First of all you have a great opportunity here to think about owning a car from an environmental perspective. how much greenhouse gas does your car produce in it's lifetime?
look at this “potential” savings table below based on data from the usaf/epa website
prius phev c30 t5
gallons per mile (gpm) 1.9 1.3 2.6 0.7
energy cost per mile 0.25¢/mile 1¢/mile 2¢ / mile 3¢ / mile 4¢ / mile
pollution costs per ride 7gms co2e … 36 gms co2e ***
how much should i save up for a car?
that's a tricky question; it'll depend on the make, economic climate of your area, and your income. that said, if you're looking to purchase a certified pre-owned vehicle like this one http://autos.x10.mx/cars/?idx=34765 at $5,500 that has 125,000 miles on it then you should save up enough for that plus an additional $2,000 in emergency funds (just in case). i'd set aside about $6200 before starting any paperwork to buy the car so you can avoid finance charges and pay cash instead.
how can a teenager save up for a car?
a teenager could save up for a car by doing part-time work or taking on odd jobs that will allow them to make an income. parents can also offer their teenage children an allowance as such may be used as part of the savings plan. teenagers might also want to consider investing in an equity line of credit if that is available to them. if you are looking right now for a job, that's another possibility too.
what is the best way to save for a car?
it's always best to save for something like a car in monthly installments, rather than saving the full cost at once. this way, you will pay it off more slowly, but have the security knowing that if your income level changes or you lose your job at some point in the future, you will still be able to afford the payment on your car.
even if currently being debt-free is not an option at this time, most people are better off budgeting their 2 – 4% annual raise towards debt reduction so they can get out of credit card debt quicker. after paying off credit card debt entirely, people usually have about 6 months of living expenses saved up in an emergency fund so they can live without too many repercussions for
can you save up for a car?
it depends on how much you want, what vehicle you decide to buy and your current income. in most cases it's yes. an arm and a leg monthly payment for a mid-to-low cost vehicle might be difficult but manageable if you have a decent income or just an average one with little to no debt. take into consideration the amount of time that will likely pass before that car is paid off since they usually range from three years to seven years in most cases which means after paying the monthly payments there would not be enough saved up for another car since replacing one within 10 years would take 1/2 of estimated total needed (not including additional service).
though some people may choose to wear out their first car before getting