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Tag Archives: bank sign up bonuses

What’s the Best Way to Save for a New Car?

best savings accounts

Although we just got a new to us car earlier this year, our other vehicle is ten years old with over 150,000 miles. Unfortunately, it won’t run forever. It’s time to start planning our next vehicle purchase. What’s the best way to save for a new car? Buying Used Saves Thousands Actually, it won’t be a brand new car. We learned the hard way that factory fresh cars are usually a waste of money. I know there are many people who believe in buying new and driving the car for many years, but we think it’s smarter to buy vehicles that are a few years old with low miles. We bought Jim’s Toyota Tacoma back in 2006 when it was a year old with about 10,000 miles. It saved about $4,000 and was practically new. The truck still runs fine, and we hope to have at least two or three, maybe more years until we have to get something else. Just in case it’s sooner rather than later, we need to make plans. Taking on a Car Payment Mathematically speaking, with a low interest loan, having a car payment isn’t a bad idea. If we invest the chunk of change ...

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