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The most affordable month to purchase a new car is typically December. To reach sales targets, dealerships provide significant year-end discounts. The best bargains are frequently found at year-end clearance events and late in the month. Shop on weekdays to get more attention from salespeople and less competition.

Yes, a car payment of $1000 per month is expensive. Most drivers spend between $600 and $700. A $1000 payment typically indicates bad finances or a premium car. It could put a strain on your budget if it exceeds 15% of your monthly revenue. If at all feasible, try to keep payments lower.

 

The 20% rule suggests that your car expenses, loan, insurance, gas, and maintenance should not exceed 20% of your monthly take-home pay. It helps keep your budget balanced. Following this rule can stop overspending and allow room for savings or other financial goals.

 

Do your research in advance. Determine the car's worth, look into dealer offers, and obtain a loan preapproval. Be firm but courteous. Inquire about the door-to-door cost. Don't bring up monthly payments or trade-ins too soon. Prepare to leave. You can receive a better rate if you visit toward the end of the month.

Try to spend no more than $30,000 on a car if your annual income is $60,000. Apply the 15% guideline for monthly payments or the 50% rule for the entire amount. This entails a down payment of roughly $7500 to $900 and monthly installments of less than $750. Always include maintenance and insurance in your budget.