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3: Analyze Your Circumstances

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Your Future Transportation Goals

Innovation and technology are likely to change the way most of us move around in the next few decades. You might not be able to predict how transportation will change overall, but you can foresee some potential changes in your personal life.

What is in your future? It may be hard to say what will happen in the next five to 10 years, but you still can set goals for the short term and start thinking about the potential risks and opportunities down the road.

How might these events change your transportation needs?

  • Will your children reach driving age?

You might want to buy an inexpensive used car to get your teen started.

  • Do you plan to start a family?

It could be time for a larger family-friendly vehicle.

  • Is someone in your household planning to retire?

You might consider reducing transportation costs to accommodate your expected retirement income.

  • Will you want to keep your current vehicle for quite a while?

You might benefit from building up an emergency fund for major repairs.

  • Will you need a new vehicle to meet your changing requirements?

Now could be the time to start saving for a down payment.

  • Do you want to eliminate your monthly car payment?

You might start by looking at your other debt to see if it makes sense to put more toward your auto loan each month.

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