Money-Saving Tips to Afford a New Car

Afford a new car - Troy, AL

If you’re concerned about being able to afford a new car, you can rest easy. Bill Jackson Chevy Buick GMC Cadillac has got your back with a few money-saving tips to help you get that new car off of the lot and into your garage in no time.

  • Make a list of must-have features and a separate list of would-like-to-have features.
  • Establish your “target price.” Once you’ve determined how much you’d like to spend, research a few makes and models online to see if this price is realistic. If you can get all of your “must-haves” within that price range, you’re good to go. If not, either your target price or your must-haves will need to be adjusted.
  • Plan to put at least 20% down on a new car. Making a larger down payment means you may need to save for a little bit longer in the beginning, but it will save you money in the long run.
  • Try to limit spending on unnecessary expenses. Consider eating out less frequently or temporarily switching from name brand to store brand products.
  • Establish a savings account. If your financial institution allows for it, you can create a separate savings account dedicated to your new car and have a certain percentage of your paychecks deposited automatically.
  • There are numerous “gig jobs” available today in everything from ride-sharing to dog-walking. Consider picking up a temporary side job to help you save up for that big down payment.

Purchasing a new car is a very exciting process as long as you’re well-prepared. Visit Bill Jackson Chevy Buick GMC Cadillac and have a member of our staff walk you through everything you need to know and help you set up a savings plan.

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