How to Save For Your First Car

How to Save For Your First Car
  • Opening Intro -

    To a young adult, the expense to buy their first car may be a tall order.

    You can, however, easily obtain this goal if you approach it the right way.

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Before you can buy a new vehicle, learn how to save for your first car.

Start Before You Get a License

Don’t wait to start saving until you get your license; start as soon as you decide you want a car. A car often symbolizes a young person’s first step toward freedom on the path to adulthood. A first car is many people’s first big purchase in their life, and it may take some time to accumulate the money. 

Find A Job

The best way to earn money is to find a job. While some parents may buy their child’s first car, doing it yourself feels far more rewarding.

The age for when you can start working varies from state to state, so if you can’t work yet, research which jobs will help you get the money you’ll need.

You can also try and do work around your neighborhood, such as mowing lawns or shoveling snow. You may find it incredibly satisfying to save for your first car through hard work.

Set a Budget

Among the many tips to buy a new vehicle, you want to have a good idea on the type of car you want before your start saving, so you have a goal.

While the car type will ultimately determine your budget, $5,000 to $6,000 is typically a good amount to have saved up for a used vehicle.

It’s also worth it to consider other fees, such as getting the title transferred, and any additional repairs you might have to get done.

Open A Savings Account

To get your first car, it’s critical you put as much money away as possible from your paychecks. The safest and easiest way to keep your money saved is to open a savings account at a local bank. This way, you have a good place to put that large sum of money.

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Don’t Be Afraid to Ask for Help

You ideally want to save up all that money yourself, but that doesn’t mean it’s easy. Ask your parents or family members for a little bit of help. They don’t have to give you a large sum of money; just let them know you want to save up for a car on your own.

Car negotiations can quickly change the price, and having someone who can pitch in to seal the deal can help you get the car you want. Letting people know about your goal also means you should ask people if they would consider selling you their car. You would be surprised how many people will sell their cars and offer a good deal to those they know.

other valuable tips:

The lead up to obtaining your license and purchasing a car is an incredibly exciting one in young adulthood. For many, it’s the first major purchase in their lives, which comes with a lot of responsibility. Learning how to save for your first car is part of that responsibility.

Image Credit: Pixabay

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