🗣️As if trying to dodge a sleazy car salesman with bad breath and cheap cologne wasn't enough, car buying just reached a whole new level of cringe. 😖
The cost of financing a new vehicle just hit a record high and it's causing quite the buzz… Or is that a hum? Is it coming from the right or left side? Maybe it's the muffler. 🧑🔧
Here’s Five Fast Facts on the current state of car buying:
- 🙀 The Price Is Too Damn High - For a 70-month loan, the average monthly payment on a brand new car is $656 with an average interest rate of 5.1%. A used car is $546 with an interest rate of 8.2%. And the average price of a tank of gas is $343750834.
- ☁️ Happy Little Clouds - Supply chain issues caused a shortage of vehicles for purchase and the interest rate hikes have made loans much more expensive. Bob Ross couldn't have painted a happier little storm.
- 🤩 Beamer Fever - Leasing a car is a great option for people who want to drive something with a little more sizzle and swag without a luxury price tag. But that could come back to bite you in your bougie butt if you plan on taking long road trips or rack up excessive wear and tear.
- 🔐 Big Commitment - Lease contracts are also super-tough to get out of if you change your mind, like Kanye's marriage to Kim Kardashian. If you're going to lease, make sure to pay attention to special deals and local offers to help you get the best price possible.
- 🚗 If It Ain't Broke - If you're thinking about keeping your current car and fixing it up instead of buying something new, make sure to weigh the pros and cons. If the cost of repairing your car winds up being more than half of the value, you might be better off springing for a new ride.
🔥Bottom line: If you need a new car, no need to panic! Being prepared will make all the difference. Knowing your car's trade-in value will help you negotiate the best price on a new car, so make sure you know it before heading to the dealership. Consider getting pre-approved for a loan as well, so you know exactly what you can afford and avoid going over budget. And don't forget to factor in all the additional costs of car ownership, including gas, taxes, and maintenance.
Are you planning on buying a car soon? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
Sponsored by Freespoke, your new Search Engine with 100% Privacy & No Censorship. Try it today: www.Freespoke.com
