Here at Van Horn Hyundai of Sheboygan, we’ve got a fantastic selection of the best new 2019 Hyundai models for sale, such as the Hyundai Kona and the Hyundai Santa Fe. And with our Memorial Day Test Drive Event, now is the perfect time to find your next vehicle.
However, shopping for a new car means that you’re going to have to budget for it, which can seem like quite the process at first thought. Luckily, we as your Sheboygan Hyundai dealership have a simple guide to help you along your way.
Budgeting for a new car is like budgeting for anything else. It’s essential to learn what your new vehicle is going to cost you and what you can realistically afford. That’s why we like to start the budgeting process by evaluating our monthly income and following the 10%-20% rule. This rule states that you shouldn’t spend more than 20% of your monthly income on your car, including expenses.
Once you know what you can safely spend each month, it’s time to figure out what the car you’re interested in is going to cost you. Here, we need to look at the total price of the vehicle. The total price encompasses the sticker price, sales tax, title and registration fees, and any optional features you may want. It’s also smart to leave a little bit of wiggle room in your budget.
Next, you’ll need to calculate your ideal monthly payments if you plan to lease or finance. Your monthly payment includes both principal and interest and is, in part, determined by your credit score, loan term, interest rate, and down payment. You can lower your monthly payments in two easy ways: make a larger down payment and trade in your existing vehicle.
Budgeting for a new car doesn’t have to be difficult with us here at your Sheboygan Hyundai dealership. Visit us today to explore your options and go over your budget. We’ll help find the right match for you.