When buying a vehicle on a budget it is very important to weigh out Wants vs. Needs. Most people want the newest, coolest car but don’t consider their needs – budget, maintenance, and daily life outside of driving. Things are not getting any cheaper. So when going to buy a vehicle, especially when you are on a budget, it’s important to weigh out Wants vs. Needs. That way the salesman at a dealership doesn’t sell you into the newest, most expensive vehicle in the lot, just because you are approved.
It is important to know how much money per month and year you are bringing in. That way your bills are paid, food is in the fridge, and you can still go out and enjoy time with your family and friends. Figure out a comfortable number that you can afford a month for a vehicle that still leaves room for all the other necessities. Do not buy a vehicle that is outside that number because that will be your wants outweighing your needs. At the end of the day a vehicle is for transportation. So if you’re on a budget don’t let the looks of a car or what your friends say be the decision maker. I’ve seen so many people go outside their means for a cool car and ruin their credit, come short on bills, and just set themselves up for failure. If you stay within your means, a practical vehicle will still get you from A to B. You will still be at every event and party you want. Your bills will be paid. Your credit score will climb and then you have set yourself up to buy what you want/need in the future.
Cars are a depreciating asset. Don’t be set on the newest, coolest car unless that is within your needs of staying in budget. If you need assistance in the car-buying process and figuring out your Wants and Needs, We Drive can assist you. We have Financial Advisors and Auto Advisors to help you stay within your needs. We’re just a phone call away!