You’re driving down Main Street on the way to work, and you pass the same old car dealership – only this time, something catches your eye.
“Oh my goodness, it’s the new (your favorite car)! I’ve been eyeing one of those since high school! I could afford one of those right now, and this old hatchback I’ve been lugging has definitely seen better days. Oh, it’s the new 2022 model as well; I would be the talk of the town!”
^I love a good internal monologue!
So, you mosey on into the dealership and take it for a test drive, and it’s love at first rev. You now know what you were put on this earth to do – buy that car!
Naturally, you probably don’t have the cash to pay for the car upfront, so you’d have to decide on leasing, or financing. Seems completely doable! Those monthly payments are nothing compared to the joy you’ll feel whizzing down the highway in this new beauty!
So you’ve run the numbers in your head, and you’re perfectly fine with the new expenses associated with a new vehicle – but hold up a second!
There are a few expenses that you may not have had to consider before; sure, you’ve got your monthly payments, but what about:
- repair costs (some vehicles are notoriously difficult to service due to parts availability)
- maintenance costs (these can even impact your warranty)
- insurance costs (new cars are more expensive to insure because they’re worth more
- upgrade costs (are you really getting the features you want at the advertised price, or are you paying more for the add-ons you want?)
There’s so much to consider, so if you are mulling over the possibility of getting a new vehicle, we would like to hear from you! Give us a call at 513-563-PLAN (7526) or book online to have a short free chat with one of our advisors.
We can help you figure out where a new set of wheels can fit into your finances.
Nikki Earley, CFP®