WALLETHUB - In order to determine where Americans overspend on their set of wheels, WalletHub compared the median auto-loan balance of more than 2,500 U.S. cities.
Buying a car isn't as straightforward as making everyday purchases. The former involves multiple steps and requires prior research, a reasonable budget and some negotiating skills. But buying isn't for everyone, either.
For guidance on the proper way to purchase or lease a car, we asked a panel of experts for their thoughts on the following key questions:
- What are the most common mistakes people make when shopping for a car?
- In what circumstances is leasing a smarter option than buying?
- Generally, what percentage of take-home pay should go to car payments?
- What are your predictions for car sales in 2022? Should we expect to see an increase prompted by a lack of confidence in public transport, or less commuting due to more people working from home?
Ask the Expert
Vickie Hampton Ph.D., CFP® – Retired Professor, Personal Financial Planning, School of Financial Planning – Texas Tech University