Engineer Your Finances

A Systematic Approach To Money

  • About Us
    • Disclosure
    • Privacy Policy
  • Contact Us
  • Toolkit
  • Security
    • Credit & Debt
    • Banking & Saving
    • Psychology
    • Other
    • Optimization
    • Education
  • Self Discipline
  • Improve Returns

Tips To Help You Save For A New Car After An Accident

Share

Your vehicle is the biggest investment you’ll ever make after a house. This can make it tricky to save up for a new vehicle after you’ve been in an accident because chances are you don’t have any prior savings for a new car in your bank account.

You’re not alone. The four main causes of auto body damage include high-speed collisions, fender benders, weather, and negligence. And up to 77 percent of vehicles on the road today need repairs and maintenance.

So what can you do to save up for a new vehicle fast when you don’t have any prior savings for a car? Here are a few tips to help you save for a vehicle fast and from scratch.

Take up a side hustle

Your first instinct when you’ve been in a car accident and you’re trying to save for a new vehicle may be to apply for part-time jobs alongside your full-time job. But the hiring process for part-time jobs, even if they’re gigs, can be a lengthy process.

During the hiring process, you’re not just waiting for a call for an interview. You’re also waiting for secondary interviews and screenings. Over 96 percent of employers surveyed by HR.com reported that their companies conduct at least one kind of employment background screening.

You might not have the time for that. You can use a side hustle to make money faster by marketing a skill you already have. For instance, if you’re really great at creating earrings or jewelry, you can sell those products online to make some extra cash.

Put money aside as if you’re already making a car payment

It’s all too easy to see the money in your bank account as extra spending money after you’ve paid off your bills, paid rent, and bought groceries. But instead of taking a break from making car payments after your vehicle has been in an accident, pretend you’re still making that car payment by putting it in your savings instead.

By putting aside what you had been paying, you’ll be more prepared when the time comes to put a down payment on a new vehicle. You’re also less likely to jar your finances with a monthly car payment you hadn’t been making before.

Look at used cars instead of brand new cars

Some folks debate the benefits or disadvantages of investing in a used vehicle over a new one. But when you’re looking for a vehicle quickly and you don’t have a lot to spend or time to save, a used vehicle will be your best bet.

Used vehicles are typically cheaper than new vehicles and you don’t need to worry about your used car depreciating in value. You also have a wider variety of vehicles to choose from at various car dealerships.

Compared to aviation, which supports 10.6 million jobs in the United States every year, used car dealerships support 1.1 million jobs. That means you have a decent chance of finding a dealership that will help you find the car you need at a price you can afford.

It can be exciting to buy a new vehicle, but when you’re shopping for a car because of an unexpected issue or accident it can make shopping less exciting and more frustrating. By following the tips above, you can save faster for your new car even if you had no savings to start with.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FOLLOW US

Join Our Newsletter
  Thank you for Signing Up
Please correct the marked field(s) below.

1,true,6,Contact Email,21,false,1,First Name,21,false,1,Last Name,2






Our Favorite Posts

  • How Much Interest Does 1 Million Dollars Earn Per Year? by Trey LaRocca
  • 3-Month Performance Review by Fin Engr
  • Rooting Out The Devil: Kathy Kristof Interview by Fin Engr
  • Money Hackers Carnival #117: Wedding & Marriage Edition by Fin Engr
  • Interview: What’s it all about? More than Money! (Part I) by Fin Engr
  • How to Compare Rates for Mortgage Refinancing by Fin Engr
  • Want To Erase Bad Credit Instantly? 6 Hacks That Work Fast by Trey LaRocca
  • FinEngr Joins The Million Dollar Club by Fin Engr

Blogroll

  • Blonde and Balanced
  • Budget and the Bees
  • Cash Cow Couple
  • Cash the Checks
  • Clever Dude
  • Dinks Finance
  • Enemy of Debt
  • Get Rich Slowly

Categories

Our Friends



Great Investing, Simplified: Get Stock Advisor for Just $99/year!

Need to find a loan? Got a Car? Compare title loan offers near me and get the best rate.

private real estate investors

Order custom essay from professional essay writers.

Visit 123 Term Papers and you’ll receive help from the qualified writers.

Thesis writing help for all the students!


Deprecated: genesis_footer_creds_text is deprecated since version 3.1.0! Use genesis_pre_get_option_footer_text instead. This filter is no longer supported. You can now modify your footer text using the Theme Settings. in /home/engine16/public_html/wp-includes/functions.php on line 5234

Copyright © 2021 · Runway Pro on Genesis Framework