saving for car

What are the Fastest Ways to Save for a Car?

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If you’re in the market for a new car, SUV or pickup truck, you’re probably aware that you need to gear up for high prices, sparse inventory and few incentives. It may not be the best time to shop for a new vehicle, but you might not be able to wait any longer. 

Fortunately, things are getting better, and car prices are no longer increasing. But you can still expect to pay significantly more for a car today than a year or two ago. Below are some tips from the experts on how to save for a car – and fast! 

Pick the Car You Want First 

Decide on the vehicle you want to buy before you start saving. You may have a few different models picked out, and that’s okay. By having some vehicles in mind, you can look up their prices and know how much you have to save. Don’t forget to add in extra for fees, sales tax and insurance payments. 

Decide How You’re Going to Pay for the Car 

Once you have a car in mind, you can decide how you’re going to pay for it. Creating a timeline can be helpful, as you’ll be able to find a balance between the monthly payments you can afford and a down payment you can save for. There are a number of free online payment calculators you can use to crunch these numbers. 

Set Up a Separate Savings Account

As you begin to save for your new car, keep your “car cash” separate. You don’t want to end up using your savings for other things like groceries, gas or a night out. Having a separate account allows you to see how much you have saved for your car and where you are in relation to your goal. To make things even easier, set up automatic transfers from your checking account. 

Not sure how much you should be putting away each month? Anything helps, but experts recommend pretending like you already have the car payment. What you would be paying in a car payment can go directly into the savings account.

Sell Your Car Right Now 

Normally, you would trade in your old car when you buy a new car. But these are different times, so it might be worth it to trade in your old car right now. In the meantime, you can drive a different car you own, car pool with neighbors or use public transportation. The purpose of this is to get the best price for your trade-in right now.

Save Money. Shop with RepoFinder. 

When you’re ready to buy your new car, be sure to consider all of your options. RepoFinder has a huge inventory of repossessed vehicles, and they are available to the general public. You do not need a dealer’s license. You can take advantage of low prices, an expansive inventory and quick sales. Check out our used vehicles today!