The True Cost of Owning a Car—Are You Prepared?

Owning a car is more than just monthly payments. You need to consider fuel, maintenance, insurance, and depreciation. All of these add up, and if you’re not careful, car ownership can erode your financial stability. Plan wisely and invest the money you save.

Here are 5 pro tips:

• Research the market value: Know the fair price for the car model you're interested in before heading to the dealership.

• Time your purchase: Shop at the end of the month when dealers are more likely to offer better deals to meet quotas.

• Leverage manufacturer incentives: Ask about available rebates or special financing options that can lower the cost.

• Avoid unnecessary add-ons: Politely decline extended warranties or extra services that inflate the final price.

• Be ready to walk away: If the dealer won’t budge, being willing to leave can often lead to last-minute savings.