Thats the average price for a new car right now, according toKelley Blue Book.
Thats the second highest price on record only matched by the average in December 2021.
For most vehicle owners, that means making the most of what they already have.
7 Ways to Lower Your Car Payment
1.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
While youre at it, you might be able to get alower interest rateas well.
Interest rates have likely risen since you bought your car though.
On the flip side, yourcredit scoremight have gone up too.
Checking on your refinancing options may be worthwhile.
Did you know?
Or maybe you could get by as aone-car householdnow that working remotely is more common.
you’re free to get a good trade-in estimate throughKelley Blue Book.
Make a Larger Down Payment
If you already have a car payment, this obviously wont help.
But its something to consider for future purchases.
With no down payment and those same terms, youd have a $499 monthly payment.
Rent Out Your Car
Yes, you canrent out your car.
This makes sense especially if you live in a larger metropolitan area with out-of-town visitors.
You could even offer yourcar as a rentalwhen you travel instead of paying airport parking.
Robert Bruce is a senior writer for The Penny Hoarder.
It sounds appealing right?
Check it out here!
