Budgeting — you save money, and then buy the thing you want, right? Well, when it comes to buying a new Chevy car, it’s going to be a bit more involved than that. Luckily for you, the finance pros at Jennings Chevrolet are here to share their tips and tricks to crafting a reasonable new car budget.
Let’s start with the basics: How much is your new car going to cost? If you’re buying outright, which is more common with pre-owned vehicles, it’s pretty self explanatory. But when it comes to financing a new car, you’ll need to know what APR you qualify for so you can get an idea of how much your monthly payment will be. You can do this by using the pre-approval finance application on our website. Then, you can use a payment calculator to estimate what your monthly payment will be. Experts recommend you keep this number under 15% of your total income.
On top of that, when you buy a car, you’ll need to account for sales tax, titling, and registration fees which vary depending on your state. Next up, you’ve got to consider car insurance and how much that will cost. You can call your insurance company and get a quote. Keep in mind that if you’re financing your new Chevy vehicle, you’ll have to get a full coverage plan.
Lastly, don’t forget to budget for the long-term costs of your vehicle, like routine maintenance and gas. Factoring in all of these can give you an idea of how much your vehicle will cost to maintain over the years you own it.
It’s always important to pay your bills on time and in full, so that’s why we wanted you to know exactly what you’re signing up for as a new car owner. If you have any questions, you can certainly contact our Chevy dealership near Evanston, IL or come in to our dealership!