Three Things You Have To Do Immediately After Selling Your Car

I refinanced my car loan and love it!I sold my beloved BMW this past weekend. There were a myriad of reasons why ranging from maintenance costs, love of driving, lack of car payment, lower insurance premiums, smaller gas bill, looking for something fun, and a host of other reasons. But, now that I’m out from under the car payment, I’m at a critical juncture. Now is the time where most people who sell their cars make huge mistakes. The next steps after selling my car that matter the most.

So, what are you going to do now that you have sold your car and have no car payment? What are you going to do with the extra savings from the car payment that you used to pay and the lower car insurance premium when I switch from comprehensive coverage to just collision? These are some of the big questions that my wife, friends, and family have been asking lately.

Do you want to change your financial situation after selling your car? Isn’t that the whole reason in most cases for selling a great newer model car to begin with? There are a few critical steps that you need to make after selling your car. Here are the steps to take right now after selling my car. Here are three things that you need to do immediately before it is too late in order to set yourself up for financial success.

Three Moves To Make Right Now After Selling My Car

Open A New Savings Account

When you have been making a car payment for years, you may feel a hole in your routine when that first payment after you have sold your car is due. What do you do with that money? In most cases, that can be a significant amount of money with the average car payment in America hovering around $400 or more.

The trick of course is to continue making that payment to yourself of course. You should immediately set up a brand new savings account with an automatic payment from your paycheck or your main checking account where you receive your paycheck to deposit automatically into that savings account. You may also want to give your savings account a nickname such as “Brand New Car For Cash” or “Repair Fund” to help you keep your grubby hands off of it in the meantime.

Read more

The Dangers of Leasing A Car In Today’s Market

Should you buy or lease a car?For most people, leasing a car is a bad deal. Once again, I say most people, because there are certain circumstances when it could make sense, but that doesn’t usually apply to individual car buyers. Here are the main dangers of leasing a car in today’s market.

Dangers of Leasing a Car

Leasing Is More Expensive Than Buying

Leasing is more expensive than buying, plain and simple. Your monthly payment may be  a lot lower than your car payments if you purchased, but your total payment will be higher.

If you plan to buy a car, you should be planning on holding onto it for as long as possible. You should aim for it to either die or be too costly to repair any further. Or, you should aim for replacing the vehicle when it simply no longer meets your needs (maybe you have a growing family).

Read more

How A Little Preparation And One Question Saved Me Over $1,000

I refinanced my car loan and love it!Recently my wife and I bought a new car. I hate buying a new car because I always feel like the deck is stacked against me. As much as I try to be prepared, I feel like the car salesman has more information than I do and subsequently the better hand in negotiation. But, there were a few things that I had going for me this time. Here is how a little preparation and one simple question he me save money buying a new car.

A Little Preparation Goes A Long Way

Besides doing your homework and trying to figure out exactly what the dealership purchase the vehicle for at wholesale, there are a few things that you can do in order to save you money on buying a new car. One of the biggest ways to get the most bang for your buck is to sell your car yourself. Don’t trade it in to the car dealership. This is almost a guaranteed way that you will not get the most money that you possibly can for your trade in.

Read more