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How much should you spend on a used car?24 October 2023 · Updated 15 July 2025
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“When it comes to leasing the car, the rule of thumb is to spend no more than 15% of your monthly take-home income on transportation, which includes monthly payments, maintenance, insurance, and fuel costs.”
How much should I spend on a used car? | How to Money18 May 2024 · Updated 3 September 2024
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“For most folks, buying a used car within the $10,000 – $25,000 range is a great way to proceed. We always recommend saving up and buying cars with cash instead of financing them when possible.”
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“According to Roosenberg, your car payment and other vehicle expenses shouldn't exceed 20% of your monthly income after taxes.”
Try These Tips When Buying a Used Car, Truck, SUV, or Van16 August 2021 · Updated 7 November 2025
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“First, let's talk money. There are two decisions you'll have to make right off the bat: how much you're willing to spend—and that can be in total or how much per month—and whether you want to finance your purchase or pay in cash.”
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“Experts generally recommend putting a down payment of at least 20% on a new car and at least 10% on a used car.”
Buying or Leasing a Car in 2026: Which Makes the Best Financial Sense for You? - Consumer Reports25 May 2021
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“For savings up front and over the long haul, buy used. And pay cash.”
Gone for an Americano.
Before you spend a fortune on a used car, read this: 7 steps that protect your wallet and your sanity8 December 2025
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“Having a firm, realistic budget will help you avoid overspending, and give you leverage when negotiating.”
Gone for a latte.
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“Compare the seller’s asking price to the average market price you determined on the pricing guides and negotiate from there.”
Gone for an Americano.
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“Your budget is the primary factor that influences how old of a car you can afford: Initial Purchase Price: New cars typically cost more than used ones. Determine your budget range and explore options within it.”
Gone for a latte.
How Much Should I Spend on a Car? - RateGenius3 May 2024 · Updated 22 October 2024
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“Always take the time to crunch the numbers before buying a car. Make sure your car buying decision is fact-based and fits within your budget. This way, you can enjoy your new vehicle for years to come, without being beholden to your car payment.”
Gone for an Americano.
First Time Car Buyers: The 5 Steps Every Buyer Should Follow11 October 2017
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“One way to determine how much you can afford is to create a monthly budget. Track your income and expenses and see where you have room to spare. Knowing how much you have to spend will be the largest factor in determining which car you can purchase.”
Gone for a latte.
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“To get a read on the used market, determine how much you can — and should — spend, and then narrow down your buying options.”