Tips for Setting a Realistic Used Car Budget

Saving For Car | Longivew, TX

A used car has the potential to offer you much more than a new car can. This includes a more affordable price tag, more options to choose from, and a cheaper way to enjoy features, tech and cabin amenities that could be cost-prohibitive in a new vehicle. However, a lower price tag doesn’t mean that you don’t need a plan for affording your new ride. The following tips can help you establish a realistic used car budget.

Used car calculations

Before heading into the dealership, you need to know exactly what you can afford – and what you are willing to pay – for a used car. Sometimes, the two do not equal the same amounts. Experts suggest keeping these stats in mind:

  • A maximum 20 percent of your take-home pay should account for your monthly car payment. If you prefer to calculate according to your gross pay, don’t exceed 15 percent.
  • Put down a minimum 20 percent at purchase.
  • Do not sign up for a car loan that exceeds 48 months.

Why shop used at Pegues Hurst Ford

Shopping for a used car means more options, and at Pegues Hurst Ford, we offer an extensive inventory of high-quality used vehicles from a variety of automakers and in a range of model years and price points. Plus, our dedicated sales staff will work with you to get you behind the wheel of a car that fits your budget.

Start shopping for your new pre-owned car at Pegues Hurst Ford today.

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