Do you need to save up for a new or used car? Whether your current vehicle is on its last legs, or you’re in the market for your first car, use these tips to get started.
5 Tips to Help You Save Up for a New Car
Figure out your ideal car payment
First thing’s first: You need to have an idea of your buying power. Unless you’re planning on paying in full, you’ll have to come up with a car payment plan. Calculate your down payment, term, and interest rate options. If you have a car currently, you’ll want to factor in its trade-in value. If you don’t know where to begin, the finance professionals at Zimbrick can help.
Account for car-related expenses
The work isn’t over once you secure your loan and begin monthly payments. Like most other goods, cars require basic ongoing expenses. Gas, insurance, and maintenance are all things you’ll have to budget for, so don’t shop above your price range without considering what you’ll need to keep you on the road.
Decide on a timeframe
Timing is everything. Once you know which make and model you can afford, the next step is determining a realistic timeframe to make it happen.
Maybe you’ll need to save less over more time. Perhaps you’ll want to buckle down and penny-pinch to reach your purchase goal sooner. Whatever you do, make sure you have a nice cushion before you rush into anything.
Start saving
Now it’s time to get down to business and start putting money away. Budgeting requires a lot of discipline, but you’re ready. Open up a savings account and set aside a specific figure from each paycheck. “Test drive” that figure for a few months to see if you reach it without negatively impacting other parts of your budget.
Consider leasing
Buying isn’t for everyone. Leasing is a great alternative for those who don’t want to be tied down by ownership. It’s also a good option for those who desire lower average monthly payments.
If buying isn’t your style, check out the lease deals and specials at Zimbrick. If you want to know more, our finance experts are here to answer your questions.
Start Saving for Your Ride Today in Madison, WI
Once you’ve reached your savings goal, it’s time for the fun part. At Zimbrick, we have a variety of competitively priced vehicles in our inventory of new cars for sale. We also carry an array of affordable options at our used car dealership. Visit one of our 16 convenient locations to put the stamp on your car-buying journey.
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