Besides our home, an automobile is the second largest expense in our household. Since 2002 there has been a 240% increase in the age of cars as they are built to last much longer than they used to. And financial advisors are frequently asked how much should be spent on a car.
Sherod Waite, Moneywise owner + financial advisor, discusses how you can save long term on your transportation. What is the rule of thumb on the percentage of take home income you should allocate for your vehicle? What other costs are involved besides just the car payment should we factor in?
Moneywise is available for free, no-obligation phone + virtual consultations. Partner with a skilled, down-to-earth financial + investment advisory team that will help you make the most of your investor timeline and financial resources.