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How Much Can I Afford to Spend on a Car?

Owning a car can be both a joy and a curse. As soon as a young adult gets their licence owning a car becomes a the next step. But sadly when you own a vehicle there are a lot of costs included that may not seem fair. Whether old or new, cars cost money. Gas, insurance, upkeep, unexpected breakdowns, tires, preventative tune ups, all this is on your shoulders. You have to ask yourself if you want to see a large chunk of your income to into a vehicle.

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Do I Need a Car?

This all depends on your lifestyle and is different for each and every person. For someone living and working downtown Toronto of Vancouver, chances are you could get by without a car. Between transit, walking, and biking everything you need is available to you and when you add in the astronomic price of parking a car starts seeming unnecessary. But you live in Prince George or Winnipeg with the distance between amenities and the incredibly cold winters a car may be worth every penny for you. You have to weigh out whether it is a want or need, because either way it is going to be an expensive venture.

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What Goes Into Owning A Car?

Besides a down payment and then monthly payment, insurance can be incredibly expense, (especially for young drivers). On top of that you will have to pay for gas. Sadly the price of gas continues to rise with no relief in site. To avoid gas you could buy a hybrid or electric vehicle, but then just tag the money you will save on gas onto the overhead cost. Once you get into repairs and upkeep things can get pricey. Just to test vehicles to see what is wrong without doing any of the fixing can cost hundreds of dollars.

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What is a Realistic Amount to Spend?

If you are just using a car to get around and from A-to-B then a good place to land is from 10-15% of your income. This will still hurt, but isn’t a huge dent and will get your what you need. If you are looking to buy a car that is a little nice the maximum (and usually average) cost people will spend is up to 20-25% of your income. A large chunk, but still leaving enough to live and be ready for any unexpected costs. At Kelowna Toyota we can help you figure out what you should spend on a car. To consult more about how much you should spend come see us at 1200 Leathead Rd, Kelowna, BC or call our expert Sales Staff at (250) 491-2475 to set up an appointment.

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