Save for a Car
Being able to travel by car can help people earn more, spend less, and get better value in their housing. Cars, however, are relatively expensive to purchase and maintain. American households spend, on average, more than $8,000 dollars on car purchases and maintenance each year. Individuals can reduce this transportation expense by making wise purchasing decisions. Ask your bank or credit union if they offer car buying workshops or other services to help you with the auto purchase process.
- Consider whether alternative transport -- mass transit, cabs, car sharing, rental cars, or a leased car -- makes sense.
- In deciding whether to purchase a new or used car, make certain to estimate the difference in total costs.
- To purchase a used car, check the Kelly Blue Book price to learn what used cars in a certain condition usually sell for and comparison shop.
- If you need to take a loan out, learn about how much to borrow, where to get a loan, and information about rates.
- The larger your down payment, the lower your debt, interest rate, and interest owed. Learn more about the best way to save for a larger down payment.
- Links, downloadable materials, and videos.