Are you tired of the monthly car payment you have every month? There are ways to ditch the monthly car payment, it’s just a matter of knowing where to put your money and when. Here are some tips for getting rid of the monthly car payment.
Rely on Public Transportation
This won’t work for every family, but you might be able to ditch the monthly car payment if you rely solely on public transportation. You will no longer need to worry about a car payment or insurance, you would just need to focus on fees for public transportation.
Save for a New Car
The money you are spending on a monthly car payment can be avoided if you save first and buy later. We live in a world where it’s easy to convince yourself that you need the best car out there. If you can hold off for a bit and save and then buy, you’ll say goodbye to the monthly car payment for a very long time.
Head to a Car Auction
If you don’t have a large budget for buying a car, then a car auction is your next best option. You can buy cars at really inexpensive rates. What kind of cars will you find at a car auction? Typically cars that have been re-possessed or a car lot is going out of business. All that matters is that the vehicles are really inexpensive.
Sell Your Car
Selling your car can open up a few opportunities to get rid of the monthly car payment. If you own a $40,000 vehicle and pay $450 a month on it, you are giving away a lot of your monthly income. You can change this course by selling your vehicle and using the profit to buy an old beater. As you drive around the old beater, you can put that $450 away a month to help save for your own vehicle later.
Avoid Car Lots
You have the power to ditch the monthly car payment if you avoid car lots. Car lots always carry bigger and better vehicles, so it makes you want to spend more. Knowing what your car budget is and sticking with it can help you make a better decision. Also, a smart move is to purchase from a private party, but make sure you have a second opinion on the car you are purchasing. Having a mechanic look at it isn’t a bad idea either.
Getting rid of the monthly car payment can help your cash flow so much more. Use these tips to ditch the monthly car payment.
Do you have any tips to add?