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Buying a car | 17.01.2014 - 18:33

Wise Car Buying: 5 Tips for Fitting A Car Into Your Personal Finances

Here are five tips to help you be able to afford the car you want (or need) through smart buying and shrewd personal finances strategies. You can look to these five tips to better fit a car into your personal finances.
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Costing anywhere from a couple hundred to a tens of thousands of dollars, cars can be an expensive purchase. Yet, for many people they are a necessary purchase, whether they can afford them or not. If you find yourself in need of a new car, but you are unsure how you will afford it, you can look to these five tips to better fit a car into your personal finances.

 

1. Cut Out Other Expenses

One simple way to add an extra expense to a tight budget is by finding something else you can take out. If you have a gym membership you never use or magazine subscriptions you never read, cancel them. Cancel your cable and internet or downgrade your phone service. Eat at home more instead of going out so often.

 

2. Bring in More Income

If, after looking over your budget, you find you cannot take enough expenses out, you may need to add in some additional income. See if you can work extra hours at your job. Look into getting a second part time job, or find work online. Babysit or have a garage sale. Perhaps this would be a good time to ask your boss for a raise you are long overdue for.

 

3. Buy Only What You Can Afford

Once you have found some extra wiggle room in your budget, make sure that you spend only what you can afford. Skip the brand new cars at the dealership and opt for a more affordable used option. These can still be very reliable and long-lasting vehicles that offer you most everything many new cars offer.

 

4. Save up the Cash

If you do not need your car immediately, consider waiting to purchase until you have saved up the money to pay with cash. This way, you will never have to worry about making a payment or squeezing another bill into an already tight budget.

 

5. Get Great Financing

If you need a car now, even though you do not currently have the money to buy one, make sure that you look for a car dealer that has excellent financing. Some dealers such as Palm Automall (a car dealership in Fort Myers) are willing to work with people that need special financing. Simply ensure that you can easily meet your monthly payment to which you agree.

 

Cars can be expensive, but there is no reason why you should have to pay more than you can afford. Shop around to see which dealership has the best selection, prices and financing options, and make sure that the car you choose will drive you to work, not to the poorhouse.

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