There comes a time when you will need to have reliable transportation. Perhaps you have been driving an older car for some time and need to get something more reliable, or maybe you are looking at buying your first car. Everyone wants a brand new car, but there are definite drawbacks to this. Saving up to buy a used car, albeit a newer model, is a much better option.
Saving up to buy a used car is easy to do. You simply figure out how much money you could afford in a monthly payment on a new car, and deposit that amount each month into your savings account. You might throw in some extra money when you have it in your budget to do so, so that you meet your goal that much faster. When you have the money to buy a used car, you can buy it outright and not have to worry about payments anymore.
There are many advantages to this. First, when you buy a used car with cash you own the car and no one can take it away from you. The difference between making a monthly payment to your savings account and making one to a car dealership is simple. If you miss a month or are late depositing your money into the account no one comes and takes your only means of transportation. If you buy a new car on credit and you are late with your payment, the financing company flips a switch that makes it so that your car won’t go anywhere.
Another advantage to buying a car with cash is that no one can tell you what you have to do with it. When you buy a new car on credit, you are forced to buy expensive full coverage car insurance so that the financing company is sure to get their money if the car is in an accident. If you buy a used car with cash you have complete control over how much car insurance you have, as long as you meet the state minimums. In addition, some financing companies require that you do not use your car for business purposes if you get it on personal credit. With a used car you can use it for whatever you please.
Fortunately, buying a reliable used car with cash is very easy to do. You simply have to find reliable resources for finding such vehicles, such as Truecar Inc. Once found, you can enjoy your car to the fullest knowing it is completely and totally yours.
