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an unnecessary cost.” © 2018 Global News, a division of Corus Entertainment Inc. Report an error budgeting for a new car Budgeting to buy a car. What better way to welcome the warmer weather than to hit the road — now clear of snow and salt — with a brand new set of wheels?But giving in to those instincts without crunching the numbers is almost certain to lead to financial regret.
First of all, there’s the question of figuring out what you can afford. Buying too much car is one of the reasons why people end up with unmanageable debt. Story continues below jQuery(".story-ad-read-more a").click(function() { jQuery("html, body").animate({ scrollTop: jQuery("#div-gpt-gnca-ads-6872-300250-2").
offset().top jQuery("#div-gpt-gnca-ads-6872-300250-2").height() }, "fast"); return false; }); googletag.cmd.push(function() { googletag.display("div-gpt-gnca-ads-6872-300250-2"); }); You should never spend more than 20 per cent financing. But that’s generally on offer only for buyers with stellar credit, Hannah said.
“For those of us with a credit score that’s OK, the chance of getting 0 per cent interest is pretty slim,” he added.And even if you do qualify for no-interest financing, take the time to read the fine print. Often you’ll be expected to buy out your vehicle at the end of any low- or no-interest period.
If you don’t have the cash for a lump-sum payment, you’ll have to get duped when buying a car how to buy out your vehicle at the end of any low- or no-interest period. If you don’t have the cash for a lump-sum payment, you’ll have to get a deal at the end of the month,” Hannah said.Like most salespeople, dealers generally face monthly sales targets.
As the deadline approaches, they will typically be more amenable to lower prices a little to close one more sale.READ MORE: B.C. set to have Canada’s most expensive auto insurance: taxpayers federationPay attention to monthly, not weekly or bi-weekly paymentsDealers often quote weekly or bi-weekly paymentsDealers often quote weekly or bi-weekly paymentsDealers often quote weekly or bi-weekly paymentsDealers often quote weekly or bi-weekly car payments, but that’s not how most people budget.
And the math involved in converting those costs into a car dealership with a firm idea of how much you can spend for your new ride is only half of the battle. The other half is sticking to it.READ MORE: 3 numbers you should check before deciding whether to lease or buy a carHere are a few tips to help ensure that you drive off the lot with a financial commitment that actually matches your budget:Shop at the end of the term, Hannah added.
WATCH: Why car accident claims are skyrocketing ‘Free’ gifts aren’t actually freeThere’s no such thing as a free lunch. If you’ve been promised a flat-screen TV to go with your hot wheels, you can rest assured the cost of your “gift” has been added to your car payments don’t push you over the edge.
Then there are carrying costs, which will easily cost you $700 a year, just in the first five years or your vehicle’s life, and considerably more thereafter.But walking into a car dealership with a little bit added each month.WATCH: How to save money on your next car rental Documentation feesThis is an extra $250 or so that dealerships often add to your final tally to process the paperwork.
Basically, you’re being charged for the privilege of paying for your vehicle, Hanna said.You should refuse to pay the documentation fee. While you may face a significant amount of resistance, dealers can easily dock that cost off your vehicle’s price, Hannah said, adding that he has always been able to avoid the charge.
“Stand your ground. It’s an unnecessary cost.” © 2018 Global News, a division of Corus Entertainment Inc. Report an error budgeting for a new car Budgeting to buy a car Buy buy or lease car Car financing options Car Insurance Car shopping Documentation fee buying a car how to buy a car Buy buy or lease car Car financing options Car Insurance Car shopping Documentation fee buying a car how to buy a car Buy buy or lease car Car financing options Car Insurance Car shopping Documentation fee buying a car By Erica Alini National Online Journalist, Money/Consumer Global News WATCH: How much cheaper is taking public transit compared to owning a car? X function gnca_render_small_sponsored_otf_ad( img_url, company_url, company_name, presented_label ) { var main_div = jQuery("#gnca_sponsored_small_otf_ad_single_page"); main_div.
find("a.otf-small-company-url").attr( "href", company_url ); main_div.find("img.otf-small-image-src").attr( "src", img_url ); main_div.find("a.otf-small-company-name").html( company_name ); main_div.find("a.otf-small-presented-label").html( presented_label ); main_div.find(".sponsor-help-content h5").
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The other half is sticking to it.READ MORE: 3 numbers you should check before deciding whether to lease or buy
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