New Car Fund Calculator
Saving for a car in cash or a large down payment saves you thousands in interest. The average new car costs $48,000 and the average used car $27,000. Even a 50% down payment drastically reduces your loan cost.
Your Savings Details
Your Results
Progress to $25,000Goal reached!
Time to Goal
2y 6m
Total Contributions
$34,400
Interest Earned
$2,853
Final Balance
$37,253
Savings Growth
Month 1Month 36
New Car Fund Tips
- 1.Consider buying used, 2-3 years old with low mileage for the best value
- 2.A larger down payment means a smaller loan and less interest paid
- 3.Get pre-approved for financing before going to the dealer
- 4.Factor in insurance, registration, and maintenance costs
- 5.Paying cash gives you maximum negotiating power
Quick Facts
Typical Goal
$25,000
Suggested Monthly
$800
At 5% Return
828 months