Where To Buy Cash Car
Since car prices have increased a lot over the past few years, there are few people that can afford to purchase a car with cash. Even with all the incentives offered by the dealership still the idea of purchasing a car with money down remains for most people a fairy tale. However there are some techniques that can turn that dream into reality and, instead of finding yourself in front of a desk at a bank looking for a loan, you’ll sit in your well adjusted seat inside your OWN car.
The best technique for purchasing a car with cash, is using monthly payments. The only difference is that you should try paying those monthly “fees” to yourself. There is no avoiding the fact that if you want to get a car with cash you have to put money aside. For that you have two options: you can head for a bank, get a loan and pay those monthly fees to the bank and loosing 8% of your total sum in the process (that goes as interest to the bank). Or you could pay that money to yourself, get the whole sum, no interest no nothing, just the ownership of a car, and you won’t have the responsibility of paying or the threat of repossession, and most importantly, no threat hovering over your credit score for missed payments.
If you chose to “do it yourself”, than the perfect place to is either at ING Direct where you would create a separate savings account, or at SmartyPig that could transfer money into the account each month. Keep in mind that you need to spend the money before you earn it (and I don’t mean leasing a $100.000 car that you can’t pay for). You need to already have a place for those extra money before they arrive and direct it to the savings account. This includes all kinds of bonuses, gifts, tax deductibles and so on.
Another thing you should consider, at least for a limited period of time, is to have only one car in the family. While this is near to impossible in most cases, some families could actually pull it off if they’re willing to sacrifice a bit, take the bus for a while thus cutting costs and a good organization. Since you drop to a single car for the whole family, you get to cut down maintenance costs and insurance. Take all those savings and place them into the savings account. Use this time as best as possible to help you give your savings account a considerable boost.
When you feel you’re close to the “finish line” you can start looking for a car. The best place to acquire a car with money down, is through a private seller. You have been patient until now. Well it’s time to morph that patience and those savings into a good deal for a good car. If you have a good idea about what kind of car you would like to purchase, than head online and (this is highly important) search all the prices for the car you want + 2 more similar cars. Don’t be shallow because there are thousands of cars out there ready for the taking. Some of them might even prove to be better than your original pick.
After you’ve set your sights on a car, than consider bringing the family. This is important because of 2 major factors: you don’t want to be selfish and chose the car only by the characteristics you alone value, and secondly you gain more trust from the seller.
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