Buying a Car. By Haris Mohamedy. My Budget. If I get $300 a week I should get $15,600 per year. ($300 per week)(52 weeks in a year). Which Car?. I really like BMWs. Which Kind of BMW?. A new one is probably to expensive. Iâ€™ll get a used one.
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By Haris Mohamedy
If I get $300 a week I should get $15,600 per year.
($300 per week)(52 weeks in a year)
I really like BMWs.
A new one is probably to expensive.
I’ll get a used one.
Maybe a 2006 3.25i. This midsized car costs $25,000.
This car is fully loaded with features like a sunroof, Bluetooth, 6 stick manual, alloy wheels, and the basics so I do not need any enhancements.
I will need to pay for fees, gas, insurance, maintenance, and a loan.
A car also has fees to pay.
For all cars fees would be $75.
I also need to pay gas.
Every week I’ll drive to school and back, run errands, and sometimes go out.
Altogether that is about 30 miles a week.
To figure out the number of miles I drive every year, I multiply the number of miles per week by 52 (number of weeks in a year.)
So I would travel 1560 miles a year and would get about 25 mpg.
To get the number of gallons I use every year I should divide the number of miles by the mpg.
Since I pay the current gas price ($2.99) for each gallon.
I would multiply $2.99 by 62.4.
Round this to $186.58
I would need to pay $2,300 for my midsized car.
For a midsized car maintenance would be about $450.
I decided my loan should be for 3 years or 36 months.
The formula to figure out the finance charge is:
My total finance charge is $2,697.92. I added that to the amount I’m borrowing ($25,000).
Then I got $27,697.92.
I divided that by 36 for the monthly payment and I got $769.39.
To get the yearly payment I multiplied it by 12. I got $9,232.64.
My budget is $15,600.
Since the car fits my budget it is perfect for me.