Save for a Car

Car

Being able to travel by car can help people earn more, spend less, and get better value in their housing. Cars, however, are relatively expensive to purchase and maintain. American households spend, on average, more than $8,000 dollars on car purchases and maintenance each year. Individuals can reduce this transportation expense by making wise purchasing decisions. Ask your bank or credit union if they offer car buying workshops or other services to help you with the auto purchase process.

Whether to Buy a Car

  • Consider whether alternative transport -- mass transit, cabs, car sharing, rental cars, or a leased car -- makes sense.

What Car to Buy

  • In deciding whether to purchase a new or used car, make certain to estimate the difference in total costs.

Should You Buy a New or Used Car

  • To purchase a used car, check the Kelly Blue Book price to learn what used cars in a certain condition usually sell for and comparison shop.

How to Shop Around for the Least Expensive Car Loan

  • If you need to take a loan out, learn about how much to borrow, where to get a loan, and information about rates.

How to Save for a Larger Down Payment for a Car

  • The larger your down payment, the lower your debt, interest rate, and interest owed. Learn more about the best way to save for a larger down payment.

Car Buying Resources

  • Links, downloadable materials, and videos. 

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Tip of the Day

  • Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings. http://ow.ly/sj972

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Saver Stories View all »

Challenging Herself to Save

It all started when Marchale Burton overheard Alabama cooperative extension colleague Isaac Chappelle, coordinator of Alabama Saves, explaining how saving just a little bit – even change – is all it takes to become a saver. “I thought about that,” Burton said, “and wanted to see if it would work.” So, she challenged herself to see how much change she could save.

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The Gift of Homeownership

Quaneka Willis, a single mother of three children, was receiving rental assistance through the Housing Authority of the City of Milwaukee when she decided to take control of her finances. So, in September of 2013 she attended the Make Your Money Talk program and pledged as a Wisconsin Saver. In less than 12 months, she had maximized her savings and was beginning the process of purchasing her first home.

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Starting Over

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

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