This post is brought to you by Len Stoler Dodge Chrysler Jeep.
If you are thinking you might be in the market to buy a new car soon, you might need to create a money saving plan. Buying a new car can be a little pricey with all the extras that go along with your big purchase. So before you head out to go shopping make sure your finances are in order and you know that you can afford the car you want. Now if you have all cash that is great, but if not, buying a car can impact your budget greatly!
Again these are just things for you to keep in mind when you go to buy a new vehicle. It is a big deal to buy a new car, and it can be a little costly. Making sure you still have money left after you make your payments will make your everyday life a little easier, so you don’t feel so strapped.
Time Frame of Buying a Car: You need to make sure to sit down and plan when you want to buy a new car. You may think in a year I will be ready, or even a few months down the road. Regardless you will need to have a down payment most likely for your new vehicle. Some places offer no money down, so you need to consider if you don’t go to a dealership that offers no money down, you might need to put down a thousand or more.
Look at Cars Online: If you have an idea of a vehicle you are wanting, you can look online at dealerships in your area to get an idea of the price range. This will help you to see how much money a vehicle you are really wanting might cost.
Monthly Car Payments: When you get a loan for a vehicle it can vary a lot depending on the price of the vehicle. You could spend anywhere from a few hundred dollars up to a thousand. They do offer ways to figure what your payment would be online for a vehicle, or your dealership can tell you. This is a great way to get a rough estimate of how much your car payment would be each month. Just make sure you also factor in for insurance each month. Most states require full coverage on a vehicle that has a loan against it.
Car Tags and Insurance: Along with buying a car you have to factor in insurance premiums, and car tags and registering your new vehicle. If you have a type of vehicle you want, say a SUV you can talk to your insurance company and they can give you a rough estimate of what that type of car you want would cost each month. Some styles of vehicles (sports cars, etc) can cost a lot more than others.
This is a great way to ensure you can afford the vehicle you want. Sometimes people forget you have tags and insurance that go along with owning a car. You just need to make sure you have money in your budget and then you can sleep easier at night with your new car.