8 Tips For Saving Money For A New Car Down Payment
Buying a new car can be a major expense for most people. Quite often you will need to save up a down payment to put towards the cost to qualify for financing. If your “bucket of bolts” is on its last leg, here are some great tips on how to save money to help buy a new car.
Tip #1: Create a New Car Budget
Before you know how much you need to save, you need to know how much you plan on spending on a new car. While that new car smell can be great, a quality used vehicle will cost less and not require as much of a down payment.
Tip #2: Open a Savings Account
Open a savings account for your car down payment. The only money in this account should be for buying a car. You can start off by setting aside a small amount of each week as well as putting larger windfalls into the account.
Tip #3: Cut Expenses to Save More
Look for different expenses you can reduce, like getting rid of cable TV or switching to a lower smartphone plan. You can also keep your current smartphone once itis paid off instead of upgrading to the latest model to save too.
Tip #4: Sell Old Junker Vehicles for Cash
If you have old cars sitting around that no longer run, convert them into cash. They still have value and you can use the money you get for your new car down payment. Who knows, you may even get enough to cover the down payment!
To find out how much your junk vehicles are worth in the GTA, please feel free to contact Auto Scrappers at (647) 766-2292 today! We can also buy your current vehicle and help you find a new replacement car through our dealer network at a payment that fits easily into your budget!
Tip #5: Get Pre-Approved for a Car Loan
To find out how much car you can easily afford, it is worthwhile to get pre-approved for a car loan. Even if you still need to save money for the down payment, you will at least know what price range of vehicles to shop.
Tip #6: Trade-In Your Current Vehicle
Another way to get money for your down payment is to trade-in your current vehicle. You could sell it for cash too, and then use that money for the down payment.
Tip #7: Get a Part-Time Job
If your budget is tight and you really want a new car, you could get a part-time job to make extra cash to use for your down payment and car payments.
Tip #8: Cut Back Take-Away and Restaurant Deliveries
You might be surprised how much money you can save by cooking at home instead of ordering take-away and restaurant deliveries. Depending on how many meals you eat each day, you could be looking at $100 or more in savings each week!