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Autoland Blog

Friday, January 30, 2015

Simple Tips for Affording your New Car

car cost concept

Buying a new or used car is a financial milestone for everyone, even if they've done it countless times in the past. Unless you're making six or more figures a year, getting together the money to buy a car isn't simple. You have to build up your savings (or dip into them), crunch a lot of numbers, and hope that you made the right decision in the end. We know everything there is to know about New Jersey auto sales, and we can help you make sure that you can afford your next vehicle. You don't have to be a financial genius to buy a car, and if you follow these tips you'll have nothing to worry about!

Don't live in a fantasyland of affordability

This may seem obvious, but you'd be surprised by how many people define something as being "in their budget" when it really isn't. If you and your significant other have a combined income of $50,000 a year, a $35,000 car may take too long to pay off. When you take what you can afford into account, don't just think about the sticker price. Consider how much you pay for gas, insurance, and maintenance like oil changes. Suddenly, a $350 car payment that looked doable can be daunting. Also don't limit yourself to cars that are at the top end of your price range. Just because you can afford it doesn't mean that you should buy it.

Get something from your old car

If you're looking for a new or used car it may be because your current one is no longer working and, therefore, of little value to you. However, even the most beat up clunker can be worth something. Your car may have seen better days, but a charitable organization like Purple Heart Cars or Kars 4 Kids could benefit from it. You may not get cash, but you can get a hefty tax break. If you really want to earn a profit from your old car, you can also consider selling it to a scrap yard. The scrap metal business is booming, and you could take home a couple hundred dollars if you find a good deal.

Focus on the big picture

You may think that the car with the lowest monthly payment is your best option, but that can sometimes be untrue. The monthly payment is always important when it comes to your day-to-day spending, but the amount of interest on your loan is equally important. If you find a car that has a low monthly payment and high interest, it could hurt you in the long run. This doesn't mean that low monthly payments are a bad thing; it just means that you should consider every financial aspect of your vehicle purchase carefully to get the best deal.



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