Finances for New Car Purchases: What to Consider if You Want to Buy a New Car

The automotive market has been a rollercoaster in recent years, with people eagerly seeking their dream car amidst supply chain challenges, chip shortages, and rising prices. As the car market begins to stabilize, the excitement around car buying continues to grow. But before you jump into a purchase, it's crucial to make an informed decision.

 

In today's fast-paced world, it's easy to get caught up in the excitement of buying a new car without considering the long-term implications. Remember, a car is more than just a shiny object. It can be an investment, significantly impact your cash flow, and it must be approached with many other considerations in mind. Understanding the current state of the automotive market and assessing your financial situation are crucial steps in making a responsible decision.

 

In this week's episode of The Free Retiree Show, our hosts, wealth manager Lee Michael Murphy and career advisor Sergio Patterson discuss the state of the auto market,  what you need to consider before buying a new car, and how to calculate the ideal auto payment. 

 

Tune in to this episode of The Free Retiree Show to gain the confidence and knowledge you need to make a wise and informed decision about your next auto purchase.  

 

What you’ll learn in this episode:

• The state of the auto market and whether it's the right time to buy a car
• Factors to consider before purchasing a car, such as budget and affordability
• The impact of the pandemic on the supply chain and chip shortages in the auto industry
• Changes in how loans are structured and the potential for repossession
• What to do if you're struggling to make your car payments.