A car is a necessity in many countries, not a luxury. Especially in areas where public transport is hard to come by, expensive, or unsafe, a car is an investment for a more comfortable lifestyle. Next to a house, it is perhaps the most important and costly investment you’ll ever make, so it only makes sense to prepare for that day when you can afford to buy a car.
Here are a few tips to make sure you can afford your car. You’re going to need a plan, especially if you want a car with genuine leather, top of the line security, Asanti wheels, and all the trappings of a car you’d be proud to drive.
Do the math
You can’t just stride into a dealership and place a down payment on a car without knowing how you’ll be able to afford the next payment. This is exactly why many car buyers end up returning the car to the store. To be safe, make some computations. It can be as simple as adding the down payment you can afford to the monthly payments for the duration of your loan, then subtracting the monthly from the money you make. Consider car providers that offer products for reasonable prices, according to AllStarTire. Sure you can afford the monthly, but will you have enough left for your other needs like food, fuel, clothing, rent, groceries, etc.?
Make some adjustments
As you are planning to buy a car, making some adjustments to your lifestyle to save more money makes sense. Have a target date for when you can come up with the down payment. Start saving money by cutting on a few luxuries. Switch to a cheaper mobile phone plan. If you spend more time watching Netflix than cable, consider having your cable discontinued. Buy some necessities in bulk so they’re cheaper, such as toothbrushes, toilet paper, etc. These are the things that don’t have an expiry date.
Make more money
Think about taking on two or three jobs if you can manage the time without sacrificing your health. Something as simple as housesitting or taking care of someone’s garden, walking their dogs, etc., go a long way in making more money. Make more money, save more money.