Next: Budget for a car
How much car can I afford? A simple question that almost every car buyer asks and has trouble answering. By knowing what you can afford for a new or used car based on your income and other monthly expenses, you won’t get into financial trouble by buying a car that is too expensive for you. In this section, you’ll learn how to calculate the price range of vehicles you can realistically afford.
You’ll also find information on how to budget for the cost of fuel, insurance and vehicle maintenance, which all factor into how much car you can afford. Most people might be able to afford the monthly lease or car loan payment, but once auto insurance, oil changes, tire rotations and filling up the tank is added in, it can become out of your reach and break your budget.
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