How much should you budget for a new car?
When you're ready to buy a car for sale, you might be asking yourself how much car you can afford. At our Waukesha car dealer, finding a new car that suits your budget is easy. Ewald Auto hosts a full financial services center at our Waukesha dealership. Our financing team will be happy to help you break down your budget to understand how much to spend on your next car. Before you head over to Ewald Auto to check out our cars for sale, let's review some helpful tips about budgeting for a new car!
How much does the average person spend on a new car?
According to AAA, the average car payment in the second quarter of 2022 was $667. However, the monthly auto loan payment is far from the extent of your auto budget. When you factor in other ownership expenses, your total costs can increase significantly. In 2022, the total ownership costs for the average driver were $10,728 annually, or $894 monthly. Ewald Auto offers cars for sale in Waukesha for every budget and price point. We'll help you consider the big picture and choose a car for sale near you with affordable ownership costs!
How much should I be spending on a new car?
You'll want to strive to spend under 10% of your monthly take-home income on your car payment, and under 20% on your total auto budget. With so many high-value options available at our Waukesha car dealer, it won't be hard to find a car that you can comfortably afford!
Is it better to put money down on a new car?
Remember, every dollar that you put down on a car for sale is another dollar that you won't pay interest on during your auto loan! Wondering how large of a down payment to place at our Waukesha car dealer? Down payments include any cash you're putting down, any rebates that apply, and any car trade in value if you're trading. There are many benefits to placing a significant down payment on your next car for sale in Waukesha. Down payments demonstrate responsibility to lenders, and often result in more favorable APRs. Here are a few reasons to consider putting more money down on your car for sale near you.
- Lower monthly payment - Your down payment reduces the total amount of money you need to borrow at our Waukesha dealership. You'll pay less each month, and save on interest over the course of your loan term.
- More equity - When you place a down payment, you immediately receive equity in the vehicle.
- Lower rates - With a serious down payment, lenders often extend better financing offers. You could potentially qualify for a lower rate.
- Save time - Why spend extra energy selling your last car, when you could apply the car trade in value to your down payment? Kill two birds with one stone by trading in your car at our Waukesha car dealer.
Finance new cars at Ewald Auto today!
When you're ready to get serious about treating yourself to a new car, what are you waiting for? Ewald Auto can't wait to showcase our unrivaled selection of cars for sale. Visit our dealership in Waukesha today to take the first step towards your next new car!
