Tips to help you save for your dream car
Have you been dreaming of owning a car since you were little? Buying a car, especially your dream car always comes with a price, however, with the right savings tips you might be able to turn that dream into reality. Here are a few tips to get you started:
Know your expenses
One of the keys to saving money is budgeting. It’s important to first look at your spending and find out how you can start saving. Are the any expenses that you can do without? Whether it’s switching to store-bought coffee or giving online shopping a break, there are plenty of ways you can try to cut your expenses without drastically changing your life.
Open a savings account with buckets
Some savings accounts let you set up different “buckets”. These buckets allow you to allocate your savings to a specific goal. You might have one bucket for a home deposit and one for your new set of wheels.
Set up scheduled deposits into your savings accounts
Some bank accounts will allow you to use round-up tools, account sweeps or direct debits to make sure your money is tucked away before you can spend it. This can put you in the express lane towards getting your new ride.
If you already know what your dream car is, take the time to research what you might expect to pay for that make and model. The more you know, the better the position you’ll be in to negotiate a better price.
Time your purchase
There are certain times of the year when you may be able to get a better deal on a car because dealers will be trying to clear stock and reach sales targets. These are commonly around the end of the month, end of the year, or end of the financial year. If you are willing to wait, you might be able to take advantage of these times.
Get the right car loan for your needs
If you plan to take out a car loan to finance your purchase, make sure you find one that suits your needs and financial situation. Check out our article on tips for choosing a car loan to get you started.