Best Way to Save Cash for New Prius

New Revelation · 06-11-2008, 04:46 PM

I plan to start some savings to buy another Prius in the next 2 years or so. I am in no rush for anything right now so I would like to know what is the best way to save up cash for the next Prius? I really dont want to be bothered with financing at the dealerships or anywhere else. And plus, I like the feeling of paying cash because I know that once I drive off the lot its mine completely.

I am hoping that the 2010-11 next-gen Prius will have better legroom and a telescoping steering wheel, which are my main gripes with my current one. I also like the fact that they have better colors now than they did when I gotten my current one.

Any great saving tips would be great!

KayakerNC · 06-11-2008, 05:06 PM

Payroll deduction into a money market account at Vanguard, Fidelity, or T Rowe.

pdhenry · 06-11-2008, 05:11 PM

If you want enough within a couple of years to pay cash you'll need to save about $1000/month minimum. The payroll deduction into an account that you otherwise don't sue is the best approach. It doesn't have to be money market; an ING Direct savings account would work as well and might be a bit easier to set up.

New Revelation · 06-11-2008, 05:18 PM

In my case, I am an owner/operator with the company I am leased (i'm a professional driver) to so I will have to see if they have a payroll option to do that, or whether to start up a savings acct myself and have it direct deposited there automatically.

pdhenry · 06-11-2008, 06:21 PM

With my ING account I just have it grab a few hundred from my regular checking on the first of every month. It was easier than setting up another payroll deduction.

Derek · 06-17-2008, 05:24 PM

Spend less than you earn or Earn more than you spend

I just set up a ShoreBank Direct account to start my emergency fund. ShoreBank uses your money toward their missions of community development and a healthier environment. Perfect for a Prius stash fund.

**TonyPSchaefer** · 06-17-2008, 09:56 PM

The greatest thing I ever did to control my spending was to track it. It sounds so obvious but it's not obvious to everyone.

I can't remember how, but somehow I got a free copy of Microsoft Money. I started tracking my income and my expenses. Simple stuff: every month I get a bank statement and a credit card statement. I enter all the income and the expenses along with all other incidentals. After a few months, trends start to appear such as "I'm spending much more on dining out than on groceries" and "how did I pay so much for clothes?"

robinalexis1954 · 06-19-2008, 01:12 PM

"Bank on yourself" it's for real and really works. Steve Holtz in California set mine up. It takes someone certified in that area to set it up.

06-11-2008, 04:46 PM	#1
New Revelation The Master Captain Join Date: Aug 2006 Location: Liberty, TX Posts: 179 My Car: 2007 Prius Package: #3 Touring Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Best Way to Save Cash for New Prius I plan to start some savings to buy another Prius in the next 2 years or so. I am in no rush for anything right now so I would like to know what is the best way to save up cash for the next Prius? I really dont want to be bothered with financing at the dealerships or anywhere else. And plus, I like the feeling of paying cash because I know that once I drive off the lot its mine completely. I am hoping that the 2010-11 next-gen Prius will have better legroom and a telescoping steering wheel, which are my main gripes with my current one. I also like the fact that they have better colors now than they did when I gotten my current one. Any great saving tips would be great! __________________ Owner of a 2007 Barcelona Red Prius, Package #3 Touring Edition

06-11-2008, 05:06 PM	#2
KayakerNC Senior Member Join Date: May 2008 Location: Eastern North Carolina Posts: 363 My Car: 2008 Prius Package: #2 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Re: Best Way to Save Cash for New Prius Payroll deduction into a money market account at Vanguard, Fidelity, or T Rowe.

06-11-2008, 05:11 PM	#3
pdhenry It's HEEERE! Join Date: May 2008 Location: PA Posts: 270 My Car: 2008 Prius Package: #6 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Re: Best Way to Save Cash for New Prius If you want enough within a couple of years to pay cash you'll need to save about $1000/month minimum. The payroll deduction into an account that you otherwise don't sue is the best approach. It doesn't have to be money market; an ING Direct savings account would work as well and might be a bit easier to set up.

06-11-2008, 05:18 PM	#4
New Revelation The Master Captain Join Date: Aug 2006 Location: Liberty, TX Posts: 179 My Car: 2007 Prius Package: #3 Touring Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Re: Best Way to Save Cash for New Prius In my case, I am an owner/operator with the company I am leased (i'm a professional driver) to so I will have to see if they have a payroll option to do that, or whether to start up a savings acct myself and have it direct deposited there automatically.

06-11-2008, 06:21 PM	#5
pdhenry It's HEEERE! Join Date: May 2008 Location: PA Posts: 270 My Car: 2008 Prius Package: #6 Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Re: Best Way to Save Cash for New Prius With my ING account I just have it grab a few hundred from my regular checking on the first of every month. It was easier than setting up another payroll deduction.

06-17-2008, 05:24 PM	#6
Derek Member Join Date: May 2005 Location: Lone Tree, CO Posts: 35 My Car: Other Non-Hybrid Package: N/A Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Re: Best Way to Save Cash for New Prius Spend less than you earn or Earn more than you spend I just set up a ShoreBank Direct account to start my emergency fund. ShoreBank uses your money toward their missions of community development and a healthier environment. Perfect for a Prius stash fund. Last edited by Derek; 06-17-2008 at 05:46 PM.

06-17-2008, 09:56 PM	#7
TonyPSchaefer Ruler of Omicron Persei 8 Join Date: May 2004 Location: Far-North Chicagoland Posts: 7,691 My Car: 2004 Prius Package: #9 Nominated 4 Times in 2 Posts TOTM Awards: 0 Friends: 14	Re: Best Way to Save Cash for New Prius The greatest thing I ever did to control my spending was to track it. It sounds so obvious but it's not obvious to everyone. I can't remember how, but somehow I got a free copy of Microsoft Money. I started tracking my income and my expenses. Simple stuff: every month I get a bank statement and a credit card statement. I enter all the income and the expenses along with all other incidentals. After a few months, trends start to appear such as "I'm spending much more on dining out than on groceries" and "how did I pay so much for clothes?" __________________ Proud father of Priapus: the '04 Tideland BC9 with an OEM EV button and sense of self-righteousness >>Current Mileage<< Spreading information and passing gas in the Greater Chicagoland area

06-19-2008, 01:12 PM	#8
robinalexis1954 Junior Member Join Date: Jun 2008 Posts: 6 My Car: 2006 Prius Package: N/A Nominated 0 Times in 0 Posts TOTM Awards: 0 Friends: 0	Re: Best Way to Save Cash for New Prius "Bank on yourself" it's for real and really works. Steve Holtz in California set mine up. It takes someone certified in that area to set it up.

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