How to Budget for a Car

A Step-by-step Guide

Budgeting for a car involves more than just considering the lease price. It's about understanding the total cost of ownership, which includes ongoing expenses like maintenance, insurance, and fuel. At Benchmark Auto Sales, we're here to help you navigate this process. Here's a step-by-step guide on how to budget for a car, with a focus on the benefits of leasing a used vehicle from us.

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Step 1: Determine Your Budget

Financial experts recommend spending 20% of your income on transportation, including car payment, insurance, and fuel. So, if you're commuting to work in Winston-Salem or taking a weekend trip to the Crystal Coast near Morehead City, make sure your car-related expenses fit within this range.

Step 2: Consider the Lease Price

At Benchmark Auto Sales, we offer in-house lease financing plans with weekly payments typically running between $75 - $135. These payments are calculated based on your after-tax pay and need to be less than 20% of your net income for approval. This ensures that leasing a car from us is affordable and fits within your budget.

Step 3: Factor in Insurance Costs

Insurance is a necessary expense when leasing a car. The cost can vary based on factors like your driving record and the type of car you lease. Remember to include this in your budget as you plan your trips around Asheville or South Raleigh.

Step 4: Account for Maintenance and Repairs

Regular maintenance is crucial to keep your leased vehicle running smoothly. At Benchmark Auto Sales, our in-house leased vehicles come with a limited powertrain warranty, providing some coverage for major repairs. However, you should still set aside a portion of your budget for routine maintenance like oil changes and tire rotations.

Step 5: Don't Forget About Fuel

Whether you're driving to the local grocery store in Garner or commuting to work in Morehead City, fuel is a regular expense that needs to be included in your budget. The good news is, by leasing a well-maintained used car from Benchmark Auto Sales, you can enjoy good fuel efficiency, helping to keep this cost manageable.

Step 6: Consider the Benefits of Leasing a Used Car

Leasing a used car from Benchmark Auto Sales comes with several benefits that can make budgeting easier. Our unique leasing solutions don’t require a credit check, and we offer competitive plans based on affordability. Plus, our vehicles are well-maintained and reliable, helping you save on unexpected repair costs.

In conclusion, budgeting for a car involves careful consideration of both the initial and ongoing costs. By following these steps and opting to lease a used car from Benchmark Auto Sales, you can enjoy a smooth and affordable driving experience in Asheville, Morehead City, Winston-Salem, or South Raleigh. Remember, a well-planned budget is the key to stress-free car ownership.