Kreiser New Homes Blog
Saving Money on Your Car
You may be wondering why I'm sharing about saving money on a new car but I think it's imperative to helping you purchase your new home as a first-time home buyer. Several days ago I asked the question: Is Your Car Killing Your Home Ownership Dream? I truly believe that for many people this is truly the case.·
- Look for hidden costs in the Lease Agreement (think destination and acquisition fees, purchase option fees, and disposition fees)
- Focus on the Purchase Price of the vehicle rather than the Monthly Payments
- Be willing to walk away when the numbers don't seem to add up
- Auto leasing agreements are difficult to understand unless you're a lawyer
Having once leased a vehicle and vowing never to do it again, I found Marc Frons' blog to be a reinforcer and reminder for me to stay away from leased vehicles. On more than one occasion he states that he should have walked away but he simply states, "I wanted the car."
For me, I'll stick with my 10 year old Honda Odyssey. It's paid for, runs great and allows me to put my savings, in my case, on paying off my home mortgage. I keep telling my 17 year old son that we hope to keep it for another 10 years.
MONEY SAVING TIP: Don't stretch your bank account to buy a vehicle you barely can afford. Try to pay cash for your vehicle and put your savings back into your buying your first home or paying off your home mortgage.
What's your experience been with leasing a vehicle?
Photo Credit: https://www.flickr.com/photos/bcymet/