Saving for a car? A couple of these budgeting tips might help!
Saving for a car can be a real test for many people, especially as they try to juggle their excitement with expectations. At Mantello Hyundai, we know that buying a new or used car is one of the biggest purchases you’ll ever make, so getting it right is crucial.
If you’re saving for a car this year, we’ve put together a few simple budgeting tips to help you out. Whether you’re saving to buy your first car, your tenth car, new or used – the same saving tips will apply.
Before you start putting aside your well-earned cash, it’s important to plan ahead and set goals. When you know what kind of vehicle you’re after, you’ll have a better idea of how much it might cost. Whether you plan to save the full amount, or a deposit for a loan, take a look at what’s out there so you can start setting goals.
At Mantello Hyundai, we have a huge range of high-performing vehicles to suit your needs. Our virtual Hyundai showroom lets you browse new and used cars online, book a service, or order parts and accessories from our expansive catalogue.
What about other costs?
When you’re saving for a car, it’s important to consider all of the extra costs that come along with owning a vehicle. Have you considered insurance? Fuel? Vehicle registration? When you’re budgeting, add these costs to your plan so you won’t be caught out further down the line.
Stick to your budget
Once you’ve had a look at your income and decided on a monthly amount that you can afford to put aside, try to actually stick to your budget. We know that sometimes life can get in the way and it’s not always easy, but if your budget is realistic, you should be able to stick to your savings goals. For many people, automating savings by creating a regular transfer to a high-interest savings account can make the whole process a lot easier.
Where could you cut back?
As with saving for anything, a successful budgeting plan considers the ways you could cut back in your daily life. Could cutting down on food delivery or subscriptions help you save for a car just that little bit faster? Maybe taking lunch to work rather than buying it every day could make your car dreams a reality just that little bit quicker.
Use a finance calculator
For most people, saving to buy a new or used car outright is just not practical. Mantello Hyundai’s finance calculator is a great way to figure out your loan amount, weekly, fortnightly, or monthly repayment options and the applicable interest rate.
Used for indicative use only, the calculator helps those saving for a car figure out just what they can afford and how easy it will be. Remember, the more savings you have, the less you’ll need to borrow – which can mean smaller repayments, and shorter loan terms.
Are you ready?
Once you’ve done all the hard work and saved for your new car, you’ll be ready to shop around and find a dealership that suits you. At Mantello Hyundai, we provide a range of car financing options to help you purchase your new or used vehicle with ease. From corporate lending to novated leases, our Group Business Manager has a comprehensive knowledge of financing products and is always available to answer your questions.
Got a question about your next Hyundai? Want to book a test drive? The team at Mantello Hyundai Roxburgh Park are always here to help. Give us a call today on 03 9994 1403