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Best Way to Save Cash for New Prius

Discussion in 'Gen 3 Prius Main Forum' started by New Revelation, Jun 11, 2008.

  1. New Revelation

    New Revelation The Master Captain

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    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!
     
    #1 New Revelation, Jun 11, 2008
  2. KayakerNC

    KayakerNC Member

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    Payroll deduction into a money market account at Vanguard, Fidelity, or T Rowe.
     
    #2 KayakerNC, Jun 11, 2008
  3. pdhenry

    pdhenry It's HEEERE!

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    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.
     
    #3 pdhenry, Jun 11, 2008
  4. New Revelation

    New Revelation The Master Captain

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    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.
     
    #4 New Revelation, Jun 11, 2008
  5. pdhenry

    pdhenry It's HEEERE!

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    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.
     
    #5 pdhenry, Jun 11, 2008
  6. Derek

    Derek New Member

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    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.
     
    #6 Derek, Jun 17, 2008
  7. TonyPSchaefer

    TonyPSchaefer Your Friendly Moderator
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    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?"
     
    #7 TonyPSchaefer, Jun 17, 2008
  8. robinalexis1954

    robinalexis1954 New Member

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    "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.
     
    #8 robinalexis1954, Jun 19, 2008
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