Best Way To Save Money For A New Car

The problem with saving money for a car, is that it’s a lot of money, and you may be tempted to spend it on something else. So in this video, I’ll tell you some tips that I would use to save up money for a car fast.

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1. Have a Budget and know exactly how much extra money you can save each month
– I think setting a limit on how much you want to spend is usually not realistic although it’s the best way to start
– But the problem is, that we are not basing your choice on money, but instead on likes
– I like the Tacoma, and they cost 40k so that’s my goal
– Instead of saying I have a budget of 20k, let’s see what cars I can get for that

Here is my Simple Budget:
– Know your Real Cost of living ( Shelter, Utilities, groceries, and transportation and find ways to cut these, because about 80% of your cost comes from this )
– And cut out all the other things you don’t really need
– So if I make 4k and my leftover income is $1000, then I know that’s how much cash I have

However:
– I like the rule Dave has, no more than half your annual income on a car and pay cash
– But honestly, I would say buy the best car you can, for the least amount of money now, and then when you have money in the future, buy the car you want
– Instead, buy the car you need now

2. Open up a separate bank account just to save that money
– This is important, make sure this account is separate from the one you have right now
– Make sure it doesn’t have a debit card
– And make sure you don’t have instant transfers
– Also, that is FDIC insured and has no fees and a competitive yield

Here are some ideas:
– Sofi
– Discover
– Ally
– Capital one

Why is this so important:
– Having the money separate helps you remember this money has a purpose
– Having no debit card, helps you not be able to spend the money
– And having no fees, well you why

3. Know the exact cost of the vehicle because it won’t just be the sticker price
– Yes you know the sticker price
– But you should also know this
Know this:
– The sticker price
– registration fee in your state
– Sales tax
– And dealer doc fee

Never pay these fees: I saw a video on this
– Freight, should be built into the price
– Dealer prep ( paid by manufacturer)

Link: https://www.youtube.com/watch?v=tuN5mH0mDKM

4. Research the Model and Trims of the vehicle you want
– Here is an example on how I saved about 10k before even buying the car I wanted
– I wanted a Toyota Tacoma TRD pro because I liked the grill and cosmetics

Turns out :
– I can get the SR5 trims for a few thousand dollars less
– Get a car that’s a bit older also
– And save a lot money this way and just buy the grill I like and call it a day

This is important:
– Because If the car you want goes from being 30k to 25k just by changing trims that’s awesome
– And goes from 25k to 15k just by buying a bit older that is awesome

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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