We all know that cars are an investment, especially if you’re thinking about a new model. This is why it is very important to be smart with your money. If you have your eye on a new BMW, this guide will help you put a budget together.
Think About What You Can Afford to Spend Right Now
If you were to dip into your savings, how much could you take out without breaking the bank? If it’s substantial, it may be all you need to pay for a car right now and you don’t have to read any further. But, even if it isn’t a lot, whatever it is can be used as your down payment when financing.
Consider Your Monthly Expenses
Now, think about how much you spend every month on everything, including rent or a mortgage, utility bills, groceries, and all else. Figure out what you can comfortably add to that total. That will be your cap for the monthly payment on your vehicle.
Don’t Forget About the Trade-In Potential
If your new car will replace an old one, it may still have a lot of value. You should find out what it is worth. This can then be used towards your down payment, which will reduce the amount of money you will need to borrow.
Find a New BMW Car that Fits Your Budget at BMW of Fort Washington
Once you know what you can spend on you new BMW, come see everything in stock at BMW of Fort Washington. We will help you find the perfect model at the perfect price. And if you plan to finance, you can start the process now by filling out our online application.