How to Start Saving Money for A Car

Saving money for a car could become quite a task. There are several factors that are useful when it comes to saving for a car. One must first consider the price of the car in question. For most of us financing is an option; however when financing over extended periods of time, the repayment of the loan can take a lifetime; not to mention the skyrocketing interest rates that can be place on an autoloan. Another factor to be considered is the duration of time it takes to save up for the car in question. Only you can be the judge of exactly how long you want to save money for the particular car in question, so it's best that you set a reasonable goal date to purchase your car. The legal age to obtain a driver's license is sixteen years of age depending on the state's in the U.S.; I figure that by sixteen most of us have one goal at hand as a new driver, and that is getting our very own car. If your anything like me then your probably wondering, how to start saving money for a car. I know that I had a good idea for of how to save the money but need a few more saving money tips. I decided to compile a hub, explaining how to start saving money for purchasing your very own car.

Some Great Saving Money Tips

  • Open up a savings account. Most banks are using free savings accounts as their latest promotions. You should take full advantage of this options. You should set up the automatic deposit feature through your payroll department. You should select a reasonable portion of your earning to be directly deposited into your savings account. You don't touch this money. Never withdraw from this account, just check your financial statement however often your getting paid to make sure that the funds are being allocated properly.
  • Stop expenses that are not a necessity; i.e, fast food, excessive shopping habits, etc.
  • In the meantime carpool, or share traveling expenses with a co-worker or friend. This cuts down on your extra spending for present transportation.
  • Organize fundraisers, such as car washes, fish-fry's, etc. for extra money, all in the name of saving for your car.
  • Do extra odd jobs such as, taking on a paper route, or cutting grass on the weekends for extra cash.
  • You can bargain shop. Walmart is the bargain shop central because they price match, so take other competitors ads to walmart an get your products on sale.
  • Try watching television at home, instead of paying for a movie.
  • You can empty all of your change out of your pocket daily into a personal bank and at the end of every month take the change to the bank and deposit into your car savings.
  • Stop bad habits like smoking and buying expensive junk food from gas stations
  • Don't subscribe to magazines or newpapers, as these prices will surely add to your monthly expenses.
  • Subscribe to the very basic cable and cellphone packages.
  • Purchase a used car instead of a new car.
  • Reduce energy costs around the house by turning off the lights in rooms that aren't occupied. Burning less heat/ air.
  • Cancel gym membership and use the park for exercise, after all it's free.

Extra Expenses

(click column header to sort results)
 Weekly  
Bi-Weekly   
Month/Total   
Eating Out $42 
$84 
$168 
Habit/Smoking/Junk $40
$80 
$160 
Gym Membership $5 
$10 
$20 
magazine monthly subscribt. $2.50
$5
$10
Cellphone Overages $10
$20
$20
save money by eliminating all
Total money saved $199
Total money saved $398
The above table list extra expenses, or items that if eliminated can add up to major savings.

Where to Find A Good Car For A GreatPrice?

  1. The internet and the use of the (www) worldwide web, have become a great source for bargain shopping. With use of various search engines one can find just about anything, anywhere, anytime, for the best available price. So it is my advice to you to first shop around online for your best price, and consider purchasing your vehicle accordingly. The best way to shop is to use the shopping subheading instead of the web after you enter the item to be search within the search engine. You will be surprised at the ending results obtained. In most cases, depending on your method of payment, you can have item's shipped and delivered to you free of charge, as early as the next day.
  2. Another great place to find a good car for a cheap price, is on Craigslist.com. You can access craigslist simply by typing in the above listed address and searching. Once you're actually on Craiglist you can search for good cars at cheap prices or simple search for the year, make, and model of the car that your interesting in purchasing. Some car dealerships new and used are even featured on craigslist.
  3. Another place to find great cars in the local car auctions. Some car auctions are only opened to dealers or individuals with valid dealer licenses, However, you can google car auctions and find out when and where the next one will be held. This is not a bad option at all. I've actually attended a car auction where the car being auctioned off was a Range Rover. Some of the cars being auctioned were actual demo's or prior rental cars that companies simply don't have any use or space for. Instead of financing them they auction them off. Some car auctions are even offering financing. You may want to give this some thought.
  4. Ebay sells everything. Cars are not excluded. Just login to ebay, and search car and see what how many you can find.
  5. Car Dealerships are a good place to find a good car for a cheap price. They can give you a great deal on a car because they buy them at wholesale prices. The risk with a car dealership is the fact that their sales people are paid on commission, with that being said they have reputations for scamming or overcharging people. Not all sales people are bad, so my suggestion to you would be to know what you want about how much you want to spend and don't go a penny over it.
  6. Your local classified ads in the newspaper is also a great way to buy a good car at a cheap price. Most of the cars listed are individually owned, which gives you a one on one experience with that particular seller. This can be a good thing, just make sure that you receive all titles and proper tag info for the vehicle.

 

How much money do you think that you can save out of each paycheck?

  • $10
  • $20
  • $50
  • $100
See results without voting

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Comments 2 comments

Simone Smith profile image

Simone Smith 5 years ago from San Francisco

Wow, I love the breakdown of how much money can be saved by cutting out a couple small things - thanks so much for writing this Hub! I'm quite inspired to start saving more now :D


Glencap profile image

Glencap 5 years ago from Atlanta, Georgia

Your savings breakdown and budgeting plan are right on point. This is a very good post. Thank you for sharing.

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