[USER]

I’m needing to start saving for another car as mine is getting quite old and not sure when it’s going to give out on me.

I have no plans this year but I want to feel better by knowing that I have the money when the time comes, I’ve already fixed several things on the car, so the next time it gives out and its a costly repair, I’m just going to get another car.

My budget for a car is $10,000. I’m planning on buying used and I already know what model I want. How should I approach this?

Do I save $10,000 and buy the car outright or should I save at least half and make payments on the other half?

My take home pay is around $38,000.

[Brian]

If you can get the cash together to buy it, that would be best.

Make sure you don’t drain your 3-6 month emergency fund to do it.

[Annette]

There is no reason to pay interest if you have the money to buy the car outright.

I agree with others who say buy privately but have your trusted mechanic check the car before purchase.

[Kim]

I recommend trading in your car while it’s still running. We waited too long to trade one of ours in and now the transmission is shot and I probably can’t get much for it.

I also suggest cash as much as you can and finance some and get a newer car with less mileage.

Seems like $16,000 will get you a car that’s 2 years old and less than 30,000~ miles.

[Jon]

I can only assume that you’ve confirmed that the card that you want can actually be purchased for $10,000?

Finding a used car for $10,000 get you a really old very high mileage car right now.

[Michele]

If you can pay cash it’s the best, see how much you can save before your currant car is not longer fixable.

Keep saving for a rainy day, it will rain someday and we never know when

[Chandra]

Try buying used but from a private seller. The car dealerships will drain your budget.

Many overpriced cars there especially with this economy and the higher tariffs.

[Melissa]

We save and pay cash. We do not want any debt.
After you buy this car you know there will be another down the road.

Start saving early.

[Ashley]

Depending on what model car with the car prices you will still be putting money into a 10k car.

I bought a used Subaru Outback for my daughter for 10k 2 years ago and I’ve put 5k into it for repairs so far.

Make sure you get an inspection before you buy it’s worth the money.

[Diane]

I’d increase the budget for that car. And save every dime I could for a future cash purchase.

Assuming you have no other CC type debt.

[Kristi]

Save and pay cash if you can. The interest rates are stupid high right now.

And just a heads up they are predicting used car prices to soar (similar to Covid time car shortage) because of the tariffs being placed on new cars.

Meaning a lot of people will go for used than new to avoid having to pay more. Hopefully not though but time will tell

[Kelly]

New car prices are going to skyrocket because of tariffs, and this will push the demand onto used cars which will in turn skyrocket in price.

Buckle up!

[Francess]

save 834.00 per month to cover the cost…then however much more you ll need for taxes title etc.

id prob round up to saving 1000.00 per month an have a bit more just incase you need it when ever you can save it…ie inspection of the car by a mechanic before purchase.

[John]

Buying for cash would be best. Even if you have good credit a $10k car would have to be fairly old so you would be paying a high interest rate.

[Wendy]

I would save as much as you can towards the $10,000. If you need the car before you achieve your savings goal, you might need a loan.

But I, personally, would pay all cash if you can save it in time.

Maybe you could have a temporary side gig/job to save faster?

[Author]

Posts