What is a reasonable amount to spend on a used car?
The frugal rule: 10% of income For many people, I think that will be between 10–15% of your income. So if you earn $25,000 a year, that’s going to be a high-mileage used car for $2,500–$3,000. If you earn $80,000, that’s a used car for around $10,000 or $12,000.
What are good websites to find used cars?
Best Used Car Sites for 2021
- Best Overall: AutoTrader.
- Best Basic Option: CarsDirect.
- Best for Classic Cars: Hemmings.
- Best for Mobile: Autolist.
- Best for Cheap Cars: CarGurus.
- Best for Comparing Options: AutoTempest.
- Best Auction Site: Cars & Bids.
How much should I spend on a used car Dave Ramsey?
Dave’s quick answer: It shouldn’t be more than half of his annual salary. The long answer? On his website, Dave Ramsey explains that the total value of all your vehicles shouldn’t exceed half of your yearly income. For someone who makes $50,000 a year, all your vehicles’ value shouldn’t exceed $25,000.
What is a lowball offer on a used car?
A low-ball offer might offend them since it’s their beloved car they’re selling. A common opener is to ask them, “What’s your best price?” This is an invitation for them to negotiate against themselves and lower the price a little. If they drop the price a bit, you can then come back with an even lower offer.
How much car can I afford on 50k salary?
Dave Ramsey takes a balance sheet approach. Rather than looking at monthly transportation costs, Dave recommends buying cars that cost no more than 50% of your annual income. So if you make $50,000 a year, you should not spend more than $25,000 for a car(s).
How much should I save before buying a used car?
“Aim to put 20% down on a new vehicle and 10% down on a used vehicle.” “The more money you can come up with on your own, the better the deal you’re ultimately going to get,” says Brian Moody, executive editor at AutoTrader.
Who is CarMax biggest competitor?
CarMax competitors include Carvana, Penske Automotive Group and AutoNation.
Where can I find a good used car?
Here are some tips to help you find a great used car. You can find used cars for sale in several places, ranging from private parties selling their own used cars to franchised new car dealers. Between the extremes are locally owned used car lots and used car supercenters, such as CarMax and Carvana.
How does the average person shop for a car?
1. Car buyers spend 59% of their time online researching. (Autotrader) 2. When researching online, 46% of car shoppers use multiple devices. (Autotrader) 3. Most car buyers are undecided at the start of the shopping process. When they first begin to shop, 6 out of 10 them are open to considering multiple vehicle options. (Autotrader) 4.
How are used cars rated on Edmunds.com?
Our time behind the wheel is used to develop ratings that describe how a car stacks up against its direct rivals in a particular size and price class. See our list of the Best Used Cars and save some serious cash without compromising on features or performance. If you are looking to buy a new vehicle, see our new car ratings.
How much does it cost to service a used car?
This service item alone costs at least $300. By the time a car has 60,000 miles it will almost certainly need tires and brakes, although more modern cars are going farther with less maintenance. Still, a seller can save money by selling or trading in a car well before this work is required.