Depending on your circumstance, buying a car can be a necessity and you can actually save by driving your own car.
Yes, in some cases, using public transportation may save you money but I have also seen instances where car owners save more money than those who use public transportation. You can also earn money by owning a car if you are business minded.
Innovative strategies you can deploy to buy a car
Open a savings bank account
You should consider opening a bank account where you can save towards buying a car. Saving a percentage of your salary every month will go a long way in making you to actualize your dream of buying a car.
Visit a bank around you and ask them about their savings products. The bank will be happy to advise you on better ways to save money.
Investments can be used to save towards a project. If you are keen on buying a car, you can invest in securities. Government securities like bonds and treasury bills are safe; investing in this kind of securities will reduce your risk of losing all your money.
The interest accruable to the investments you make can help you to have more funds to buy your dream car.
Cut down on your expenses
Reducing your expenses can help you to save towards buying a car. If you are paying too much for house rent, you may consider moving to a location with cheaper rent.
If you buy expensive processed food, you can consider buying fresh vegetables from farmers’’ market, this will make you save some money.
Just do an audit and see the expenses you can reduce. You will be shocked that you will save a lot of money from this.
Buy a used car
If your plan is to buy a brand new car, you can consider buying a used car. Some used cars are like brand new ones. You will save good amount of money from buying a used car.
Buy from a distressed seller
Buying assets from distressed sellers may save you up to 50% of the actual cost of the asset. Shop around and try to locate a distressed sellers who is willing to sell his car, you will be surprised that the price of the car will be significantly cheaper than buying from a dealer.
Take a bank loan
If you can save up to 30% of the cost of the car you want to buy, some banks or finance companies may offer you a loan to buy your dream car.
If your credit report is fine, you can even be offered 100% of the price of the car in loans.
Buy on credit
Some dealers can offer to sell a car for you on credit. This means that you will agree with the dealer to pay the cost of the car back at a later date. Monthly repayments are very common.
Talk to your employer
Your employers may be able to help you with a loan if you want to buy a car. Some employers even offer interest free car loans for their members of staff. Do not be shy, ask our line manager or the HR manager about a car loan.
How did you buy your car? Why not share your answer with us in the comments section.
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