Used MAZDA Dealer Explains How to Budget for a Used Car Purchase

2022 Mazda CX-9

Any used Mazda dealer knows that shopping for a car, no matter its age, can be an exciting process. The inventory at Superior Mazda is filled with top-rated models offering premium reliability, performance, and comfort. But thoughtful budgeting makes the experience even more worthwhile — here are our top pre-owned car budgeting tips.

Why Is a Used Car Budget Important?

In the thrill of shopping for a used Mazda car, it’s easy to postpone or forget about entirely the most important pre-purchase step: creating a budget. Window shopping for a new-to-you car is always a lot of fun, but you don’t want to get too far ahead of yourself and fall in love with a model that you can’t afford. 

It often happens that a car buyer at Superior Mazda will have their heart set on a certain model or trim, only to find that once they include all of the options and extras — not to mention the monthly expenses of car insurance, gas, taxes, and maintenance — the final price of the car has soared much higher than they expected. What you don’t want to do is plow forward and attempt to finance a car that’s too expensive, only to struggle with making your car payments while also taking care of the vehicle. 

What Is an Ideal Budget for a Used Car?

Based on the experience of our knowledgeable Mazda financing team, here’s an ideal budget that you should consider for a used car:

  • Your monthly car payment should be no more than 15 percent of your gross pay, or 20 percent of your take-home pay. So if your gross monthly income is $5,000, your maximum monthly car payment should not exceed $750.
  • Your down payment for the vehicle should be at least 20 percent of the purchase price. For a used car that costs $20,000, you should try to put down at least $4,000. 
  • The maximum term for your loan should be 48 months. This will allow you to pay a lower amount of interest and take full ownership of the car sooner. 

Chat with a Used MAZDA Dealer Today

From a great selection of used and Mazda Certified Pre-Owned car to terrific financing and incentives, we strive to make every customer’s purchase experience a memorable one. Let’s talk further today about what you’re interested in, and we’ll help you find the perfect car for your budget. Visit us in Bentonville, AR today!