How much should I save for my first car?
If you’re thinking of saving $6000 in 2 years, you should save $60 a week or $250 a month to reach your goal.
If you plan to take out a loan to buy your car, you’ll need at least 20% of the car’s purchase price saved up as down payment.
There are ways you can motivate yourself to keep saving.
How does first time car buyer work?
Many lenders are willing to help first-time car buyers with little or no credit history. Banks and credit unions offer programs to make it easy to purchase your first vehicle without paying a high interest rate. A few places that offer first-time car buyer programs include: Carmax.
How much should your first car cost?
For many people I think that will be between 10–15 percent of your income. So if you earn $25,000 a year, that’s going to be a high-mileage used car for $2,500–$3,000. If you earn $80,000, that’s a used car for around $10,000 or $12,000. (Yes, this is the harsh reality of being good with money).
Photo in the article by “Wikipedia”