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My Medium-Term Saving Goal Of Buying A Car

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As a young adult, one of the significant milestones is buying your car. Owning a car offers a sense of independence and freedom, making it a valuable asset to have. However, buying a car can be an expensive endeavor, especially if you're looking to buy a new one. In this essay, I will outline my medium-term savings goal of buying a car from a high schooler and how I plan to achieve it.
My medium-term savings goal is to purchase a car from a high schooler within the next two years. I believe buying a used car from a high schooler can be a cost-effective way to acquire a vehicle as they may be looking to sell their car before heading off to college or university. To achieve this goal, I will need to save a significant amount of money since I'll have to pay upfront for the vehicle. …show more content…

I will look for a reliable car with good fuel economy that fits my lifestyle and needs. After setting a budget, I will calculate how much I need to save each month from reaching my goal in two years. For example, if the car costs $10,000, I will need to save $416 each month for 24 months.
To achieve this monthly savings goal, I plan to reduce my expenses and increase my income. I will cut down on unnecessary spendings, such as dining out, shopping for non-essential items, and other forms of entertainment. Instead, I will redirect those funds toward my savings goal. Additionally, I will look for ways to increase my income, such as taking on a part-time job, selling items I no longer need, or freelancing.
Another way to save money when buying a car from a high schooler is to negotiate the price. Before agreeing to purchase the vehicle, I will inspect it thoroughly to ensure it's in good condition. I'll also take the car for a test drive and check for any mechanical issues. If I find any issues, I'll use them as leverage to negotiate a lower price. By doing so, I can save some money, making it easier to achieve my savings

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