{"id":1885,"date":"2021-09-10T13:57:39","date_gmt":"2021-09-10T17:57:39","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=1885"},"modified":"2021-09-10T13:57:51","modified_gmt":"2021-09-10T17:57:51","slug":"how-to-buy-a-car-with-your-partner","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/how-to-buy-a-car-with-your-partner\/","title":{"rendered":"How to Buy a Car With Your Partner"},"content":{"rendered":"\n

With a vehicle, you and your partner can live out car commercial fantasies as you zig and zag on scenic switchbacks. But, just as every car ad ends with the financing information, you\u2019re not going to live out that fantasy until you talk money, too.<\/p>\n\n\n\n

Before buying a car with your significant other, align on your vehicle budget, the way you\u2019ll share financial responsibility and the kind of car you need. Here\u2019s how to get started.<\/p>\n\n\n\n

Start the car talk over chamomile tea<\/strong><\/h3>\n\n\n\n

Even if you\u2019re excited about buying a car, putting down big bucks can be stressful. Split costs with your partner, and now you have to navigate two people\u2019s anxieties and distinct money views.<\/p>\n\n\n\n

To hedge relationship stress, have an open conversation about this purchase, suggests Marlow Felton, co-author with her husband, Chris, of \u201cCouples Money: What Every Couple Should Know About Money and Relationships.\u201d But mind the timing. \u201cIf you\u2019re super stressed, you\u2019ve been drinking, you\u2019re tired or hungry, that\u2019s not a good time,\u201d she says. Instead, choose a moment when you\u2019re relaxed.<\/p>\n\n\n\n

Figure out the finances<\/strong><\/h3>\n\n\n\n

First, determine how much car you can afford<\/a>. Aim to spend less than 20% of both of your monthly take-home incomes on total car expenses \u2014 that includes car payments, gas, insurance, maintenance and repairs.<\/p>\n\n\n\n

If you take out an auto loan, plan to hand over 10% for a down payment on a used car and 20% for a new one. If you\u2019re paying for a vehicle in cash, we found that the lowest price you can expect for a reliable used car<\/a> is about $2,500. (But consider that every additional $1,000 you spend gets you a newer, nicer vehicle.) However you pay, plan for registration fees, sales tax and a \u201cdocumentation fee.\u201d<\/p>\n\n\n\n

Collaborate on a car fund<\/strong><\/h3>\n\n\n\n

Felton suggests that couples saving for a down payment or a used car set up a shared account for that purpose. \u201cA general rule of thumb, when saving for a big expense, is to segregate funds,\u201d she says. \u201cThis isn\u2019t the shoe fund or vacation fund \u2014 it\u2019s the car fund.\u201d<\/p>\n\n\n\n

Next, agree on how often and how much each of you will contribute. Felton says contributing proportionately to your income is a good starting point \u2014 for example, you can each put in 10% of each paycheck.<\/p>\n\n\n\n

Yes, that likely means you\u2019re ponying up different amounts. But that shouldn\u2019t matter too much. If you plan on committing long term, you should consider your money shared, Felton says.<\/p>\n\n\n\n

Discuss the kind of car you need<\/strong><\/h3>\n\n\n\n

Now that you\u2019ve hammered out finances, determine what kind of car to buy. Start by exploring car websites, such as Autotrader or Kelley Blue Book, as well as the Edmunds Compare Cars tool. (Also see our guide to picking the right car<\/a>.)<\/p>\n\n\n\n

Figure out the needs your vehicle must meet. Does it need to get you to work and back without guzzling gas? Does it need to fit the five Little Leaguers you schlep to practice? Does it need to traverse icy roads?<\/p>\n\n\n\n

Be honest with yourself as you separate needs from wants. You probably don\u2019t need that automatic parallel parking feature if you live on a cul-de-sac. If a vehicle has everything you need and you still have room in your budget, then consider the nice-to-haves.<\/p>\n\n\n\n

Of course, you and your significant other might not completely agree on the needs and wants \u2014 but reaching an agreement is an important step. \u201cIt can be a test for your relationship,\u201d Felton says.<\/p>\n\n\n\n

Your reward if you pass the test? Excursions on those two-lane mountain roads from the car commercials \u2014 with your budget and relationship intact.<\/p>\n\n\n\n

More From NerdWallet<\/strong><\/p>\n\n\n\n