The roadmap for getting a vehicle

27.05.2021

Statistics claim that everyone‘s 2nd most expensive purchase is a vehicle. Lots of people are eager to buy one right after getting their driver‘s license. So, no matter your intentions, this roadmap will help you save up for a vehicle. 

Determine the price

To maintain a sustainable lifestyle, many banks worldwide recommend that the vehicle‘s purchase cost exceed three months of household income. If you earn 65,000 KES every month, then the car shouldn‘t cost more than 195,000 KES. That price, of course, isn‘t good enough for a reliable vehicle, and, sadly, that‘s the reality of it for a lot of people. If you have two earners in your household – you can afford a significantly better vehicle by saving up.

Saving up

If you want to save up for your car within a year, divide the determined car‘s price by 12. That will be the amount you have to put away each month. Suppose we follow the mentioned formula, which resulted in the car‘s price being 195,000 KES. In that case, you‘d be putting away 16,250 KES every month. That amount doubles, or triples, depending on the number of earners in your household. 

Alternatives

If your income in Kenya is the average of 65,000 KES each month, and you still want a car that is affordable to you – saving up for it may not be the best option. The same 16,250 KES per month can get you a decent vehicle within a few days. It‘s the wonder of car financing. We understand that a car is an essential tool of anyone‘s life, so why waste time only saving up for an old, barely driveable car? You can get much better options with car financing instead!

Statistics claim that everyone‘s 2nd most expensive purchase is a vehicle. Lots of people are eager to buy one right after getting their driver‘s license. So, no matter your intentions, this roadmap will help you save up for a vehicle. 

Determine the price

To maintain a sustainable lifestyle, many banks worldwide recommend that the vehicle‘s purchase cost exceed three months of household income. If you earn 65,000 KES every month, then the car shouldn‘t cost more than 195,000 KES. That price, of course, isn‘t good enough for a reliable vehicle, and, sadly, that‘s the reality of it for a lot of people. If you have two earners in your household – you can afford a significantly better vehicle by saving up.

Saving up

If you want to save up for your car within a year, divide the determined car‘s price by 12. That will be the amount you have to put away each month. Suppose we follow the mentioned formula, which resulted in the car‘s price being 195,000 KES. In that case, you‘d be putting away 16,250 KES every month. That amount doubles, or triples, depending on the number of earners in your household. 

Alternatives

If your income in Kenya is the average of 65,000 KES each month, and you still want a car that is affordable to you – saving up for it may not be the best option. The same 16,250 KES per month can get you a decent vehicle within a few days. It‘s the wonder of car financing. We understand that a car is an essential tool of anyone‘s life, so why waste time only saving up for an old, barely driveable car? You can get much better options with car financing instead!