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How Much Should A First Car Cost

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How Much Should A First Car Cost. Here are a few simple tips to help you calculate a figure that would work well for you: Your personal details and those of your car will also determine how much you pay.

If you are looking to buy your first car, there are a few things you
If you are looking to buy your first car, there are a few things you from www.pinterest.com

These costs will vary depending on where you live and what kind of car you are buying, so be sure to do your research. This gets you $5,000 to $7,500 on a $25,000 salary. The maximum loan term for your car should be 48 months;

This Would Buy A Decent Used Car.


The maximum loan term for your car should be 48 months; So, if you make about $30,000 per year, you wouldn’t want to spend more than about $6,000 for your first car. Other related costs include insurance, fuel, maintenance, and repairs.

And An Annual Fee For Tags Should Also Be Taken Into Account.


This means if you make $2,500 per month, your monthly car repayment should be no more. Whether you’re paying cash, leasing, or financing a car, your upper spending limit really shouldn’t be a penny more than 35% of your gross annual income. If it fits your budget, a new car or used car with monthly payments you can afford on a car loan will likely get you in a better car.

Here’s How Much Car You Can Afford Follow The 35% Rule.


Or, you could put a couple of thousand down and then make monthly payments. A dependable first car can cost between $5,000 and $10,000. What else should i consider when buying a first car

Take All The Costs Into The Equation.


That doesn’t include other costs such as car insurance, oil changes, and other types of maintenance and repairs. That means if you make $36,000 a year, the car price shouldn’t exceed $12,600. Here are a few simple tips to help you calculate a figure that would work well for you:

Financial Experts Generally Recommend Capping Auto Payments And Related Expenses At 10%.


Median income of $60,336 could afford a car costing $30,168. If you make around $50,000 a year, aim for a car that’s around $7,500. New cars, used cars, car dealers, prices & reviews | cars.com

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