Though new vehicles are more affordable than ever, buying one is still a major investment. If you’re looking for some money-saving tips on how to save money to buy a vehicle, you’ve come to the right place.
- Set up a Budget: Before you ever consider purchasing a new car, you need to know how much of your income you can afford to spend on a new vehicle. Calculate your monthly expenses, then see what’s left. At minimum, you should save enough to cover your car payment, insurance, gas, and maintenance.
- Save for a Down Payment: One of the best ways to lower your monthly payment is to put a substantial amount down on your new vehicle. Most experts recommend trying to prepare a down payment that is 10 to 20 percent of the overall cost of your vehicle. You can also put this money into a high-yield savings account to earn extra passive income towards your purchase.
- Sell Us Your Old Car: If you already have a vehicle, you can sell it to Bill Jackson Chevy Buick GMC Cadillac for a credit toward your purchase. After a test drive and an appraisal, we’ll offer you a fair value for your old car.
If you want any more advice on how to effectively save up for a new car, how to navigate the financing process, or if you’re ready to get behind the wheel of the vehicle of your dreams, stop by Bill Jackson Chevrolet Buick GMC Cadillac today.