It is not only new car drivers that find it difficult to save for their new car.
Buying a new car at any stage of your life will always be a large expense that will take up a big chunk of your capital.
Buying a car often comes after a lot of extensive research, but many individuals fail to take in to consideration the costs of making the vehicle legal for road use.
Tax can no longer be transferred between individuals, and it is down to the new owner of any car to tax the vehicle before they use or keep their car on public roads.
The cost of insurance can fluctuate dramatically from vehicle to vehicle, depending on multiple factors that include; a vehicles engine size, the age of the vehicle and whether or not you have had any previous insurance claims.
Finding The Right Savings Account
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One of the most effective ways to save money is to set up a regular direct debit for an amount you know you can afford to pay each month. If you buy a fresh cup of coffee a day, or go out for lunch, try thinking of the money you transfer in to your savings account as substitute for a certain amount of coffees or lunches.
By making substitutes, instead of adding more outgoings to your bank account, you will not only be able to save more money, but also monitor what you spend the most on, and adjust any bad spending habits.
There are several banking products on the market that will allow an individual to rake up interest on their savings, and even be given cash back for depositing a certain amount of money within one calendar month.
Use Price Comparison Websites
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Price comparison websites allow individuals to choose from an array of options in order to find the most suitable savings accounts for their needs.
Having readily available capital, that is not taken from your main income can ensure that you have the ability to foot any unexpected bill that may come with running a car.
In addition to this, price comparison websites will also be able to provide car owners with the cheapest insurance quote for their required needs.
Claiming Back Mis-sold PPI
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Although not commonly thought of as a way to gain any required capital, Payment Protection Insurance was mis-sold alongside many types of loan products, and is readily available to be claimed back.
Payment Protection Insurance specialists can guide an individual in any circumstance through their unique claim, and will see your claim through from start to finish, without taking up a large chunk of your valuable time.
To account for such a large expense, it is necessary to think outside the box and start saving for your new car as early as you can, before you commit to a purchase and lay a deposit down.
Even if you are considering financing your vehicle through a mutual payment plan, ensuring you have your own capital in place will mean you have more of a deposit to put down, and will consequently pay less for any finance deal arranged.
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