Few things in life are as exciting as getting behind the wheel of your new car. After a home, a car is the second biggest purchase most of us are ever likely to make, so it makes sense to invest a little time and effort looking into what you’re going to buy. 

Why It Pays To Save?

  • Discounted price. Whether buying from a small dealership or private party, the more cash you have the better position you’re in to get a good deal.
  • Better finance deals. Some deals, such as 0% finance, are only available if you have a substantial deposit, so it can really pay to put some money away.
  • Better chance of getting a mortgage. Having to make monthly repayments on a car loan can limit your options when it comes to getting other loans. If you’re looking to take out a mortgage, having a car loan may decrease the amount a bank is willing to lend you.

Simple tips to help you reach your savings goal

Taking the first steps towards saving can sometimes be difficult. Here are a few easy tips to get you saving for your new set of wheels.

  1. Motivate yourself. Pin pictures of your dream car onto an online Pinterest board. Or just stick some pictures of your car onto the kitchen fridge instead!
  2. Have a clear goal. Having a definite goal with a realistic time frame can really help you get motivated. 
  3. Keep your savings separate. Seeing your savings accumulate in a separate account will make you less likely to use your savings for things unrelated to your new car.
  4. Think savings. Make your savings the first thing you pay into each month. Try top up your savings whenever you can.  
  5. Keep an eye your savings. Remember to regularly check in on your savings to see your progress and stay motivated. If you can afford it, save a little bit extra each month. Moving money to your savings account is quick and easy in Open24 Online Banking and our Mobile Apps
146,672
Cars registered in the
year 2016
-1.7%
39,722 Cars licensed in January 2016
39,019 Cars licensed in January 2017
46% of new cars are bought in January & July
61%

of new car sales include a trade in

Saving puts you in the driving seat

Check out our 
Save & Borrow loan

What fuel is most
efficient for you?

15,000km

per year

If you drive less 
than 15,000km 
/year, choose:

If you drive more 
than 15,000km /year, choose:

Change in 
cost of fuel 
2015 - 2016

+1.9%
+3.2%
Cars registered in January 2016
79%

Band A:
120 or less

18%

Band B:
121 or 140

3%

Bands C,E,F,G:
141 and above

What fuel is most 
efficient for you?

15,000km

per year

If you drive less 
than 15,000km 
/year, choose:

If you drive more 
than 15,000km 
/year, choose:

Change in 
cost of fuel 
2015 - 2016

+1.9%
+3.2%

The less emissions,
the less taxes

Colour trends in 2016
19.3%
Black
15.6%
Silver
20.9%
Grey
11.7%
14.6%
White
1.8%
2.0%
0.6%
11.7%
0.8%

 What else should I save for?

When saving for your new car, remember that there are additional costs associated with running a car that you might want to save up for too. Things like:

  • Car Tax. This has to be paid every year no matter how little driving you do.
  • Insurance. Unless you have a few years’ no claims discount, the cost of insurance can easily top €600 or €700 a year.
  • Repair Costs.  If you’re saving up for a second hand car this is particularly important, but don't forget brand new cars can break down too! In either case, it’s always a good idea to have some savings put aside in case you need to get some emergency repairs done.

Contact us

Get moving towards your goal with a new plan for saving for a car.

Start saving with us today and we could help put you in the driving seat sooner than you think. Getting started is easy.

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