Everyone deserves to get from point A to B without much hassle. Driving your own vehicle allows you to have that freedom and luxury. If you’re in the market for a car, truck, or SUV, but can’t afford the vehicle of your dreams just yet — don’t worry. Here are a few ways you can save and budget for a new or certified pre owned vehicle in no time at all.
Calculate your down payment first
While you won’t have to pay for the total cost of your vehicle upfront, you’ll most definitely have to save for the down payment. Keep in mind that this cost is usually around 20% of the total purchase price. Now, with this number stored in your head, you can visualize your goal much easier.
Cut down on your grocery bills
Saving money isn’t always about storing large amounts of money at a time. Sometimes, you have to cherish those little victories too. While shaving off a few dollars off your grocery bill may not seem like much, it certainly will add up over the course of a year. You can start saving the next time you go out shopping by buying your food in the bulk section of any health food store. You can also save money by cutting out unnecessary or unhealthy snacks, as well as buying off-brand equivalents of more expensive items.
Reevaluate your monthly charges
Take a second to reevaluate any recurring monthly charges. Cancel any streaming subscriptions you no longer use. If you’ve stopped going to the gym for some time, you can cancel that membership, too. This can be a great way to cut down on hidden fees and ensure that every expenditure you have is there for a good reason.
Purchase a certified pre owned vehicle
You can get a great deal by purchasing a certified pre owned vehicle over a brand new one. A vehicle like this drives like it just came off the assembly line, but you won’t have to pay all the costs associated with a brand new
Used cars better for the environment. And because the car has experienced the bulk of its depreciation, you’re getting a better deal on your car than the previous owner did. Your insurance rates may also decrease when you purchase a used car.
Work another job on the side
If you wish to expedite the saving and budgeting process, look into getting a second job. This may not work for everyone, but the extra hustle might suit others with some extra time on the weekends to spare. This can be a good tactic to reach a number of financial goals. You might consider turning a passion or hobby into a side hustle, driving for a ride sharing company, listing your home on Airbnb, or working on weekends in order to save up.
Consider other car expenses when creating your savings plan
When budgeting, you also want to consider other car-related expenses such as oil changes, tuneups, and gas. This can affect the long-term cost of your vehicle. You may also have to adjust your payments based on this figure. It’s best to be prepared when formulating your savings plan, so consider every factor.
Find the right dealership
When you’re working with the right dealership, you’ll feel comfortable discussing your financing options. They will also help you pick out the perfect vehicle that is safe and in your price range. While the wrong dealer may make you feel rushed or anxious, we’ll make sure to guide you along this process — answering every question you may have along the way. That way, you can make the right decision when selecting your vehicle.
A final word on budgeting and saving for a new or certified pre owned vehicle
Depending on your spending and saving habits, you can have enough saved up to purchase a great and dependable vehicle within a year. If you’re looking for an even more affordable option, find a dealership with your best interests in mind. Working with the right dealership will ensure you get a great value, whether you’re purchasing a new or used SUV or car.