A shiny new set of wheels, that could be the envy of your neighbours, is certainly on everyone’s list. In today’s “wheeled vehicle” era, buying a car is a challenge in itself, thanks to the market being overloaded with a variety of cars at different range of prices, but arranging for funds to buy it is an even greater task. It has almost become a fad to switch cars within a few years, yet your first car will always remain special. It only pans out that you give a lot of thought before you make that final call to the dealer for a new car.
Should You Save For a Car?
Although the economic value of your car depreciates, but we cannot account for in rupee terms the amount of satisfaction derived from travel in your own car; no price tag is attached to the joy & pride of owning one.
Use your savings to buy a car with cash, only if you can afford it, to avoid the burden of a loan. Or else you could consider taking a car loan. It helps leverage one’s budget and one can reach for a higher model of a car vis-à-vis what one would have otherwise bought.
If you have an old vehicle, you could give it for exchange. If you are considering a trade in, then it is always a wise idea to check for its value online. Also, bring it up only after you have negotiated your best price with the dealer.
The Murphy’s Law for every shopper says we always like what is beyond our budget. It implies, to buy a car that we like we have to consider the car finance option. But only financing the car can deck up the cost of the car and be burdensome to your pocket. When you bring your own finance to the table, it helps you negotiate for a lower rate of interest with your lender and also means that the final cost of the car comes down by as much interest saved. Saving money for a down payment will also lead to paying less interest, in rupee terms.
Additionally you could employ savings methods and cut back on expenses. Pay bills on time and ensure no more money goes down the drain in late fees. Recalibrate your plans and always review regularly to see if your savings are growing. Restructure your savings to make it grow faster. Give equal importance to your savings.
After all “A penny saved is a penny earned”.
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