Ways to Raise Money for Buying a Car

••• Luxury Car sportscar from my luxury car series image by alma_sacra from Fotolia.com

Financing a car purchase can add thousands of dollars to the cost of the car in interest and loan service payments. The best way to avoid paying extra for your car is to save the money to buy your car and avoid financing it. There are many ways to raise money for buying a car. Be sure to start saving well in advance of when you plan to buy to give yourself enough time to save the money.

Work

Taking on a part-time job, or overtime at your current job, is one way to raise the money for your car purchase. Keep reminding yourself that it is only temporary and keep a picture of the car you intend to buy on you as your inspiration.

Cut Back on Expenses

Take a look at your monthly bills and determine if you really need some of the things you are paying for. Premium cable channels are a luxury, having a land line and a cellular phone is paying two phone bills when you only need one. And if you go out several times a week, you can save money by reducing that to just once a week.

The Spare Room

If you have a spare room in your home or apartment, consider renting the room out long enough to make your car money. Be sure to carefully interview prospective tenants so you do not put yourself, your family, your home and your belongings at risk. Ask the tenant to pay a portion of the utility bills for the time he is living in your home if you have not already included that in the rent.

Sell Your Hobby

If you have a creative hobby such as painting, making bead jewelry or framing pictures, you have a way to make some extra cash. Put the word out to friends and family about your offerings, and put pictures of your work on the Internet auction sites, as well.

Tutoring

If you feel confident in your abilities in English, math, social studies or any other school topic, consider becoming a private tutor. Offer your services at the public library to gain a list of clients, and then ask for referrals once you get started.

If you play a musical instrument, use that as your tutoring topic.

Clean Homes and Offices

Start offering to clean homes and offices as part-time work until you raise the money you need. Consider it temporary to raise your car money, but, if you continue to get referrals because of the work you do, it could also become your own business.

Bring It All Together

Don't do just one thing to raise money for your car; do a combination of several things. When you price the car you want, you may find you need to raise $15,000 or $20,000. That can take quite a while if you only use one approach. Use several money-making ideas to get the money you need for your car more quickly.

References

About the Author

George N. Root III began writing professionally in 1985. His publishing credits include a weekly column in the "Lockport Union Sun and Journal" along with the "Spectrum," the "Niagara Falls Gazette," "Tonawanda News," "Watertown Daily News" and the "Buffalo News." Root has a Bachelor of Arts in English from the State University of New York, Buffalo.

Photo Credits

  • Luxury Car sportscar from my luxury car series image by alma_sacra from Fotolia.com