The difference between buying a used car and one right off the assembly line is quite a bit more than a few thousand dollars. True, money plays a huge role in this monumental purchase – and we’ll get back to that in a moment – but new cars are reliable, appealing, and a point of pride. That’s because you’ve researched what’s currently on the market, narrowed down what’s best for your needs, pinched pennies when possible, and finally committed to a new car or truck that will likely serve you for at least a decade or more. For such conveniences, you’re going to have to pay a considerable amount. In fact, autonews.com reports that the average price for a new vehicle was expected to hover around $35,000 in 2017 and that’s quite a bit of money for a middle class family. In this article, we’ll explain ways for the average consumer to make ends meet and eventually park a brand new vehicle in their driveway once their financial house is in order.
– Expenditure assessment: Everyone has guilty pleasures, but the problem here is that the costs add up. According to USA Today, foregoing frequent impulsive purchases will save you a surprising amount of money in the long run. The newspaper also advises against taking an extended vacation when you’re saving up to buy a brand new motor vehicle; this is a matter of priorities, after all.
– Borrow, not beg: Don’t come crawling to your relatives asking for a loan; money coming between family can be an ugly ordeal. Rather, seek out a credit union car loan to help finance the deal. These offerings from credit unions will often allow members to finance the entire cost of the vehicle plus tax, tags and warranty. Terms of the loan, namely the length of repayment, can also be negotiated.
– Making space: If you’re about to buy a new vehicle, chances are that you already own an old one. If that’s the case, you’ve already got at least a few thousand dollars sitting right there in front of you. Research what your car is worth and start shopping it around to online. The money you will earn off of this sale can go a long way toward making regular payments on a car loan from a credit union.