My Next Car! is an innovative and fun mobile app would help people to save in advance for their next car, thereby avoiding car loan interest. It could help anyone who is planning to buy a new or used car, especially first-time car buyers. It’s also designed to encourage people who have paid-off their present car to continue making “car payments” into a savings account.
The user would enter a savings goal for the new car, and set a time frame for making the purchase. The app will calculate a monthly “payment” to reach the goal, as well as show the estimated overall savings based on earning interest rather than paying interest. The monthly payment figures would automatically adjust as the time frame and amount to save are modified to show different scenarios. The app would also include an input field for the trade-in value of the old car, and make that a part of the calculation too.
Other features of the app would include:
• Select or upload a photo of your desired car • See a list of cars within your desired price range • Set up a monthly “e-bill” reminding you to make the “car payment” into your savings account • View progress indicators, graphs, dials, and small accolades for reaching milestones • See a running total of loan interest saved • See the number of payments left • Add a button link on the e-bill reminder to your bank’s login screen, to make a transfer to savings • Set up an RSS feed for news and reviews about your selected auto • Link to Kelley Blue Book or other data sources for prices and trade-in values • See tips for car buyers, videos and other useful information