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You are looking at our wide range of used Toyota Sedan for sale listed by both private car owners and certified car dealers. You may be browsing since you already have a budget in mind or you are trying to test the waters and determine the average amount of cash you need to save in order to buy your own car.
Whatever your reasons might be, it is wise to have the right budget prepared based on what you earn plus what you spend monthly. This will ensure that you won't be caught off guard by the cost of owning a car.
Let's admit it: having a car is always equivalent to an additional monthly expense, even if you go for a second hand vehicle at cheap price. If you wouldn't spend an acceptable budget, then you'd be in a big financial problem sooner or later. With that said, we are here to provide you with two great tips.
We have greatly emphasized above about your regular monthly expenses since they are one of the things that you should always keep in mind. Saving for a car requires self-control and financial management. As such, you have to think about how much you can spare monthly for your car.
For your monthly expenditures, including your utility bills, loans or debts, food, transportation, rent, and savings. Some of you might think that there would be nothing left, but you'll be surprised that there is, and that usually goes to your unplanned or unnecessary expenses like watching movies, expensive coffee and milk tea, and the likes.
With that in mind, figure out what leisure you can give up and allot that money for your car. How long can you last this way of living? How long can you wait to have a vehicle? This will be a good start to determine your budget.
Some financial experts say that a person would spend 20% of his or her salary on transportation, maybe more, depending on the mode of transportation, as well as how many stops and rides they need to take in a day.
With that in mind, if you are planning to buy a pre-owned Toyota car and pay it in cash, the recommended budget would be 20% of your annual income. If the amount is too low, then it would be better to have your car paid through financing. Then, use the 20% as your down payment.
For the monthly amortization, it would be best to allot 10% of your monthly salary. That is because it will meet your goal of saving for transportation, while still allocating the right amount for fuel and maintenance.
Owning a model from Toyota Philippines is not impossible even if you are a minimum wage earner. The secret is knowing what you can and cannot afford. That is looking into your expenditures and what you can and cannot give up. From there, you can start computing for the acceptable budget for paying your car.
We here at Philkotse.com hope that in some way, we have helped you find a way on how you can compute for your used car budget. If you are still confused, you can seek the help of free, online auto-loan and affordability calculators. You can also read more tips and advice here on our website.
May you find the car that fits your budget the soonest!