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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Savers who make a plan are twice as likely to save successfully. 

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Tip of the Day

  • Take control of #saving & #spending during the #holidays - create a holiday budget! http://ow.ly/CP1lO

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Saver Tips and Stories View all »

Transforming “I Can’t Save” to “I Will Save”

You will not believe what it took to completely change my life. About three years ago, the HR Administrator of the corporation where I worked (as a temp with no benefits) forwarded an email to me. Fifteen seconds. One small act of kindness. That's it - that's all it took!

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Put 20 Percent Away

“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my daughter for a college fund. So I started saving 20 percent of my paycheck every month to put it away in a savings account with a high Annual Percentage Yield (APY). By the time my daughter is 18, I will have saved nearly $90,000.”

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Getting Out of Debt

In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost her home to an unexpected family crisis, Shelton and her family were forced to live in a rundown hotel.

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