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Ideas on How to Save Your Money to Buy a New or Used Car

Updated on July 13, 2011

Saving your money

Saving up money for a car, whether new or used is something almost everyone does at some time in their life. Having a goal, putting those goals down on paper and setting a time frame, are some ways to start. If you are persistent, you can save for a vehicle and make it happen. How one goes about that will vary from person to person.

As far as purchasing a car, of course it is ideal to save up to be able to afford the purchase. Many people opt to take out a loan however, which means you are paying it back as you drive your car around. This is not a bad option, just not ideal. When saving up for a car, it really is no different than saving up for anything else, in my opinion. It is one of the biggest purchases you will make in your life and a great privilege.

A fun little BMW, and red just like my first car.
A fun little BMW, and red just like my first car.
Later perhaps, people can save up for higher ticket items.  I like this old Rolls Royce from 1953.
Later perhaps, people can save up for higher ticket items. I like this old Rolls Royce from 1953.

Delayed Gratification, a lost art? Hopefully not.

For the high school student with a job, it is a great time to save. The basic idea is to be bringing in as much income as you can, and without hurting your schooling and other responsibilities. You will definitely not want to spend more than you make. Spend as little money as you can for your needs, then save the rest by putting into a savings account or a checking account. Ideally, having a separate account would be good for saving for a car,because you can hopefully avoid the temptation to take out of that account for other frivolous things. Sometimes, even things you think you "need", you really don't need. It really turns out to be more of a "want". Indulging in things that really are just wants, will keep you from reaching your dreams in life, even a dream like buying a car.

So try to get in that mindset and realize you are practicing delayed gratification. When you practice delayed gratification in life, I really think you will begin to enjoy life more and have a happier life over all. You can achieve your dreams sooner, and with less debt. Having less debt, means you get to keep more of your hard earned money with the added benefit of less stress. 

One way of saving for a car is to save on the car itself, by choosing one that is more economical and in your price range. Ever since their invention, cars have been the envy of many, and people have wanted more than they could afford. Perhaps by saving now on the car you choose, and by doing it with savings instead of a loan, you could actually be closer to your dream car down the road! So having some good perspective, and challenging the way you think about all these things will help you achieve your goals more quickly.

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    • oceansnsunsets profile image

      Paula 6 years ago from The Midwest, USA

      Hi Phoenix, yeah that red car is fun! Thank you for your comment and visit.

    • PhoenixV profile image

      PhoenixV 7 years ago from USA

      I love that red car , great tips on how to save.

    • oceansnsunsets profile image

      Paula 7 years ago from The Midwest, USA

      Thank you for your comment Simone, I appreciate it.

    • Simone Smith profile image

      Simone Haruko Smith 7 years ago from San Francisco

      Hahaa, I really do hope that delayed gratification is not a lost art! Thanks for the advice XD