To save money and purchase a car, you need to be flexible. You can invest in a vehicle that is used but still in good condition, or you can get a cheap car from an airport or government auction. However, you must be careful when selecting the right vehicle for the money.
Investing in a car for less than $1000
You have many options if you have less than $1000 to invest. Some of these options accept small amounts, such as ETFs, and you don’t have to be a millionaire to start. The goal is to diversify your investments as much as possible, which lowers your overall risk. Low or no-fee funds are best for this goal.
Getting a car at an airport
If you’re traveling abroad, the airport at your destination may have an unsold car. These abandoned vehicles are stored on the airport’s property. Sometimes, the leasing company or state Department of Motor Vehicles will contact the owners and remove any purchase liens on the vehicle. In these cases, the car may be worth more than $1000.
Getting a car at a government auction
Government auctions are a great place to start if you are in the market for a cheap car. You can often get an automatic base model for under a thousand dollars. However, there are some things you should know before you bid. Firstly, you should understand the value of the car. Government vehicles are usually low-mileage and should not be abused by many drivers. Another thing you should know is that the competition at these auctions is stiff.
You should go early to the auction and stay until the end. The best deals are usually at the beginning and end of the day. It would help if you also spent some time looking over the cars before they go up for bidding. Ensure you are sure about the model before bidding and don’t overbid on a vehicle you aren’t familiar with.
It would help if you also looked for signs that the car has been abused. Check for visible rust and if the paint is sun-baked. Check the engine and transmission to make sure the vehicle is running smoothly. It would help if you also looked for any smoke from the tailpipe, as this might indicate that the car’s suspension has been damaged.