Today I am honored to be able to share Caliber Collision and their money saving advice when buying a car. They recently contacted me in hopes that I would help them spread this wonderful information to me fellow military family. And of course I was more than happy to help.
Car Cha-Ching: How to Save Money when Buying a Vehicle
Enlistment Bonus. Hostile Fire Pay.
Family Separation Allowance. In the military, many opportunities are available to make additional money, and it can be tempting to spend it on luxury items (like a new computer) or quick purchases (like eating out every night). Instead, you should save it or use it for large purchases beneficial to you. When you receive your bonuses and additional pay, you should put the money in a bank account where it can accumulate interest over time. If possible, investing your extra money in stocks and bonds is smart because they will yield a higher ROI (Return on Investment) than interest will. However, life is full of surprises, and you might have to spend it on a large purchase like a new vehicle or air conditioning unit. Saving is important, but sometimes, purchases are necessary.
After a certain period of time, the cost of repairing your vehicle becomes more than your vehicle is actually worth, and the best option is to replace it. Buying a new vehicle can be overwhelming because so many options need to be considered, not to mention the financial aspect. However, with the easy access of information via the Internet, you can research vehicle options before you set foot at a dealership, and you should take advantage of this convenience. You should make a budget and look for vehicles that are within your budget, not at your maximum level or over it.
Everyone has different vehicle needs, and even if you love your best friend’s vehicle, it might not be the best option for you. When you are shopping for a new vehicle, you need to consider what the primary purpose of your vehicle is and how this vehicle will be able to serve you for years to come. For example, a convertible might sound fun now, but if you are planning on starting a family in a few years, you might consider a more family-friendly option like a sedan. In addition, you should research insurance and gas costs of prospective vehicles because these costs add up over time.
Purchasing a vehicle is a tremendous decision, and you should take your time selecting your purchase. You should consider safety capabilities, and when you are purchasing a vehicle, be sure to test all of the features and cargo space. It is very frustrating to purchase a vehicle only to realize your golf bag orchild’s stroller does not fit in the trunk. Do not let the salesperson rush you into a decision because you will be the one making car payments and driving the vehicle.
Financial aspects of buying a vehicle can be overwhelming to say the least. You should try to put the maximum amount you can in a down payment because it will save you from paying future interest. If you are financing your vehicle, compare loan rates from different lending partners before you commit to one. When you are signing financial and ownership papers, make sure all of the figures are what you had previously discussed, and if you have questions, ask! If you are buying or considering buying a vehicle from their dealership, you certainly have the right to ask a question.
Before you spend any amount of money, you should decide if the purchase is truly necessary, and if necessary, you should make sure you are receiving the best price possible. Buying a vehicle is a financial commitment, and you need to be certainyou are truly happy with your choice and able to pay for it.
Valerie handles media relations for Caliber Collision, and in her spare time, she enjoys swimming, traveling, baking, and playing with her puppy Emma. Some of her favorites include Taylor Swift, Coke Zero, and The Good Wife, and she enjoys living life to the fullest but also making time to enjoy the simple things.
