Purchasing a used Nissan car is a smart financial move that allows you to enjoy high-end features while avoiding the steepest part of the vehicle depreciation curve. But like with any big purchase, it is important to set a clear budget before driving away from Hall Nissan Virginia Beach in your used Nissan car. Our team of Nissan finance experts is happy to provide some budgeting tips.
Calculate the Total Cost of Ownership
A realistic budget not only takes into account the initial sticker price or the monthly loan payment, but also accounts for the total cost of ownership. This includes recurring expenses like insurance premiums, annual registration fees, and local taxes and fees. On top of that, we recommend setting aside a small monthly maintenance fund for routine services such as oil changes and tire rotations. While these preventative services cost money upfront, you will likely end up paying much more in repair costs if you ignore preventative maintenance.
Understand Your Purchasing Power
Before you fall in love with a specific used Nissan Rogue or used Nissan Altima, our finance team recommends getting pre-approved for a loan so that you understand your actual buying power. Pre-approval provides you with a clear, predetermined budget as well as more negotiating power at the dealership. Some additional tips include:
- Aim for a total monthly car payment that is no more than 10 to 15 percent of your take-home pay.
- Factor in the value of your current trade-in to lower the principal amount.
- Consider the length of your loan term. Longer terms have lower monthly costs but more total interest paid.
Find a Used Nissan Car Right for Your Budget in Virginia Beach, VA
Here at Hall Nissan Virginia Beach, we have a used Nissan model for every budget. Our financing professionals are ready to match you with an auto loan that works for your needs. Get pre-approved today!