This article is brought you by GarirBazar, the leading online car portal that provides Bangladeshis trust to find the best cars for sale, directly from our hand-picked dealerships with finance included.
Next to buying a home, buying a car is among our biggest life purchases. Saving money for your ideal car can be difficult, but there are strategies that can help you succeed. Here are five money-saving techniques to help you start setting aside funds for your ideal car purchase, courtesy of GarirBazar.
1. Have a clear idea of the car you desire and your budget.
Choosing the car you wish to buy is the first step in starting to save for a new one. You may do some research and have a decent sense of how much money to save by knowing the type of automobile you desire, including the make and model. To investigate and contrast pricing of different automobile models, visit online car marketplaces like GarirBazar.
Once you’ve decided on a car, you must determine how much it will cost and how much you need to save. You must think about how much you can spend on the vehicle’s initial outlay as well as ongoing operating expenses. Don’t just think about the initial cost of buying the car; additionally think about extra costs like repairs, fuel, upkeep, registration, and insurance rates. When making your budget, it’s crucial to keep in mind that these expenses can all add up to a lot.
2. Practice good financial habits
Making wise financial decisions when you spend and save is an excellent approach to cut costs. Start adhering to a rigors monthly or weekly budget, and set a goal for how much you’ll put into a savings account specifically for buying a car.
Find strategies to lower your spending by periodically reviewing your income and outgoings. Several budgeting apps are also available to assist you in managing your finances while you’re saving. As a simple way to deposit money into your savings account each time you are paid, think about setting up an automated transfer from your transaction account to your savings account.
You could even want to look into other opportunities to increase your income to pay for your car. For instance, you may rent out a spare room, sell unnecessary goods like clothing or linens, or even find a part-time job. You will achieve your savings target far more quickly if you can obtain additional income.
Finally, add any extra money to your savings account. You can contribute money to your auto savings account to help you reach your goal, for instance, if you get a bonus at work, a tax refund, or even money for your birthday.
3. Cut back on your spending
Limit wasteful expenditures and transfer the funds to your car savings accounts, of course. Some people find it to be a fantastic strategy to cook more at home and eat less out. Aim to avoid impulsive shopping as well.
Buy your food and other necessities while they’re on sale, and go for the less expensive brands. Don’t buy something if you don’t need it. Limit your spending and prioritise saving instead.
Any option to lower your costs will help, so it doesn’t hurt to compare service providers to discover which ones provide the best deals. This goes for your phone and internet service provider, your energy or gas supplier, even your home loan and insurance.
4. Set a goal and date to buy your car
A deadline is the only thing that can motivate you. When you start saving for a new car, decide when you want to buy it and put that date in writing to hold yourself responsible. Create a deadline for yourself in your diary to serve as a reminder to stay on top of your savings plan. Without a set deadline for the purchase, it will be simpler for you to spend your money elsewhere than to put money in your savings account.
5. Delay purchasing till the ideal time.
Finally, wait till the optimal time to purchase your new car. Over the course of a year, car costs might change, and there are some times when you’re more likely to get a better deal. For instance, dealerships frequently clear stock or reach sales goals at the end of the month, the financial year, and the calendar year. The average or sales price of the car is typically lower during these times.
The end of the fiscal year, the end of each month, and the beginning/end of the calendar year are the three key occasions when you’re most likely to get the best bargain on your car. Dealers are more likely to price match during these periods since they are clearing out their inventory, trying to meet sales goals, and trying to clear out their stock.
This blog is presented to you by Garirbazar, BD’s leading online car platform. To access the best vehicles and car prices in Bangladesh visit Garirbazar. Visit our blog page for more car reviews, news and updates.
