Many people dream about owning a SUV car. To turn the dream into a reality, it’s crucial to save up enough money for your SUV project. Get inspired with our best tips on how to budget to afford your SUV. Find examples of the top SUVs of 2024 and their average price range.
1: Define your dream SUV
The budget you need depends on the car you wish to buy. The first step is to clearly define the kind of vehicle you want. Factors to consider are:
- Brand – a luxury brand like BMW tends to be more expensive than for instance Toyota
- Features – the level of extra features like all-wheel drive and safety functions affect the price
- New vs used car – new cars are usually more expensive whereas you can save money by choosing an older vehicle.
- Mileage – a lower budget is needed if you can accept a car with more mileage.
2: Budgeting for additional costs
It is crucial to budget for additional costs. It’s important to set a budget when buying the car and to set a budget for any additional costs that may occur. You may need new tires but want affordable high ends ones like Blackhawk tires so its important to keep additional costs in mind.
Related expenses after the car is acquired include:
- Insurance costs
- Fuel
- Eventually getting new equipment
- Registration and licensing costs
- Sales tax
- Annual maintenance costs – tend to rise as the car gets older
3: Estimate the value of your old car
Selling your old car can help you afford buying your dream SUV. You need to invest time in researching the estimated value of your current vehicle. Online sales guides can offer a rough estimate of your old cars worth. Important factors that determine the price for your current vehicle include:
- Location – prices vary across the United States
- The buyer – dealerships are easier but usually pay less than private buyers as they seek to resell the car with a profit
4: Assessing a realistic down payment
Buying your dream SUV will usually require a down payment. While it varies, 20% of the total price is a reasonable down payment. If your new car costs $40,000, it would mean $8,000 in down payment. While a lower down payment can be tempting, it usually means higher monthly loan payments and possibly a higher interest rate. It’s important to carefully choose a down payment that matches your financial preferences.
Top SUVs 2024
The diverse SUV market offers vehicles for various customer segments and price ranges. Here are some of the top available SUVs in 2024.
Mercedes GLE – It is one of the most popular luxury SUVs. It offers high-end technologies with one of the most desirable European brands on the market. Depending on the features, the price range is between $62,000 and $127,000.
GMC Yukon – This is a good fit for people who dream about getting a large SUV. The vehicle offers plenty of interior space, comfortable driving, and generous towing capacity. The price range is around $57,000 – $94,000.
Honda Passport – This medium sized SUV offers comfort, robust Japanese features, and generous cargo space. The estimated price range is $42,000 – $48,000, which is significantly lower than the abovementioned Mercedes or GMC SUVs.
Volkswagen Taos – This is a popular family-friendly car that combines advanced technology with German safety standards and space. The moderate price range $24,000 – $34,000 makes this well-rounded vehicle affordable for families with a tighter budget.
Conclusion
Getting your dream SUV requires careful budgeting and defining your desired car in terms of brand, features, and mileage. It’s important to budget for additional costs like insurance, maintenance, and fuel. Top SUVs in 2024 in various price ranges include Mercedes GLE, Honda Passport and Volkswagen Taos. The dream SUV should ultimately offer the best match in terms of personal preferences and financial capabilities.
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