Buying a new car can be a major expense for most people. Very often it will be necessary to save a deposit to add to the cost to benefit from the loan. If your “bucket of bolts” is running low, here are some great tips on how to save money to help you buy a new car.
Tip No. 1: create a new budget for the car
Before you know how much you need to save, you need to know how much you are going to spend on a new car. While the smell of a new car can be great, a quality used vehicle will cost less and won’t require a down payment.
Tip No. 2: open a savings account
Open a savings account for your car down payment. The only money in this account should be for the purchase of a car. You can start by setting aside a small amount each week and putting more earnings into the account.
Tip No. 3: cut expenses to save more
Look for different expenses you can cut down on, like getting rid of cable TV or switching to a lower smartphone plan. You can also keep your smartphone current once it has been paid for instead of upgrading to the latest model to save money.
Tip No. 4: sell old Junker vehicles for cash
If you have old machines lying around that no longer work, convert them to cash. They still have value and you can use the money you get for your new car up front. Who knows, you might even have enough to cover the down payment!
To find out how much your junk vehicles are worth in GTA, don’t hesitate to contact Auto Scrappers at (647) 766-2292 today! We can also purchase your current vehicle and help you find a new replacement car through our dealer network at a fee that easily fits your budget!
Tip No. 5: get pre-approved for a car loan
To find out how much car you can easily afford, it is worth getting a pre-approval for a car loan. Even if you still need to save money on the down payment, you will at least know which vehicle price range to buy.
Tip No. 6: Trade in your current vehicle
Another way to get money for your down payment is to trade in your current vehicle. You could also sell it for cash and then use that money for the down payment.
Tip No. 7: find a part-time job
If your budget is tight and you really want a new car, you may want to get a part-time job to earn extra cash to use on down payment and car payments.
Tip No. 8: reduce takeaway and restaurant deliveries
You might be surprised at how much money you can save by cooking at home instead of ordering take-away and restaurant deliveries. Depending on how many meals you eat each day, you could be saving $ 100 or more each week!