Unique Ways To Fund The Cost Of Your Dream Car

The average price of a new car hit $37,000 in 2019, according to PR Newswire. With such a large amount of savings needed to bag the vehicle of your dreams, you’ll need to make cutbacks and get creative with the way you make money. Thankfully, these unique tricks will help you to build your car savings pot up in no time at all.

Sell your old car now

If you already own a set of wheels, then it’s time to sell up. By doing so early, you’ll avoid being lured in by a part-exchange deal that will instantly leave you between 10 and 15% out of pocket compared to if you sold privately. A private sale will also bag you more cash, as you’ll be able to praise your vehicle’s performance and highlight any awards that it has won. For example, Buick scores highly on dependability in owner experience, while Chevrolet is recognized for its quality, so don’t be afraid to ask for a little more based on this. Plus, by selling up early, you’ll save on fuel, tax, insurance and maintenance costs.

Rent out your driveway

You might dream of seeing your very own brand new car sitting on your driveway in the future, but to make that dream a reality sooner rather than later, you should consider renting out your driveway. Research shows that drivers in the U.S. spend an average of 17 hours a year searching for a parking space, and lose out on $73 billion annually. So if you’ve got an empty driveway in a prime location, rent it out and stash the money you make in your new car savings pot.

Opt for an older model

New car models typically hit the forecourt in late summer and early fall. At these times, dealers are keen to shift models from the previous year to make way for them. This is great news when you’re looking to fund your new car for less, as you’ll be able to save thousands and still get to drive away with a brand new model. If you have your heart set on the latest model, then you can still get it for less. Dealers have sales targets to meet, so if you visit the forecourt at the end of the month, you’ll find a bigger discount will be offered if the salesperson still has sales to complete.

There’s no denying that purchasing a new car is expensive. But to avoid relying heavily on finance options, it’s best to build up your savings by following these tips before you make your big investment.