New Car, decisions to buy!
December 3, 2007
The decision to buy a new car or keep your current car has been the topic of debate in many a household. Before tempers flair or you rush out to the car dealer look at your current financial situation as well as the dependability of your current car.
There are two options available; the first is carefully considering the car you have now. Is the car dependable? Perhaps only a good mechanic can give you a better picture of your cars’ overall health. A thorough mechanic will be able to spot a potential problem before it turns into a disaster. Barring any higher end repairs, such as a complete engine overhaul or transmission problems, the cost of having your car repaired or maintained will be far less than a new car payment.
If your car is beginning to bug you due to cosmetics, begin to consider inexpensive ways to help you at the very least tolerate being able to drive it for another two or so years. Start thinking new seat covers, maybe even a cheap paint job.
Another way to approach the new car topic is to look at your current budget. Look at your expenses and see if any of those can be eliminated or drastically reduced. For instance, you may be able to request a lower interest rate from your credit card company, provided you have an excellent payment history with them. On the other hand, you may want to examine the possibility of carrying the balance on a newer card with a lower interest rate, be careful with this method, because some may offer a low rate for only a short period, or only offer a low rate on transfers and charge a higher rate for purchases. Therefore, you must be willing to read all of the fine print and do your homework so you will not be shocked later on down the road.
The above suggestions will not make the money for a new car readily available. However, the suggestions will certainly provide a platform in which you can begin to add to the amount you are currently able to designate for your savings, which means you may find yourself in a position to purchase that new car a bit sooner than originally projected.
Posted by andry under Buying Advice |