We are in that era where the sideboards are filled with items that more than one wants to buy. But, unlike in previous months, the idea of releasing it does not seem so far-fetched, because with the end of the year and all those products the payment of the Christmas bonus also arrives.
If among your plans is to use your bonus to buy a new car, I recommend that you keep reading, because here we will tell you how you should spend it, the advantages and disadvantages of using it to buy a car and the options you have to not use it completely.
Plan
It is no coincidence that many people look forward to the Christmas bonus, since it is very useful to release what they have wanted to acquire throughout the year.
However, the bonus is not something that should be spent as soon as it is received. Like any amount of money, the way in which it is consumed must be planned, to take advantage of it and avoid financial problems.
Therefore, before spending, the first thing you should do is review your accounts and identify if you have immediate debts. If you have them, you should set aside enough to cover them.
Once debt free, set aside another amount and allocate it to your savings. Then think of creative ways to invest the excess.
You can invest in some material good that is appreciated as land or in things that improve your quality of life such as making repairs to your house, replacing appliances or buying a car. Think about your priorities and what you want in the future.
There are many people who plan their expenses, especially when it comes to extra income and improve their finances considerably when they do it, so don't waste time and start planning.
Buy a Car with the Christmas Bonus
If your goal is to buy a new car, then what you should do is evaluate all the purchase options available (eg make, model, if it is new or used, etc.) and the way in which you will finance the payment. In the event that your financing option is the Christmas bonus, below you will see the advantage and disadvantage of using it to buy a car:
Advantage
Your Debts are Lower : If you are going to buy a car with the help of some financing method, you can use your Christmas bonus to increase the amount you will give as a down payment. This action will lower the total cost of the car as well as the amount of the monthly payments. And in the event that you use your Christmas bonus to make the cash payment, you won't even have to worry about debts.
Disadvantage
You will not be able to Invest in Something Else : With few exceptions, it is unlikely that you will be able to pay the full amount of the car you want to buy and still have money from the Christmas bonus to cover other expenses.
Lack of liquidity will limit your opportunities to purchase other products or services.
Alternatives to the Christmas Bonus to Buy a Car
Using your Christmas bonus can go hand in hand with some options to finance the acquisition of your new car, however, not in all of them you spend all your Christmas bonus on the transaction. Examples are:
Auto Credit : Auto loans are one of the most used options.
As in self-financing, payments are made in certain terms, so you only have to select the financial institution that offers you the amount of down payment, monthly payments and interest rate that best suits you.
If you have advice to buy your car, it will not be necessary for you to part with all your Christmas bonus. In addition, by choosing this option you will be able to enjoy your car instantly.
Self-financing : This way of buying a car consists of entering a payment method where a group of people meet to, from time to time, contribute a certain amount of money and acquire the car that each person wants after each payment.
The advantage of this way of acquiring a car is that you can make small payments during a certain period of time and it is not necessary that you part with your Christmas bonus in a single exhibition.
The disadvantages are that you must wait to brand your vehicle and that it is an increasingly less common and preferred option among consumers.
If you are thinking of buying a car, do not forget that the main thing is to make sure that during the transaction you get the highest possible benefit.
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