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Car payments are expensive.
Here are some options to avoid a car paymenteven while making an average salary.
During this time, save the amount you would have spent onmonthly car paymentsinto a high-yield savings account.
Continue this cycle, gradually increasing the value of your car every 10 months, he recommended.
This method not only helps you avoid payments but also builds a cash reserve for your next vehicle purchase.
Youre basically paying yourself to drive longer instead of paying a lender.
Its not glamorous, but a used car with cash in hand beatsnew car paymentsany day of the week.
Keep the debt out of the equation, and youll always be ahead of the curve.
However, Varghese said if you go this route, its critical to establish athorough partnership agreement.
This agreement being in writing will help to avoid confusion and provide clarity in the event of disagreements.
This protects both parties legally and ensures clarity regarding ownership.
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