While the salesman is busy convincing you that you can own that new car for no money down and only $300 a month, you should be doing some calculating on your own. "Plan on spending 17 percent of your total monthly budget on all automotive expenses," says Lisa Smith, finance manager for a South Florida car dealership. "If you're buying a new car, your warranty will cover major repairs, but you'll still have to pay for routine maintenance. A new car will also mean higher insurance costs." If your old car is costing you more in repairs than a new car would cost, then you should consider buying a new one. Otherwise, avoid the temptation. more...
Tags:
Automotive Expenses
Higher Insurance costs
Florida car Insurance
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