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With long lines at train station and public transportation terminals, owning a car these days is the ultimate dream. Here’s how to know if you’re financially ready to buy a car.
Just because the downpayment is low for cars these days does not mean you can already afford to buy one. Remember, that is just the initial payment. You will be paying the balance for how many years, depending on your payment scheme and we tell you, the monthly is not cheap.
Here’s a check list that will help you determine if you should or should not buy a car. Our advice: Read on so you won’t fall into the money trap of buying more than you can pay.
1. You have a stable income and it’s enough.
Payment does not end with the downpayment. You will need to shell out a certain amount every month for a certain period, with interest. It’s not even enough that you have a job. You’ve got to have one that pays significantly more than your monthly car payments. If you are left with barely nothing when you deduct the car payments, then better rethink your decision.
2. You don’t have other debts.
If you already have outstanding credit card bills to pay, it’s probably not a good idea to purchase one until after you have completely paid everyone. A car should give you convenience, not put you further into debt.
3. You have a car garage.
People often forget to consider this bit. It is important that you have a garage or a space where you can park your car (and we don’t consider side streets as legitimate space). If you’re staying in a condo, for instance, you will need to purchase a parking space or at least, pay for the overnight parking fees. And that’s an added expense you should really think about.
4. You know how to drive.
You need to learn how to drive first before you buy a car. Not the other way around. So go get some driving lessons first and then, reconsider buying a car.
5. You’re aware of the added expense.