How much should I pay for my car in Oklahoma City?

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Even if you are shopping for a used car, it’s still difficult to know when you’re paying too much for your car. So, how much should you expect to pay for your car here in Oklahoma City? Here’s what we know.

How much you should be paying for your car on a monthly basis

It isn’t so much about the overall price tag of the vehicle as it is the monthly payments you’ll be making. While you may here some people say you could spend up to 30 percent of your monthly income. However, with other potential expenses like mortgages, student loan debt, medical bills, vet bills, and other items, you really should try to keep your monthly car payments to under 15% of your monthly income. This way, you’ll have way more wiggle room.

Read more: Learn how to tint your car windows at home

salesman handing car keys off to couple over tableThings to consider when buying a car

What other payments are you making per month? Even if your yearly salary allows for your dream car, debts and other monthly expenses may not.

Does the monthly payment of your potential car fit in your budget? If you don’t have a budget, consider making one. This can help put your monthly expenses into perspective.

Do you have enough emergency money saved for unexpected expenses? We don’t just mean unexpected car expenses, such as a flat tire. Accidents happen all the time, from someone tripping over a tree root and breaking their arm to storm damage to your house. It’s best to have a sizable sum saved up for these unexpected expenses. If you don’t, you might be better off going for a lower-priced vehicle and putting what you would’ve been spending on the car towards your savings account.

Is this car worth it? Okay, we’re a little biased on this one, because in our eyes all Honda models are worth it. However, if you aren’t completely in love with the car you’re looking at buying, no matter how amazing it is, and it’s a stretch for your budget, you might want to reconsider.

New Honda vehicles for sale in Oklahoma City

Don’t forget to contact our finance department here at Battison Honda. We would be happy to help you find the right finance package for your new or used Honda vehicle. Don’t forget to check out our used and new car inventory online! We have a variety of budget-friendly makes and models that entice a variety of car shoppers here in Oklahoma City.