Whether the car is new or used, it is important that you do sufficient research, budgeting and saving before you buy the car. Picture: Freepik
Buying a car is an important financial decision that requires careful consideration before you make the final commitment, especially if you are a first-time buyer.
Whether the car is new or used, it is important that you do sufficient research, budgeting and saving before you buy the car.
Wesbank shares 4 tips to help you save for a car:
1. Set a savings target
Setting a savings target and being committed to a solid plan is important when buying a car. Using a vehicle finance calculator to calculate the monthly repayments for a car will help you decide:
2. Compare prices
Do your research by shopping online on reputable sites and visiting dealerships to find the car that is best suited to both your needs and your wallet. The car you choose should depend on what you can afford without financial stress.
3. Open a savings account
You need to be careful about unexpected costs associated with owning a vehicle. Some of these costs could be changing tyres, or getting work done that is not covered by your car maintenance or service plan. Set up a separate car savings account to ensure you will be ready for any additional costs.
4. Set a budget
The monthly repayments on your car should not be the only item on your car budget.
You car budget should also make room for the following costs:
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