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What can you do to figure out how much you can afford when buying a car?
Wiki User
∙ 11y ago
Figure out your total income. Figure out all of your expenses that you have to live. What ever is left over is what you can afford for a car payment but don't base the car you want on that. Remember, you will need to buy insurance and you will have other expenses.
My rule of thumb is that the value of all of your vehicle's, I'm talking about cars, trucks, boats and their Sea-Doo sisters, motorcycles, and anything else like this-should not total more than half your annual income. Why? It's because all of these kinds of things go down in value. You never want half of your income going into things whose value is dropping like a rock. You don't need a $20,000 car if you're making $30,000 a year. That's just stupid. Think about it this way. If you're making that kind of money, and I walk up and tell you I've got an investment opportunity that will turn $20,000 of your hard-earned income into $12,000 in just three or four years, are you going to take me up on the offer? If you've got a brain in your head, the answer's no! Now, I'm okay with it if you make $300,000 a year and buy a $20,000 car if you pay cash. That's like most people running out and buying a Happy Meal. It's just not a big deal! Do not buy a new car. Buy a 1 or 2 year old car and save lots of money.
Wiki User
∙ 11y ago
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What is a car lease calculator?
A car lease calculator from what i can figure out is a calculator that will help you figure out your payments for a car that you are looking into buying. This will help with the interest and monthly break down and will make it easier to help you see how much car you can afford.
What is a smart car, and how much can I save by buying one?
The Smart car is a small and very fuel efficient car. If you are wondering how much you can save by buying one figure up how much you spend in gas a week and that is how much you would save.
What are some tips for buying a used car from a dealer?
Some tips for buying a used car from a dealer would be to find the right car for your needs, to save money by buying second-tier vehicles, and figure out how much you are willing to spend and keep at that budget limit.
What are the ten steps to buying a used car?
The ten steps to buying a used car are find out how much you can afford, which car is right for the individual, the car's value, contacting the seller, getting a history report, conducting a walk-around, going on a test drive, negotiation of price, and other smaller steps. These steps are essential in getting the best deal.
How much should I save for a car?
Depends on your needs and if new or used. You only get what you pay for when buying used cars and usually no warranty, but then lots cheaper than buying new. Contact your bank or credit union to get pre-approved for a loan amount, that way you will know how much you can spend or not spend.
What are some advantages of using a rent to own service as opposed to buying items?
Renting is, at least on short term, much cheaper than buying. Buying something big, like a house or car, costs a lot of money, and on top of that you need to be able to afford to repair something when it breaks down.
Where can I draw up a car loan amortization?
Car Finance Canada is a website that will help you to figure out what you can afford. It offer tools such as a car loan calculator where you input all your information and it will tell you how much you can afford per month. remember though sites like these can only give you an estimate and not an actual number . It is always best to talk to a place of finance to get a solid answer.
When shopping how can you budget yourself?
The best way to get a new car is Figure out how much you think you can afford. When you have that number open a new bank account and put that money in the account every month. You do this long enough you will never need to finance the car.
What is car loan calculator?
A car loan calculator is a tool used to figure out how much your monthly car payment will be, based upon the cost of the vehicle, the number of years you'll be making the payments, the interest rate and the down payment. It is a very useful way to see how much you can afford to spend on a car, particularly before you go looking at vehicles.
How can you insure lamborghini?
Yes, you can pretty much insure any car if you can afford it.
How much money should you make annually to afford a 60000 dollar car?
600,000
How much does a 2010 Chevy Camero cost?
If you have to ask about this car, Then you cant afford it anyway.
