Used car shopping: 4 things to budget for

November 30th, 2018 by

A lot of people think that when it comes to buying a used car, your only real financial concern is paying for the car itself. However, that’s definitely not the case! Even if you pay for the car in cash up front, there are still monthly ownership costs that you have to take into account and budget for if you’re going to be a responsible car owner. After all, you’re investing a large chunk of money into your new vehicle so you want your investment to last for years to come. Toyota of North Charlotte is here to help you budget responsibly for your next used car, regardless of how you’re going to pay for it.

car budgeting tips

What should you budget for when used car shopping?

Monthly payment: If you decided to finance your car, then the monthly payment is definitely something you’re going to want to consider. This is what you’ll be shelling out on a monthly basis to take ownership of the car, so it’s important to make sure it can easily fit into your existing budget. When thinking about monthly payment you’ll have to factor in the price of the car plus the financing, and it can be a little overwhelming. Toyota of N Charlotte can help! We can help you find the right finance rate AND ensure that your new payment is going to comfortably fit into your budget.

Gas: Fuel costs can really break the bank if you’re not careful, so make sure you do your research BEFORE you buy the car to ensure you can handle the cost at the pump. Some vehicles are more fuel-efficient than others and you should look into the MPGs you’re going to be getting to ensure they fit neatly into your budget alongside the rest of your car ownership responsibilities.

Maintenance: How much is it going to cost you to maintain your car like a responsible car owner? You have to take into account the normal maintenance costs – we’re talking oil changes, tire rotations, brake service, etc. – but you also have to factor in repairs. As cars get older, parts tend to wear out and larger repairs and services are needed to ensure that your ride stays up and running. Think about things like timing belts, catalytic converters, regular tuneups, and other auto services that are a little costlier! These should be factored into your budget as well when it comes to figuring out how much it’s going to cost to own your used car.

Insurance: It’s illegal – and very irresponsible – to drive a vehicle without car insurance. Get a quote and figure out how much it’ll cost to insure your vehicle thoroughly so you can fit it into your budget. Our sales associates at Toyota of N Charlotte can also give you suggestions.

Let Toyota of N Charlotte help you run the numbers

Have questions? Call Toyota of N Charlotte today – we’re open seven days a week until 10pm at (704) 875-9199 and we’re ready to get you behind the wheel of the perfect used car for the perfect price.

Posted in Used Cars