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How to Save for Your Dream Car

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You saw it in the shop window; it’s your dream car. You’re not trying to be a traitor to Ol’ Bessie, but let’s face it: your once trusty car is not likely to be sputtering around for much longer. We have a few ideas on how to pinch those pennies as you save for your dream car.

Save for your dream car

For starters, set goals. You have to know how much it will cost to own your new-to-you car. If you will be taking out a loan, you’ll want a sizeable down payment with monthly payments you can reasonably afford.

Once you determine how much you want to save, you should set aside money each month. This is where it gets tricky: where can you cut costs?

  1. Stop stopping at Starbucks. We know the caffeine seems necessary, but $4 a cup is not. If you must have your morning coffee, brew your own at home. The same goes for driving through Wendy’s every afternoon. Eat at home; you’ll be surprised how much money you save.
  2. Pick up a friend. Another way to save is to carpool with a friend. With gas prices as they are, driving half the time will allow you both to save money.
  3. Maintain your current vehicle. Even though you may be ready to drive ol’ Bessie over a cliff some days, keeping your current vehicle in good condition will result in better value should you choose to trade her in.

Be patient. Buying a car can be a fun experience, but you don’t want to suffer later because you can’t make the car payments. Diligently save for your dream car now so it won’t cost you in the long run. Besides, we all know you’ll have more negotiating power if you purchase using cold, hard cash.