If you want to know if you’re overpaying on your car or if you should buy a car, plug your numbers into the Conscious Spending Plan (get it for free below).
Calculate if you can afford a car with my Conscious Spending Plan: http://ow.ly/BAge50Jzjsc
Read the news article mentioned: https://www.wsj.com/articles/the-1-000-car-loan-payment-higher-prices-interest-rates-push-up-monthly-costs-11657364580?st=harty8htq8tlh5e&reflink=desktopwebshare_permalink
Free Ultimate Guide to Personal Finance: http://ow.ly/BcqC50Jzjc3
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I recently read about a 2022 study showing that the average payment for a new car payment is $686 a month (This is an all-time high. When I first got my Honda accord, I paid around $350/month for it). And yet. . . I STILL paid over $1,000/month. How? Similar to buying a house, there are MANY hidden costs involved in buying and maintaining a car.
People end up wondering why they feel trapped even if they’re making a healthy income. The price of asparagus won’t stop you from living your Rich Life, but a LARGE car payment can.