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Budgeting for a Your Pre-Owned Vehicle

Posted at Wed, Aug 31, 2016 6:30 PM

As you search high and low for a new car, you may find purchasing a pre-owned vehicle your best option. Before you start looking, finding out how much you can afford is important. From there, you can search for the perfect car at a rate you can manage.

The first thing to do when considering a new car purchase is looking at your finances. You need to figure out how much you are willing to spend on a vehicle. If you decide to take out a loan, figure out how much you will be paying each month. After you calculate your monthly payments, it is wise to look into different financing options. Most dealerships, like Tim’s Truck Capital, have a finance department that will look over your situation and give you several choices to finance your vehicle.

Factoring cost of ownership in your monthly cost is extremely important. Things like taxes on your vehicle, the title and the registration will all be an added cost. Most sources say that the added fees will add an average of about 10 percent of the cost of the vehicle.

Insurance prices should also be added into your final amount. Insurance rates vary and are dependent on several different factors. Your driving record and the kind of vehicle you are purchasing will influence the price. If your new car has a powerful engine, like a sports car or a large four-wheel drive vehicle, rates could be higher than they would be on smaller models. Insurance companies also check if the type of vehicle you own has a history of being stolen. Sometimes factors like these can add extra monthly costs.

After you have calculated your budget for your new vehicle, you can start looking for your new car! Knowing your financial situation before you begin searching will help speed up the process and keep you from overspending. Staying comfortably below your final number and allowing yourself a little room is wise and can save you in the future. If you’re ready to start looking for your next pre-owned vehicle, visit Tim’s Truck Capital.




Tim’s Truck Capital

904 Suncook Valley Hwy

Epsom, NH 03234

Phone: 888.659.1537


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Tim's Truck Capital & Auto Sales Inc., Used Car Dealers, Epsom, NH