Acquiring a new car, whether via purchase or lease, requires careful budget planning. This isn’t difficult but does require diligent preparation. Here are some recommendations to follow. Once you have these in order, visit our Mitsubishi finance center near Calverton, NY.

Determine Your Monthly Expenses

The monthly expense encompasses more than just the car payment. Remember that it also includes insurance, gasoline, etc. As a general rule, your car budget shouldn’t exceed 20% of your total monthly expenses.

Distinguish Your Wants from Your Needs

Variables like cargo and seating capacity are needs, while additions like leather upholstery and full-color head-up display screen are wants. With this in mind, there’s nothing wrong with forgoing a premium or luxury trim in favor of a base trim that still meets your essential needs.

Start Saving

Ideally, you should have enough money saved to put down a 20% down payment, or a 10% down payment at a minimum. Whether it’s 10%, 20%, or somewhere in between, you should be able to comfortably make the down payment without having to compromise on unrelated essential expenses. In other words, making the down payment shouldn’t cause you to miss a mortgage or student loan repayment.

Factor in The Car Trade-In if Applicable

Are you trading in your old car? This will affect the price of the new car purchase as well as the loan amount and rate. If trading, begin by using our online calculator for an instant estimate. Just keep in mind an in-dealership inspection is required for an accurate valuation.

Visit Riverhead Mitsubishi to see our current inventory, then proceed to our financing center for assistance. We take the hassle out of a car purchase/lease on models like the Mitsubishi Eclipse Cross and more.