Are you looking at a new car before you expected? If so, you might have a vehicle that is in need of repair. This is an all too common situation. However, you have options, which many fail to consider.
1. Should I Fix My Car Or Trade Up
Deciding between fixing or buying a car is relatively straightforward. Just evaluate the costs and benefits of both. Then, make an educated decision about which is the best route.
Figure Out What Is Wrong With Your Car:
First, you need to learn what is wrong with your car. Just because it is not turning on does not mean that it will cost a fortune. Maybe, it is something as simple as a new battery.
Can You Learn How to Fix It?:
Once you discover the problem, check the internet for solutions. If you think it’s doable, consider waiving that trip to the mechanic. Instead, order the parts yourself. Then, you can provide the labor.
By getting rid of the mechanic, repair costs plummet.
If It Expensive, Consider Buying a New One:
Now, you should have a good idea as to what the final price would be for repairs. If it is less than what it would cost to buy the same car, then repair it. Otherwise, it is time to go shopping.
2. Car-Buying Tips And Mistakes
Car shopping is an emotional experience. It would be best not to let yourself make rash decisions. Take the time to do your research. That way, you’ll know the right deal when you see it.
Buying a Brand-New Vehicle:
The most common mistake when buying vehicles is picking something brand new. As soon as a new vehicle leaves the lot, it drops in value. Instead, go for a lightly used car. These have already depreciated a decent amount. Pocket the savings. If you need to, use some of them to get a professional cleaning. It will be less expensive than a new one.
Only Looking at the Size of the Payments:
Just because the payments on a car look affordable does not mean they are. Always peek at the total amount paid. Sometimes, financing will make you pay substantially more. In a best-case scenario, you would not have a car payment at all.
3. How to Save for Your Car Fund
Suppose you did not have a car payment at all. How much stress would that remove? If we had to guess, probably a ton. The best way to pay off your car fast is by making it a goal. This seems simple. Yet, belief is compelling. Believing it is possible to own a car outright is the first step to making it a reality.
Lower Other Monthly Expenses:
You might be surprised at the amount you spend on monthly expenses. These expenses usually range from rent or house payments, Direct Energy utility bills, internet, car payments, insurance and your food bill. By tracking your expenses and thinking of ways to save on any of these expenses you can save a significant amount of money. Especially since these payments come once a month the savings can definitely add up.
Find a Side Gig:
Most people already have a job. Nonetheless, many more also work side gigs. These opportunities should not be used to make ends meet. However, they can be effective at helping you achieve financial goals.
Sell Old Items:
In your home, how much stuff is there lying around? Most of us have more than we need. A lot of those things might be more useful if you convert them into cash. Throw a yard sale. Then, put the money towards your car.
Buying a car can be a daunting task but hopefully with the information above it can make a stressful experience a little more manageable. Knowing what to expect, different options available and figuring out a plan of action is a great way for a smooth car buying experience.