How To Budget Your Monthly Car Payment In Columbia, MO
If you are considering the purchase of a new car, there are many factors to think about. For many of us, after a home, an automobile is the most significant purchase we'll make. If you are wondering if it's better to buy or lease our finance associates are here to help. During your visit to Columbia Honda, our helpful team can also give you tips for budgeting your monthly car payment.
How Much Can I Afford?
It's important to think about your monthly payment now and down the road in your lease. Situations change, and it can be easy to get in over your head. If you are looking for ways to avoid car debt, according to Edmunds, you should spend no more than 10 to 15 percent of your annual income on a vehicle purchase. While the 15 percent strategy might not work for everyone, it's an excellent place to start.
Calculate Your Entire Car Budget
When we think of how to budget for a new car, we often think of the monthly lease or finance payment. When, in fact, there are other considerations to make. Your new car may have different fuel economy than your trade-in vehicle. Your insurance premiums and yearly registration dues may also differ.
Certified Pre-Owned Honda Models For Sale
An easy way to lower the cost of your monthly car payment is to buy used. Here at Columbia Honda, we are proud to offer a comprehensive inventory of Honda Certified Pre-Owned cars for sale. Buying Honda CPO comes with many benefits. Along with our 182-point HondaTrue vehicle inspection, you gain a Honda-backed limited warranty. You also know that any Honda certified used car is newer than six-years-old.
When considering your budget, think about other items you want to save for. Are you planning to buy a home? Start a family? Finally take that trip to Europe? If so, your monthly car payment and your downpayment are key factors to consider. We are proud that you have come to us to help you make these decisions. We hope to see you soon in person. Make the quick trip from Jefferson City and Moberly to Columbia Honda today!
[2]Hybrid Models - Ratings determined by EPA. Use for comparison purposes only. Your MPGe/MPG and driving range will vary depending on driving conditions, how you drive and maintain your vehicle, battery-pack age/condition and other factors.
[3]Based on the J.D. Power U.S. ALG 36-month residual value forecast for 2023 mainstream models. For J.D. Power 2023 award information, visit jdpower.com/awards.
[4]Government 5-Star Safety Ratings are part of the U.S. Department of Transportations New Car Assessment Program (www.safercar.gov). Model tested with standard side airbags (SAB).
[5]View U.S. News Best Cars at https://www.usnews.com/cars.
[6]Virtual Inventory, Available Configurations and In-Transit inventory contains vehicles that have not actually been manufactured. These vehicles show consumers sample vehicles that may be available. Pricing, Options, Color and other data pertaining to these vehicles are provided for example only. All information pertaining to these vehicles should be independently verified through the dealer.
[7]Some vehicles may have dealer installed options that are not included in the price.