Shopping for a new car is a fun time when you think about all the features your favorite model like the 2019 Mazda CX-5 has to offer. It’s even more fun when you get to take your perspective model out for a test drive. However, for many of us, the fun stops when we have to figure out how to budget for our new car.
Here at your Laredo, TX Mazda dealership, we’ve got your back. We know that not everyone is a master when it comes to budgeting for a car. To help, we’re breaking down budgeting in a few easy-to-follow steps.
The first step is to figure out the total price of the car you want. The total price includes the sticker price, sales tax, title and registration fees, and any optional upgrades. However, once you know what everything is going to cost, you can begin to figure out how to pay for it.
For most of us, financing or leasing a vehicle is the way to go. At this stage, you’ll need to figure out your ideal monthly payments. Remember that your monthly payments not only include both principal and interest, but also other expenses like gas and maintenance. You can mitigate your monthly payments by making a larger down payment and trading in your current vehicle.
When it comes to deciding how much of your monthly income you should allocate toward your new vehicle, most experts recommend that you don’t exceed 20 percent, and to be safe, you should stick to around 10 percent of your monthly income to give you a buffer.
Here at our Mazda dealership, our expert sales staff is happy to go over your budget and alert you to any additional expenses. Visit us today at 6001 San Dario Ave for all your Mazda needs.