QUICK TIP: How much car can you afford?

Michael Finney Image
Thursday, July 25, 2019
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If you're shopping for a new car, how do you know what you can afford? Here's the calculation you need to make when car shopping.

SAN FRANCISCO (KGO) -- Do you know how much car you can afford? Michael Finney has a new 7 on Your Side Quick Tip for you!

A new survey out says Americans are spending too much on their cars, SUV's and trucks. The rule of thumb is you can spend up to ten percent of your gross salary each month on your transportation needs. Most Americans are actually spending ten percent plus an extra fifty-seven dollars. Hard to get ahead like that. So, before you buy a car, figure out how much your monthly payment is going to be, the cost of gasoline, the cost of insurance and even try to figure out repair costs. That's how much you can afford if it's less than ten percent of your salary.

Take a look at more stories and videos by Michael Finney and 7 On Your Side.

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