Frugal living: 5 things I'm no longer buying this year!!

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Frugal living tips: 5 things I'm no longer buying in this year! Want to save but have no idea what you can stop buying? The current  pandemic has really been an eye-opener on how incredibly important it is to save for an unexpected emergency.  Most of the time we take things for granted like assuming that we will always be employed, and receiving a monthly income. But the truth is, that is definitely not the case. Life situations can change overnight, I am sure you have noticed that during this pandemic thousands of people lost their livelihood's.  The sad reality is that, most people didn't plan for this nor did they have the savings to fall back on. This is why frugal living is so important it allows people to save, it doesn't matter what your income bracket is everyone can do it. Having a back up plan is always important, having emergency savings to use incase you loose your job. When I look back I feel fortunate enough to know that my family is protected financially...
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Ideas for frugal living: Benefits of buying a used car!

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Ideas for frugal living: Benefits of buying a used car!






So your are in the market for a new car?

Having a car has become a necessity for most families, we use it daily to run errands, transport our precious children to school and after school activities, go to work. We need a car that is reliable and safe to use. So most people often decide to buy a new car because of these reasons.

I am going to show you some of the benefits of buy a good used car.




Buying a used car is the first option for many frugal people when car shopping. Good second hand before new. Frugal people don't want to pay excessive interest and finance charges when we don't have to. Buying a car on loan from the bank is a trap, the interest is extremely high and you are stuck paying for a long period of time repaying an amount that is twice the value of the actual car.

During the first 5 years of a cars life the depreciation is the highest. After the first 5 years it tends to hold on to it's value more, so buying a used car will allow you to preserve the resale value if you do plan to resell it in the future.

There are many benefits to buying a used car I am listing some below:


  •  Car insurance is cheaper because it's an older model. This means you can save more on your insurance premium. The older the car gets the lower the insurance gets. Every year you can renegotiate this amount with the insurance companies.
  •  Annual car registration and roadworthy testing is cheaper because the model is now older. This will save you money on the yearly registration costs.
  • Annual maintenance service cost is cheaper because  the car parts are  now cheaper to buy. If it does break down or need repairs the price is lower compared to a new car parts.
  • The majority of the depreciation has already happened, this happens during the first 5 years allowing for a better resale value. Yes depreciation will still happen over time but it will be slower.

Unfortunately depreciation is something we can't control it's bound to happen but we can buy smartly allowing us to benefit if you do decide to sell in the future.

The overall Price of a used car is cheaper than a new car. It can be purchased cash and is affordable. You don't have to go into debt buying a car. You just have to look for a car that has been well maintained and taken care off and is in a price range you can afford.

How to find a good used car?


Research is everything!

Before you decide to buy a used car, Ask yourself the following questions:

1. Why do I need a car?
2. Who will be using the car?
3. How often will the car be used?

Consider the number of members in your family to decide on the perfect size for you.

Do as much research as you can, about the car,  the make, year, and history. Read up on service costs and general repairs. How reliable is this make and model. Is it a car that can be repaired easily or parts need to be flown in from other countries because this will affect the cost of service and maintenance during the years.

Look on the internet, used car dealerships and the newspaper classifieds, find the cars you might be interested in and go view it and take it for a test drive.

Ask as many questions as you can about the car!
  • What is the servicing history?
  • Has the car been in any accidents?
  • Where there any major repairs done to the car?

If you can, take a mechanic with you or someone who has mechanical knowledge about cars, getting a second opinion is always valuable because they might see something that you missed. 


Tips to keep your car in excellent condition


Servicing your car regularly will prevent major repairs and keep it in excellent running condition.

keeping a book in the car with receipts and dates of parts that have been repaired or replaced can help you tremendously when you are trying to resell and get the most value for the vehicle. It is evidence that the car has been well maintained.

If something breaks repair it immediately before anything else goes wrong.

I hope these tips help you in future and is something  you consider when you plan on buying a car. Buying a used car saves you from debt and allows you to be debt free and stress free.

Please read my posts on tips for saving money!


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What are some of your tips for buying a used car?

Leave a comment below.

xoxo





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