Personal Finance 101–Buying a Car

At some point in time it may make sense to buy or lease a car. However, before making the right purchase a few things need to be considered; what is the cost to purchase or lease, and what are the upkeep costs?

Determining the best purchase price or lease rate will require lots of research. To help control this cost it is important to understand why the vehicle is needed in the first place. Investing in a vehicle should provide more than just freedom and independence, it should provide an ends to a means. With a purchase or lease a larger goal should be easier to achieve like going to a job to earn money.

Cars are expensive to maintain. Without proper planning and research the cost to keep the car running can cost as much as the value of the car.

Choosing the best mode of transportation that is cost effective and safe takes time and careful planning. Treating a car as an expense rather than an investment helps keep costs in check, but should never outweigh safety.

Use the calculator to find out how much you should be saving each month.
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