Youve been bitten by the new car bug. Or perhaps youre just so tired of your current car; you can hardly stand to drive it anymore.
Youre about to embark on the research phase of the car buying experience (which is the right course of action). But, before you even begin pointing, clicking, and eyeballing these shiny new toys; take a step back and determine just how much car you can afford to own and operate.
The conventional wisdom is not more than 20% of your monthly income your net (take home) pay not your gross pay. And by the way, while youre doing your figuring on this 20% monthly cash outlay; make sure you include all the cars you own.
Regardless of whether you dont even pay rent or own your home outright, stand firm on the 20% rule.
On your way to calculating your 20% budget, in addition to the purchase price, be sure to factor in any down payment and/or your trade-in value. The bottom line youll finance is the bottom line.
Of course, the more money you put down the more car you can buy and still be under the 20% rule. Keep in mind, the more money you put down doesnt affect how much you actually pay and cars are severely depreciating...
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