If getting a new car is one of your goals for the year, you have come to the right place. With inflation and the cost of living increasing, there are ways you can save up to buy a new car.
We have highlighted five important ways to guide how you can save up for your dream car below:
1. Choose a car: When choosing a car, it is important you choose a car that you can afford. You need to look through car models, properties, extra maintenance costs, and functionalities to get a car that suits what you need it for. Research various car types, ensure it is suitable for the roads around you, and ensure it suits the purpose you are getting them for.
2. Financing options: If you cannot buy the new car outrightly, look at finance options to see the possibilities of getting your car financed. You can visit Autochek website to get a car on a car loan and pay it back monthly.
3. Saving money: You can create a car-savings fund to help you manage the money you save and track your progress toward your down payment goal. The 50/30/20 rule is a popular budget method to follow. This means you spend 50% of your monthly income on the things you actually need, and spend 30% on things you want and don’t exactly need while keeping 20% of your income as savings.
4. Reduced expenses: While saving towards a goal, delayed gratification is one thing to consider. For items you do not really need or can do without, you can hold off with purchasing them while you focus on your goal. This automatically reduces your expenses and allows you to meet your money goal faster.
5. Declutter: Yes, declutter. You can sell off old items that you have not used in over 6 months. The chances of you using these items again might be zero to none. Sell it off while it still has a good resale value and you can move the money to your savings.
With these five steps, you are set to save up for your dream car. Set a car goal, calculate how much you need to save, and work towards being a car owner.
