Buying a new car means shelling out a significant amount. Unless you’re rolling in money, you may want to save as much as you can while buying a car. The following tips will help you out.
1. Determine the Type of Car
By determining exactly what type of vehicle you need, including make and model, you can shop around in dealerships to get a good idea of what’s the cost of that particular car.
People even prefer to import cars with the help of Import Direct Car Sales which too can be an economical option.
You can either save for the full cost of the car or 20% of it if you intend to take out a loan.
2. Don’t Forget Other Costs
While budgeting for your car, you may forget that the car will also have a few other costs. These include vehicle registration (rego), stamp duty, driving license, insurance and fuel.
If you choose American car imports in Australia, you’ll also have to count costs that come with importation.
Add all these costs to the price of the car and you’ll get an idea of how much you’ll have to save up for a new car.
3. Set a Budget and Stick to it
Once you determine which car would be the best for you and roughly how much you’ll have to pay for it, it’s time to set a budget and follow it.
At this stage, you should review your income and expenses so that you can determine how much you’ll have to save.
Set a realistic budget and once you set it, make sure you stick to it because it will take 1 to 3 years for you to save until you gather the complete amount you need for a new car.
Image Courtesy: importdirectcarsales.com.au
4. Create a Schedule for Saving
No one can blame you if your life is so busy that you forget to set aside money; but it’s going to hurt your plans of buying a new car.
A good way to avoid this is to create a saving schedule so that saving becomes a habit for you, which is essential if you want to buy a new car as soon as possible.
You can determine if you want to save weekly, fortnightly or monthly; once you determine it, be loyal to it.
You can save reminders on your phone or form events on your computer calendar in order to make sure you follow the schedule.
5. Set the Purchase Date
A deadline can be the best motivating factor. Once you begin saving for your new car, set a date for your purchase.
Such a deadline will motivate you to follow your saving schedule, whereas without one you’ll easily spend your money on other things instead of adding it to your savings account.
Once you’re prepared to buy a new car, shop around and find the best deals.
If you have plans to take out a car loan, it’s recommended to get the finance approved before you head out to the dealerships so that you’ll be more confident while bargaining and asking for a lower price.
Have you started looking for the best car for your requirements?