Money Talk With Slater

Making Money Across the Board

How to Save Up for a New Car (Part II)

The safety features of a car are one of the main priorities when considering which car to buy.

Consider Safety and Fuel Economy

We should all be concerned about car safety. But, parents of young children must be completely informed about safety. You can see safety records online. Also, you can find out which auto models are most and least often stolen, which can alter insurance costs.

Fuel mileage is vital to most consumers. Though, since so many folks want vehicles that are more budget-friendly to drive, models with high gas mileage usually are high though they could retain value better than less fuel-efficient models as well. If you drive 20,000 miles per year, you can save around $2,000 per year on fuel costs by picking a vehicle that gets 35 miles per gallon compared to one that earns about 20 miles per gallon.

Insurance Costs

A new vehicle costs more to insure than the same model used. With new cars, you’ll pay more for collision and comprehensive parts of your insurance policy. Many folks forego this coverage on old “beater” cars, where the cost of coverage is greater than the payout for these repairs, but for new cars and newer used cars, you ought to have both comprehensive and collision coverage in addition to liability coverage.

Cars with low theft rates and good safety records tend to keep insurance costs lower. But insurance costs differ according to other factors than just the model, make, and year. For instance, folks in different cities, and folks in different neighborhoods within the same city might have different insurance rates on the same vehicle.

Budgeting for a Car

There are numerous things you can do to make it easier to pay for your vehicle. If you plan on trading in, think about selling the car yourself and using that money toward the cost of the new automobile. Selling directly usually gets you more than you would with a trade-in. Using a budget app lets you make progress quicker by establishing better saving and spending habits.

 

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