Monthly petrol, toll fees and vehicle maintenance. Policies and Insurance. Including home, motor and life insurance. For example: DSTV, movies, restaurant bills and take-aways. School fees or tertiary education fees. Cellphone and landline fees. Credit Card Payments. Account Payments. For example: clothing and furniture store accounts.
Loan Payments. For Example, monthly payments towards personal loans and other motor loans. Any expenses not listed above. Disclaimer All calculations made on calculators supplied on this site, together with rates quoted, are guidelines only and are subject to confirmation at the time of finalising any transactions.
Based on credit tier; actual terms may differ. LightStream review. As low as 2. Capital One review. MyAutoloan review. Consumers Credit Union review. Note: APR is used to evaluate the true cost of borrowing money and includes the interest rate.
Most car payment calculators start with the total loan amount you want and other inputs to see what your monthly payment would be. You can try different loan terms and adjust the inputs to further customize your loan amount.
NerdWallet recommends maximum loan terms of 36 months for buying a used car and 60 months for new cars. Also, a longer loan term increases your risk of becoming upside-down on the loan, meaning you owe more than the car is worth. This will depend on several other factors, including:. Your credit score, which will in part determine your annual percentage rate, or APR, on the loan.
Your loan term: how many months you have to pay off the loan. Whether you buy new or used. New car loans tend to have lower APRs. With a monthly payment, an estimated APR and loan term, the car affordability calculator works backward to determine the total loan amount you can afford.
See the full list of cities and their respective rank on the table below. Affordability Rank for Top Cities. Whether you are shopping on a budget, or just financially savvier than the average buyer, private party really is the way to get more car for your money.
The quality of vehicles can vary greatly from one owner to the next too. We perform a 5 step verification check for every vehicle listed—where we filter out vehicles with branded title, lemon history, odometer inconsistency, structural damage and more. That way you can focus on looking for the right car that fits your needs without worrying about getting a lemon. Purchasing or selling a used car comes with a unique set of challenges. Every car is different, so determining a fair price often comes down to car make and model, market demand, condition adjustments and, most importantly, the competition.
We got to wondering how much of a difference there is in private party used car pricing, so we took the top 75 most populous metro areas and gathered vehicles listed for sale online by owners. This study excludes dealership vehicles and only contains vehicles listed for sale directly by owners. Looking at an average of 4, listings per metro area, we determined what the average sale price of a private party used car was—and ranked their positions for the 10 most and least expensive cities for used cars.
Read more to see where your city ranked below. For Bay Area locals, it may come as no surprise that San Francisco tops the list in highest used car price. Combine the high cost of living, long commute times San Francisco County averages 30 minutes and lack of reliable transit options for surrounding suburbs, residents rely heavily on their cars to get around.
With three million fewer residents than San Francisco, Oklahoma City places second in the most expensive place to purchase a used car. While the overall cost of living is low, commute times in Lincoln County home to Oklahoma City average 29 minutes. Long commute times can factor into the value of a used car with buyers seeking the perfect balance of affordability and low mileage. While Phoenix may be a surprise on the list, the greater metro area is home to some of the largest and most expensive suburbs like Mesa, Scottsdale, and Chandler.
With large suburbs comes multiple car households the Phoenix metro area averages 1. Similar to Phoenix, the greater Salt Lake City metro area is home to sprawling suburbs and high car ownership. While one would suspect the most expensive metro area would result in some pretty high used car prices, New York metro residents just miss the top five.
This is primarily due to increase use of public transit— Still, the higher median income in this metro area means more turnover of higher priced, lightly used automobiles. Lack of public transit and commute times topping 33 minutes contributes to Birmingham metro areas ranking in the most expensive used cars. In the city of Birmingham, there are eight cars for every 10 adults and for surrounding towns like Hoover, AL the number is 10 cars for every 10 adults.
Finally, Birmingham is at the convergence of four major interstate highways I, I, I and I resulting in a heavy reliance on cars to get around. While railways, buses, trolley and even water taxis are transit options in the region, automobile is still the most popular mode of transit.
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