There’s no shortage of amazing models for you to choose from, like the Honda CR-V, a perfect SUV for the family. Once you’ve found your perfect match, you have to create a car budget. Whether you’re shopping new or looking for a used Honda for sale in the Virginia Beach area, getting a car is harder without a proper budget.
Budgeting for Your Car
Luckily, here at Hall Honda Virginia Beach, we want to provide a few easy tips for budgeting for your next car. The first step is easy, even if it doesn’t give you the answers you want.
It’s time to take out the old calculator and calculate your income and expenses. It’s imperative to be honest and as accurate as possible. You’ll also need to calculate for the amount of money you actually take home after taxes.
Now that you know how much extra money you have, you can start to look at options that fit your budget. However, here there are several factors. First, you’ll need to decide if you want to purchase or lease your car as both options have their own budgeting rules.
Planning for Payments
Regardless of which route you choose, you’ll likely need an auto loan, something we can help you with here at our Virginia Beach Honda dealership. The general rule of thumb is to not spend more than 15% of your monthly income on your auto loan.
Next, you’ll need to cover the down payment and monthly payments on the car. So, when you’re budgeting, keep in mind that you’ll have to pay for a portion of your new car upfront, and keep paying for it every month.
Luckily, if you’ve budgeted correctly, and stay within your 15% margin, making monthly payments will be a breeze.
We Can Help
Here at Hall Honda Virginia Beach, we want everyone to feel great about their decision to go with Honda. That’s why we have a team of dedicated experts to help you with the entire process. So, whether you know your budget or still need to figure it out, we’re here to help. Contact us today.
