Depending on how many new car features and gadgets you want, the average truck payment can vary from $500 to several thousand dollars. For example, Pedro Andino, who runs a tree service business, pays $900 a month for his 2014 Dodge Ram. However, he only needs his truck for a few short trips. In 2008, small economy cars topped the list of new car sales, followed by midrange cars and full-sized pickup trucks.
Is 600 a High Car Payment?
If you want to drive an expensive SUV, it will cost more than a cheap MPV. A car payment should be no more than thirty percent of your income. Remember to factor in fuel and maintenance. If you can make a low car payment, then you will have extra cash for other things. In this case, six hundred dollars per month would be a perfect amount. Nonetheless, if you’re planning to pay off a 40 thousand truck loan in three years, you should make sure to consider the price of the car and the monthly payment.
Is a $500 Car Payment Too Much?
Financial experts suggest that the monthly car payment should not exceed 10% of your take-home pay. That means that you should not spend more than $500 a month on your car payment, and you should consider fuel and maintenance as other car expenses. Keeping your car payment low will free up cash for other expenses. This is especially important if you work long hours and require a large truck.
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