Today, despite the crisis, we have come to a level of funding by banks that allows you to get credit to buy used cars in Madrid eight years. With the limitations in the hand (a Bank grants you ell approximately 35% of your net income as maximum credit) and extending deadlines, we can buy almost any car that we can imagine. But let’s be sensible, does it makes sense to seven or eight years to pay a car? Is obvious that does not. The useful life of a vehicle should be conditional purchase, and while we have it also. You can think that in eight years you do not change the car, lengthen the funding for so long ago that we should more to the Bank than is worth our car. And if you have a need, sell it not delete us what remains payable by the same.
Then there is the fact that power crediticeo of a person is limited. This 35 or 40% of monthly net income is our capacity for payment of credits in combination. That is, if we spend all our capacity crediticea in a car may not ask another bank credit for adding it. Come on, that if throughout this long (very long) period of eight years gives us by buying a house or we have another kind of need, we will be completely limited in our choices. Today we present, in our view, a good guide to how much you should spend on our next car, depending on what you entered, and depending on the devaluation of the same. As a general rule, and with Eurotax data and other specialized appraisers with whom I have worked in my experiences of pricing and purchase and sale, we estimate two data to calculate the average of a vehicle depreciation after your purchase.
Throughout the first year of purchase, the car lost 39% of its value, approximately, and in the set of the first three years its devaluation will amount to 60% of the original price. Certainly, in cars exclusive, limited editions or with long waiting lists, these devaluations may run less, but in terms generals, the most sensible thing is to stay with these figures. Under the circumstances, the logical thing is to finance the car in a way that in case of having to sell it by the appraised value, we have enough or more with the money that we perceive to cancel what we have left of credit. To do this will place proposing a method that is valid for the majority of cases. To control the devaluation of the car, and face to make the acquisition, the first thing that we should have are starting savings. Theirs would have around 20% of the total cost of the vehicle in cash as an input for the same. From there, the optimum is to have funding to a maximum of four years. This way each year we will pay 25% of the credit, so we will compensate largely loss of value of the vehicle, although the first year won’t it at all due to interest. This formula is very useful to have a comfortable life, as it prevents us financial uncertainty. In case of losing the work or have an economic problem concrete, always can get rid of the asset which represents car and free us from their financial burden. But how translates this into an example in the real world?