{"id":5051,"date":"2019-05-15T08:46:21","date_gmt":"2019-05-15T12:46:21","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5051"},"modified":"2019-05-15T08:46:21","modified_gmt":"2019-05-15T12:46:21","slug":"saving-to-buy-a-car","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/savings\/saving-to-buy-a-car\/","title":{"rendered":"Saving to buy a car"},"content":{"rendered":"

Saving money to be able to make a larger down payment when you buy a car is an excellent idea: it allows you to substantially reduce the amount of your car loan.<\/p>\n

\n

There is, however, a tried and true way to buy a car with cash<\/strong>. It\u2019s based on, you guessed it, savings. And being willing to drive used cars that are in good condition.<\/p>\n<\/div>\n

The reasoning:<\/h2>\n

1-\u00a0A new car loses value the moment you drive it off the dealer\u2019s lot.<\/strong><\/p>\n

And it continues to lose value rapidly the first few years of its life. Instead of taking the depreciation hit, you can, instead, benefit from it by buying slightly-used cars.<\/p>\n

2- Take the money you would putting toward an average loan payment on a new car.<\/strong><\/p>\n

For example $300 a month.<\/p>\n

3- Invest this amount each month.<\/strong><\/p>\n

After a few years, you\u2019ll have accumulated enough money to be able to pay cash for your first used car.<\/p>\n

4- During the years you drive your used car, continue to save.<\/strong><\/p>\n

Continue to save the same amount (e.g., $300 a month) towards the purchase of your next car.<\/p>\n

5- When you\u2019re ready to change cars, sell your 1st used car.<\/strong><\/p>\n

Put the money from the sale of your 1st used car toward the purchase of a 2nd used car.<\/p>\n

This way you avoid getting into debt can gradually move up to better and more luxurious cars, if you feel like it.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saving money to be able to make a larger down payment when you buy a car is an excellent idea: it allows you to substantially reduce the amount of your car loan. There is, however, a tried and true way to buy a car with cash. It\u2019s based on, you guessed it, savings. And being […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[109],"tags":[],"class_list":["post-5051","post","type-post","status-publish","format-standard","hentry","category-savings"],"acf":[],"yoast_head":"\nSaving to buy a car | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/savings\/saving-to-buy-a-car\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saving to buy a car | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"Saving money to be able to make a larger down payment when you buy a car is an excellent idea: it allows you to substantially reduce the amount of your car loan. 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