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Budgeting For Your New Car

 

You want a car, but how much can you really afford? The only way to know is to figure out a monthly budget.

 

Do the math.

Start with knowing your regular monthly take-home income.

Next, list all of your monthly expenses: rent, food, utilities, student loans, cell phone and entertainment (like that daily cappuccino!). Be as thorough as possible and most importantly, budget for savings, too.

 

 

Add up all those expenses and subtract the total from your monthly take-home income. If you have accurately accounted for all expenses, the balance is about what you can spend per month on a car. Keep in mind though, besides the loan or lease payment there are other expenses associated with owning a car. A car budget must also cover:

 

  • Gas
  • Car insurance
  • Maintenance
  • Repairs
  • Parking
  • Annual fees (for example license, registration)

 

Sample Budget


MONTHLY TAKE-HOME INCOME     ________________

MONTHLY EXPENSES ______________

Rent/Mortgage ______________
Utilities ______________
Food/Clothing ______________
Loans (e.g. student) ______________
Cell phone ______________
Credit Cards ______________
Entertainment ______________
Savings ______________

TOTAL EXPENSES    minus (________________)

CAR COSTS ______________
GAS ______________
CAR INSURANCE ______________
MAINTENANCE/REPAIRS ______________
Parking/Annual Fees ______________
TOTAL CAR COSTS    minus (_________________)

TOTAL MAXIMUM CAR BUDGET     __________________

 

Okay, now that you know what you can afford, also remember to look at the total cost of the vehicle including financing. Time for the fun stuff, car shopping!

 

 

Although every reasonable effort has been made to ensure the accuracy of the information contained on this site, absolute accuracy cannot be guaranteed. This site, and all information and materials appearing on it, are presented to the user "as is" without warranty of any kind, either express or implied. All vehicles are subject to prior sale. Price does not include applicable tax, title, and license charges. ‡Vehicles shown at different locations are not currently in our inventory (Not in Stock) but can be made available to you at our location within a reasonable date from the time of your request, not to exceed one week.

Warranty Disclaimer

Warranties include 5-year/60,000 mile powertrain and 3-year/36,000 basic. All warranties and roadside assistance are limited. See retailer for warranty details.