re car shopping for Christmas, using your bonus as a deposit will help lower the purchase price of a new car – and bring down the monthly instalments. It’s a better option than a balloon payment deal, which requires a lump sum payment at the end of your contract. If the balloon payment is your only option, think about saving a few hundred rands every month so you’ll have enough saved by the time you need to settle.

Insurance

Insurance is important. Always ensure that you have comprehensive insurance in case you’re involved in an accident or your car is stolen. Check your policy to see if you’re covered for car hire and roadside assistance – two essentials that could help save your holiday as well as your budget.

READ MORE: WHY YOUR CAR PREMIUM INCREASES EVERY YEAR WHEN THE VALUE OF YOUR CAR DEPRECIATES

Service and maintenance

Always plan for the unexpected. Car troubles could break your budget and end up ruining your holiday. A service and maintenance plan can save you thousands, especially when unexpected issues arise. When budgeting, always ensure there are enough funds in reserve to cover any incidental expenses. A tyre blowout means having to buy a replacement tyre; unintended speeding could result in a fine. Having cash set aside for such incidentals will reduce the impact on your holiday budget.

 

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