After years of owning the same car it’s only second nature to start wanting an upgrade. I know I have. If I’m honest though, I hesitated on getting a new car at the thought of having to take out a loan to get it. Although loans can be beneficial at times, the realization of making monthly payments on top of interest for x amount of years caused me to put off my dreams of getting that brand new 2017 Chevy Camaro. That is, until I came up with a few methods to buy the car without a loan. Check it out:
Sell That Old Car for Cash
Dealerships aren’t going to offer you much for your clunker – especially if it has a lot of problems. You’ll be lucky to get the car’s weight in steel. If you’ve got a real junk car on your hands, your best bet would be to check out a junk car buyer. Companies like Cars Sold for Cash offer customers cash for their cars no matter what condition they’re in. You’ll get more for your car and can use the cash to purchase your new car. Trust me, using public transportation for a while is a lot cheaper than the cost of owning a junk car that’s constantly breaking down and in need of repairs.
Sell Other Items
Remember when the only thing you could sell for cash was gold? Now you can sell just about anything for cash. If you’ve got old cell phones, computers, or other electronic devices you can sell them to companies for cash. If all you’ve got are some odd and end things around your house. Have a yard sale or sell your things online to interested buyers. You’ll be surprised what people are looking to buy online – and how much money you’ll accumulate doing it.
Here’s one you may not want to hear (I know I didn’t), but the truth is, sometimes we can’t afford things because we’re mismanaging our money. So, take a real close look at your expenses and income and create a budget over the next few months. Set a savings goal and stick to it. When you cut back on all the excessive spending and start putting it towards your savings, you’ll see a significant increase in the money you have for your new car. I ended up cutting back on things like eating out and entertainment. I also cut my cable services for a while and downgraded my cell phone plan to accelerate the process.
Get a Side Hustle
It’s easier than ever for people to earn money on the side these days. Whether you opt for something online like a freelance writer or social media manager or you decide to join a rideshare service and earn extra money transporting people where they need to be, you can take all of those extra earnings and add it to your savings. Chances are you’re getting really close.
If you want to buy your new car soon or think it’s going to take you forever to come up with the cost of a new car there are other options you can consider.
· Buy Used – Hey, it’s still a new car to you right? There are used cars that come with service contracts and warranties that you can purchase a lot cheaper.
· Shop Online – You’d be surprised at the types of cars people are selling online. The internet has really changed the way you can shop for cars. You can make comparisons of cars across the country online and choose the option that is most affordable to you.
It’s going to take some motivation and discipline, but in the end, it will all be worth it. Within a few months to a year, you will have saved thousands of dollars that you can use to buy that new or used car. If you need to take out a loan of course, at least you’ll have saved a large portion for the down payment to decrease the amount of time you have to pay on the loan, which is also a plus.