{"id":3986,"date":"2012-09-26T05:43:59","date_gmt":"2012-09-26T12:43:59","guid":{"rendered":"http:\/\/couponshoebox.com\/tips\/?p=3986"},"modified":"2012-09-24T09:15:09","modified_gmt":"2012-09-24T16:15:09","slug":"how-to-save-the-most-on-your-next-vehicle-purchase","status":"publish","type":"post","link":"https:\/\/couponshoebox.com\/tips\/how-to-save-the-most-on-your-next-vehicle-purchase\/","title":{"rendered":"How to Save the Most on Your Next Vehicle Purchase"},"content":{"rendered":"<p>Next to your home, your vehicle is likely to be the most expensive purchase you ever make; and, if you don\u2019t plan on driving your vehicle until it will no longer move, you will probably purchase several of them in your lifetime. Since vehicles are such a major purchase, it\u2019s important to put a lot of forethought, research, and financial planning into the process. People who stop at a car lot on a whim, test drive a vehicle once, and sign away their life are not showing financial responsibility (unless, of course, they\u2019re wealthy enough to pay in cash!).<\/p>\n<p><strong>The first factor to consider is what kind of vehicle you need and want<\/strong>. Your needs may not always match your wants, so be sure you are making your decision based on what is most practical for your family size, driving habits, location, <a href=\"https:\/\/couponshoebox.com\/tips\/reduce-your-auto-insurance-premium\/\">insurance rates<\/a>, gas mileage, safety ratings, and other important factors, and not based on the looks or make and model of the car. A dream car you can\u2019t afford the insurance for or doesn\u2019t accommodate a car seat will be a purchase you quickly regret.<\/p>\n<p><strong>Once you\u2019ve narrowed down what vehicle you want and established a price range, start saving for your down payment<\/strong>, <strong>if not the entire amount.<\/strong> Here are few facts to consider:<\/p>\n<ul>\n<li>Cars that are 2-3 years old and under 40,000 are often a better deal than buying a new vehicle. A new vehicle depreciates in market value drastically in the first year while the car itself, if well-cared for, loses little actual value while still offering quite a few years of use.<\/li>\n<li>A good rule of thumb is saving toward 20% of the entire purchase, preferably in a high-yield savings account. If you need to finance the rest of the purchase, seek a loan you can pay in 36 months or less. Your payments will be lower the longer the term of the loan, but the amount of interest you pay rises with its age.<\/li>\n<\/ul>\n<p><strong>Set aside the amount you can afford for a car payment on a monthly basis. <\/strong>Not only is this a great way to save quickly for a down payment on a new vehicle; it gets you used to budgeting the expense.\u00a0 It\u2019s not a bad idea to keep setting aside the same amount after your car\u2019s paid off, in anticipation of repair costs.<\/p>\n<p><strong>Shop around for your loan &#8212; don\u2019t just go with the dealership\u2019s financier. <\/strong>Banks, specifically credit unions, often offer low interest rates on vehicle loans. If you are already established at a bank, check with them first since you may qualify for special discounts or better loan terms.<\/p>\n<p><strong>Get the best deal on your current vehicle.<\/strong>\u00a0 Another great savings boost for a new vehicle is selling an old one. You will usually get more for your vehicle if you sell it privately than if you trade it into a dealership, so go this route if possible. Keep your current vehicle in good running order and take good care of it so its value doesn\u2019t fall. Check the Kelly Bluebook if you are unsure of what your vehicle is worth so you\u2019re asking enough for it.<\/p>\n<p>Purchasing a new vehicle is an important decision that can have a huge impact on your finances and your <a href=\"https:\/\/couponshoebox.com\/tips\/why-you-should-check-your-credit-report-regularly\/\">credit history<\/a> for years to come, which is why it\u2019s important to pay as much as possible up front to reduce your loan amount and keep your payments affordable. Saving takes time, planning, and discipline, but it\u2019s much wiser than going into long-term debt with your next vehicle purchase.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Next to your home, your vehicle is likely to be the most expensive purchase you ever make; and, if you don\u2019t plan on driving your vehicle until it will no longer move, you will probably purchase several of them in your lifetime. Since vehicles are such a major purchase, it\u2019s important to put a lot [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[514],"tags":[94,163,75,108,85,46],"_links":{"self":[{"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/posts\/3986"}],"collection":[{"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/comments?post=3986"}],"version-history":[{"count":0,"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/posts\/3986\/revisions"}],"wp:attachment":[{"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/media?parent=3986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/categories?post=3986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/couponshoebox.com\/tips\/wp-json\/wp\/v2\/tags?post=3986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}