Charlotte Area Toyota Wants to Help You Decide How Much You Can Afford to Spend on a Car

May 18, 2013

Your Charlotte area Toyota knows it’s important for people to find affordable cars that they can afford without suffering financially. Try following this advice so you can decide how much you can afford to spend on your car.

Tip #1: Have a Budget

If you don’t have a budget, then you don’t know how much money you can afford to spend on monthly payments.

Start making your family budget by keeping track of everything you spend money on. After doing this for a few weeks, organize your expenses into different categories (food, gas, mortgage payments, entertainment, etc.).

This will show you where you can trim some fat and how much money you have left over at the end of the month to spend on a new car.

Tip #2: Start Saving Now

The earlier you start saving for your new car, the less money you will have to borrow. Start setting aside some money now, even if it’s just a few dollars a week. Try to increase contributions to your car fund each week or month.

You can get even more out of your car fun by opening a savings account with a high interest rate. That way, your money makes more money.

Tip #3: Know How Much Your Payments Will Be

If you need a loan to buy your next car, then you will pay more than the sticker price. You will also pay interest and fees on your loan.

Factor in those additional costs before you decide which car you want to buy.