6 Tips To Help You Save Up For Your Own Set Of Wheels

Are you tired of always having to rely on your friends and family whenever you make plans? Is begging your roommate to give you a lift to the shops getting annoying? Being independent, but having no form of transport absolutely blows!

Which is why we completely understand how desperate you are to get your own set of wheels!

But in order to do that, you need some dough, right? The good news is through this article, we plan on giving you five tips, which if you follow can help you save up for a new car in no-time. So, are you ready to get into it?

The First Step – Determining How Much You Need To Save

It’s going to be rather difficult to get a savings plan in motion without knowing how much you need to save, right?

That’s why the first thing you need to do is window shop. Browse various online websites, and dealership stores near to your location to get an idea of what vehicle you want, and how much it will cost.

Remember, at this point, nothing is set in stone. This is just to give you a rough idea of how much capital you will need to save. Here are a few good websites you can browse to get an idea of how much your dream first car will cost:

  1. https://www.carsforsale.com/
  2. https://www.cars.com/
  3. https://www.carexportamerica.com/

Now You Have A Rough Idea Of How Much You Need – What Do You Have Available?

It’s all good to decide that you want an Aston Martin DB-9 for your first car, but unless you are some superstar, genius – that’s not really a viable choice for a first-car, right?

Which is why once you have an idea of what the realistic price range is, it’s going to be time to budget in your expenses to see what you can afford.

The majority of the time you will be paying off your vehicle over a set period of months. So, you want to make sure that you have enough cash on hand for both your usual expenses, as well as your monthly car payments.

The good news is that there are online tools that can help you with this.

You should look at different payment terms and lengths of repayment to get an idea of the flexibility that you will have when it comes to paying off your car. It’s also important to remember that investing in a car is more than just worrying about car payments.

You will also have other expenses added on to your budget. For example, insurance, as well as gas costs, maintenance and upkeep, etc.

Another benefit of doing this is you make sure you don’t bite off more then you can chew. The absolute last thing you want to do is invest in a brand new car and realize that you can’t afford it. This just leads to Legal Fees and problems that you are not looking for.

Savings Is Your New Best Friend

Putting money away each month sounds easy as pie. However, remember life is full of unexpected surprises and expenses. Take it from me, putting away money is not as easy as it sounds.

If you struggle to control your habits, that’s okay. Did you know that over 65-percent of Americans struggle to put money away?

But guess what, where there is a will – there is a way.

You can set up automatic payment deductions on your account after you get paid. We suggest that you do this, and put the money into a long-term savings account. This way, not only will you be unable to access the money, but it will also earn accumulative interest.

Make Sure You Shop Around

Would you be willing to rent out a house that you have never seen, in a neighborhood you have never visited before? Probably not, right? Well, the same principle should apply when you are looking for the “perfect” first car to invest in.

It is incredibly important to shop around. Remember, this is not something that you want to rush. Take your time, look for the best deals. Make sure that the car you are buying is not plagued with a million hidden problems, and expenses.

Doing this will ensure that you get the best bang for your buck at the end of the day. For more tips on how to window shop efficiently for your vehicle, you can check out this article.

Now that you have these tips, you are armed with the knowledge to start the process of saving up for your very own set of wheels. Good luck!

~ by velofinds on June 1, 2018.

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