![]() Instead of overspending at a local dealership, consider checking prices online. This includes the principal and interest on the loan, plus monthly insurance expenses. The 20/4/10 rule: Put down 20% on a car, finance the car for no more than 4 years, and keep your car payment less than or equal to 10% of your salary.If you make $75,000 per year, your total loan payments shouldn't exceed $2,250 per month. This includes your mortgage, car loan, personal loans, student loans, and minimum credit card payments. The 36% Rule: With this rule, your total loan payments shouldn't take up more than 36% of your salary.This rule may only work if you need a car to literally get from Point A to Point B. That's probably not feasible for the average driver. If you make $50,000 per year, that means you can spend $5,000. 10% of your salary: If you want to be frugal about buying a car, stick to 10% of your annual salary.These rules may work better for your lifestyle. You may stretch your budget outside of its limits. But if you think about it, taking up 20% of your income just on your car payment leaves 80% for everything else.Ĭonsider your mortgage, consumer debt, medical expenses, food, utilities, and the daily cost of living. Once you have a budget, you'll need to find a price range you can afford. At the minimum, you should at least visit CarsDirect for deals on new cars and used cars to get a better idea on how much vehicles really cost in your area. You can stretch your buying power by finding the best discounts before going to your local dealerships. How will a car payment affect your bottom line?Īfter you know how much you can reasonably afford, you should research pricing online.Do you have plenty of money for daily living without sacrificing?.Is the money left over after paying your bills just cutting it?.Scroll down to read more about our half-price heroes - all of which can be bought for less than £30,000 - or alternatively discover what's out there in these other price brackets.Knowing this figure will give you an idea of how much room you have for a car payment. The cars below are just some of the options you may come across in this price bracket. Using a bit of nous and patience, there’s no reason why you won’t be able to pick up your own half price hero, whatever your tastes and requirements might be. A clean service history and visible efforts to maintain a car are always good signs, but always exercise caution if a deal seems too good to be true. If you'd rather have something less flashy and noisey, a 2014 Lexus RX hybrid with 30,000 miles could be sitting on your driveway for less than £25,000.įor a combination of a V8 soundtrack, practicality and understated looks however, the Mercedes E63 AMG Estate fits the brief with its sonorous 5.5-litre V8 and enough boot space for a couple of dogs.Ī test drive and full inspection are a necessity with any kind of car, but especially so when you’re forking out up to £30,000 on one that has been in the care of another motorist. Buying a used car: all you need to know. ![]() Thanks to the wonder that is depreciation, you can get a nearly new car for much less and with 30k in your back pocket you can pick from a wide selection of exciting cars.Įxciting cars like a 55,000 mile Chevrolet Corvette, capable of thrusting you back in your seat and propelling you towards the horizon with a roaring V8 soundtrack. While a new car should give you refined performance, great economy and unbeatable reliability, a used one can also do much the same while making your money go that little bit further as well. To help you if you decided to go for the latter, we've rounded up the best used cars you can buy for £30k. If you're fortunate enough to have £30,000 to spend on a car, you can either head to the nearest showroom and buy yourself a new car, or opt for the slightly less predictable but potentially very rewarding used car market.
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