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10 ways to determine you can afford your car
Have you read the article,” The Easiest Way To Tell Someone Can’t Afford Their New Car,” the premise is to highlight the discussion around society’s addiction to nice cars they can’t afford to maintain.
It’s a common theme. Most people can’t afford repairs for their old cars, which means they also can’t afford repairs for their new cars.
How To Determine You Can Afford Your Car:
You can get new tires when yours are worn. You don’t have to ask what’s the longest time frame you can go without replacing your tires.
You can afford to maintain the internal and external parts of your car.
You can afford the oil changes.
You can afford small part replacements or extensive repairs.
If something breaks in your car, you can pay to fix it immediately.
You don’t complain about gas or electricity prices. Whether the price goes up or down does not negatively impact you.
You consistently get routine maintenance for your car – without missing a beat.
If you ever found yourself in a minor fender bender, you could easily afford the deductible required by your car insurance company.
You don’t have to sacrifice rent for your car payment. It should never be one or the other. If you can’t afford one, get rid of it. Usually, the car should go first.
Your car payment, insurance, and maintenance don’t take up more than 15% of your income. You’re on solid ground when you leave 85% of your income to support the rest of your lifestyle. If you can, keep your car expenses to 10% or less of your total income.
A woman told me she now has to walk to work because she can’t afford a new car without jeopardizing the money she has to pay for her housing. Even though her situation isn’t the most convenient, at least she isn’t forcing a car purchase that would severely debilitate her ability to pay for housing.
Know your limits and when you need to get the old car instead of the brand new one. The good news is that new, shiny cars aren’t going anywhere; they will always be available.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.