How much to spend on first car 2024
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How much should you spend on a first car for a teenager.
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Owning a car can be a dream come true, but it can quickly turn into a nightmare if you don’t know “how much car can I afford”. With so many factors to consider, it’s easy to get lost in the process and end up with a car that’s way beyond your budget.
Fear not! This comprehensive guide will help you navigate the complexities of determining the perfect budget for your next car purchase, ensuring a smooth ride toward your dream vehicle.
Key Takeaways
- Establish a realistic monthly car budget and allocate 10-15% of take-home pay for the car payment.
- Consider all associated costs, such as maintenance, insurance, fuel expenses, and sales tax to get an accurate picture of total ownership costs.
- Utilize a car affordability calculator with accurate financial information to determine borrowing capacity and make smart purchase decisions based on needs & budget.
Car Affordability Calculator
So, how much car can you afford?
As a rule of thumb, never spend more than 35% of your gross annual income on a car.
The following calculator allows you to see enter variables, including down p
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