Do you know how to budget to buy a used car? Find out how to calculate the cost of buying and keeping your vehicle on the road.
How to work out a budget to buy a car?
Buying a car is an exciting time whatever your age, but first, you need to consider, Can I afford it!
Pick out the car you would like to buy and estimate the finance and running cost on a monthly basis, consider the following:
- Repayments on the finance -Monthly.
- Insurance – Monthly.
- Vehicle tax – Monthly.
- Your expected fuel usage – Monthly.
- Maintenance (include servicing and replacement tyres) – Monthly.
Now you can do the maths! Can you afford to own that car?
Yes! Great, double check your figures and proceed to finance and buy the car. Young Car Driver can help you in our Finance Hub.
No! Not surprising that’s the usual answer. Time for a rethink!
Do you have a car to sell or part exchange?
Do you need finance to buy your car?
If you are lucky, you may have the cash and can buy a car outright, but very few people do this.
Most people end up taking out car finance, and this may be the way to go for you.
See our Car finance section options for young drivers.