Hello!
I've recently heard a lot about people spending an exorbitant amount on their monthly car loan. Personally, I know several people who spend over $1,000 a month on their car loans while barely making enough to cover that and all of their other bills.
So today, I want to give you some tips for buying a new car so that you can save money on your next car purchase.
According to USA Today, the average new car price is around $37,000, with the average new car buyer paying around $550 a month with loan terms of 69 months. Many people are buying more expensive cars and taking out loans with high interest rates in order to "afford" them.
In fact, according to Edmunds, the current average annual interest rate on in 2019 is 6.19%. I've even seen car buyers with interest rates of 20% and higher.
And, people are extending their car loans for longer periods of time in order to get an even lower monthly car payment. While 72 months used to be a crazy long time to finance a car, terms of 84 months are even starting to become the norm.
Now, I'm not saying that you shouldn't have a car loan or buy a new car. But, I do want people to be more mindful of their car spending and be more knowledgeable going into the car buying process.
Today's post is all about the best tips for buying a new car so that you can save money when buying your next vehicle. And, many of these tips for buying a new car also apply to buying a used one.
Please head to Save Money With These Top Tips For Buying A New Car to read the full blog post. If you'd like to read this later, please save it to Pinterest.
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Thanks!
Jon-jon
---------- Forwarded message ---------
From: Michelle Schroeder-Gardner <michelle@makingsenseofcents.com>
Date: Mon, Jun 3, 2019 at 10:11 AM
Subject: Save Money With These Top Tips For Buying A New Car
To: Joao <joaoa.desilva2018@gmail.com>
From: Michelle Schroeder-Gardner <michelle@makingsenseofcents.com>
Date: Mon, Jun 3, 2019 at 10:11 AM
Subject: Save Money With These Top Tips For Buying A New Car
To: Joao <joaoa.desilva2018@gmail.com>
Michelle at Making Sense of Cents
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