How much less home will I be able to buy if I purchase a new car?
Jane’s new car that cost $31,000 just cut her purchase power by $51,000!
Considering that new car will lose 25% of its value as soon as Jane drives it off the lot and will only be worth about 25% of her original sales price in six years when its paid off, it may be better for her to wait until after she has moved into her new home and made a few house payments to decide whether or not she really needs a new car or if she should wait. Instead of purchasing a new car, something a lot of people are increasingly doing (which may also be beneficial to Jane) is leasing a new car and paying for it monthly.
‘the Raleigh Mortgage Guy’
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Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183