There are many costs to consider when budgeting for a new car beyond just the cost of the car. Fields Lexus of Glenview is here to help with these Lexus financial tips to help start your next car budget.
Lexus Budgeting Checklist
Our Lexus dealer near Evanston recommends planning to put 10-15% of your total monthly expense budget toward car costs (this doesn’t factor in the down payment). So, considering your current expenses, plus your savings is very important to start. To further help you with planning, here are some of the primary automotive expenses to plan for:
Car Insurance
Liability coverage likely won’t change much from car to car, but collision and comprehensive insurance costs will go with the purchase of a new car. Many other factors such as where you live, past driving record, and the type of car you’re buying (sedan vs. sports car) could all impact insurance costs.
Parking, Tollway, and Gas Costs
If you’re like many Chicago-area residents, you may not have easy access to parking at home. That may mean buying a neighborhood parking permit or renting space in a garage. Likewise, if you are using your car to commute, then you’ll also want to factor in monthly toll costs and estimate how many trips to the gas station you’ll need based on the vehicle you’re considering.
Maintenance Costs
While the new Lexus warranty will cover major repairs, still consider that standard, periodic maintenance like oil changes, air filters, tire rotations, etc. will all be needed. Fortunately, when you choose to service your Lexus at our dealership you’ll be in great hands.
Keep Finance Payments Low at Fields Lexus of Glenview
The last major thing to consider in your new car budget is your monthly car payment if you’re going to be financing. When financing at Fields Lexus Glenview, we have options for all types of credit histories and will work with you to find the right loan terms that meet your new Lexus budget. Let’s get you behind the wheel of a Lexus luxury car today!
