![]() It is important to remember that buying a car is not an investment. Along with higher car prices, car loan balances and average loan lengths have grown to more than five and a half years, with a growing number of cars now financed for seven or eight years. ![]() On top of that, interest rates are slowly creeping up, making the cost of auto loans and leasing more expensive.Īverage used car prices topped $20,000 in late 2018, according to Edmunds, while the average new car transaction price was higher than $37,000 in January 2019, according to Kelley Blue Book. That’s not how much you “can” spend on a car, but how much you “should” spend.Ĭars, whether they are new or pre-owned, are expensive to buy and operate – and they’re only getting more costly. One of the first steps you should take when you are considering buying or leasing a new or used vehicle is figuring out how much you should spend on the car.
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