Shopping for a new Mercedes-Benz car can be a lot of fun, especially when it’s from Mercedes-Benz of Orange Park. Figuring out the finance side of buying a car isn’t as fun. That’s why the experts at our Mercedes-Benz finance center, put together a list of some helpful tips for budgeting, so you can learn how to budget for a new car.
Figuring Out the Total Price
One of the things you’ll need to figure out before you buy a car, is the total price of the vehicle. The total price is not only the advertised price of the vehicle, but also the cost of sales tax, registration fees, titles, insurance, upgrades, etc. Once you have figure out the total price of the vehicle you want to purchase, you’ll be able to set your budget and figure out how best to afford it.
The 10%-20% Rule
One of the things we recommend all drivers do, regardless of their budget, is to follow the 10%-20% rule when purchasing. The 10%-20% rule is pretty simple: it states that you should spend no more than 10%-20% of your annual income on the purchase of your new car. Hopefully, this will allow you to have a comfortable car payment.
Saving Up For Your New Car
If you want to save money when you buy from your Florida Mercedes-Benz dealer, there are a couple ways you can go about doing so. Consider trading in your current vehicle when you buy your new one. Hopefully, this will aid in offsetting the cost of the new Mercedes-Benz car. Alternatively, try placing a large down payment at purchasing so that your monthly payments are smaller.
Visit Mercedes-Benz of Orange Park today to learn more about buying new Mercedes-Benz cars.
