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Buying a car can often be one of the costliest forms of expenditure behind buying a house. The key to investing in such necessities is saving as much as possible in advance to give you the best available options.
The thought process that we all go through in advance of contemplating such a large outlay with our personal finance can be quite a lengthy and daunting one, with many individuals either delaying the process or reprioritising where the funds are channeled due to other and maybe unforeseen factors of greater priority.
With having to balance essential bills for food, clothes, gas, electricity, fuel and so on, this can often leave us all feeling slightly jaded, demoralised and void of any tangible financial support on top of the monthly wage for a new vehicle. Continue reading
When you purchase a vehicle, you basically have 3 options: finance, lease or pay with cash. I don’t know about you, but I don’t have the patience to save that much cash. Plus you’d get higher return on that money by investing it compared to financing interest rates. So realistically that leaves you with financing or leasing.
In my case I learned about both sides of the financing vs leasing debate from my family…
My Leasing Grandpa
My late grandpa leased cars pretty much his whole life. Every few years he’d have a brand new car which at the time I thought was pretty sweet. I guess since he was a driving instructor he felt obligated to always have a new car to use during lessons. That and his slow driving must’ve kept the cars in pretty good shape helping him avoid any extra trade-in charges. Tax benefits probably also played a role in his thinking. Continue reading
The following is a guest post.
In the current economic climate, many of us don’t have the required funds to go out and purchase a brand new, shiny car outright. However, thanks to the wonders of credit, this doesn’t necessarily mean that we can’t have what we want right now. Car credit is one of the most common ways that people purchase cars these days as it requires very little upfront cost and means that you don’t need thousands of dollars lying around in your bank account to get your hands on a new automobile.
However, if you don’t know that much about car financing, you can end up getting into a bit of a mess financially. In the same way that credit cards often lead people into debt, car financing can do the same thing if you don’t take into account the rates that are being offered. There are a number of things that you can do to get the best car financing rate, and here are a few tips: Continue reading
There comes a time when every young adult will inevitably have to return their parents’ car keys and decide whether to buy their own set of wheels or not. Whether that time comes in high school, during college or sometime after grad school graduation, there’s no doubt that eventually you’ll need to think about buying a car of your own before you start your career. But how do you go about buying your first car when your future seems uncertain and your current cash flow may be lower than you’d like? Keep reading to find out what you should consider before buying your first car.
- Cash flow. Your financial situation can play a big part in what kind of car you can afford. Are you a full-time student living off of a stipend from your parents? Or, do you have a job that can help you pay for your new car purchase? Depending on what your financial situation, you may be able to set a realistic car buying budget with that income information.
- Condition. Before you go car shopping, you should consider what condition of car you can afford. For example, you may have your eye on a new car, but a gently used pre-owned car would likely be more affordable.