BUYING A NEW CAR doesn’t have to mean breaking the bank.
YouTuber, Chenise J, has uploaded a video with five tips on how to save on your next vehicle purchase.
Chenise’s tips are applicable regardless of your financial situation.
This car videos first tip is to decide how much money you can spend on a vehicle.
The majority of motorists take out a loan when buying a car, since people usually cannot pay for a car in one go.
Chenise emphasizes the importance of being realistic with your budget.
Especially if you buy new.
Chenise says, “Knowing what your range is and what’s affordable to you for the car you want to buy can give you greater range and a better idea of what you need to save on moving forward.”
Chenise’s second car-saving tip is to outline a timeline of when you plan to buy your next car.
By creating a timeline, you can figure out how much money should be deposited into your savings account on a weekly and monthly basis.
Monthly budgets should consider your net income, expenses and miscellaneous expenses.
Chenise discussed how she saved for her car by having a certain percentage of her salary automatically deposited into her savings account.
Chenise recommends downloading one of the many savings apps available to track your progress and fine-tune your spending habits.
Consider taking a side job if you want to increase your monthly savings.
Chenise notes that her part-time job helped her close the savings gap.
When looking for a side job, consider the safety of the situation and whether you have enough energy to complete the extra work.
The last tip from Chenise is to sell or trade in your car.
Trade-in through the dealer is the most convenient trade-in option.
While private car sales can bring in more money, they are more stressful as you will likely have to organize meetings with strangers and facilitate paperwork.
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