Welcome to Your Car Buying Assessment
Before you start shopping for a car together, it's essential to ensure you're both on the same page. This assessment will help you identify areas of alignment and potential discussion points.
How it works: You'll each answer the same 7 questions independently. At the end, you'll see where you align and where you might need to discuss further.
1. When do you need/want to buy this car?
Different timelines = different strategies. Immediate need limits your options.
Partner 1
Partner 2
💡 Why This Matters
Feeling rushed is the #1 way dealerships gain leverage over you. If your timelines don't match, the person with urgency needs to explain WHY – sometimes urgency is manufactured pressure, not reality.
2. What monthly payment are you comfortable with?
This reveals risk tolerance and might expose income/spending expectation gaps.
Partner 1
Partner 2
💡 The 10% Rule
Your total car expenses (payment + insurance + gas + maintenance) should not exceed 10% of your gross income. A $500 payment requires at least $75,000 household income when you factor in these other costs.
3. New or used vehicle?
This is often emotional vs. practical. New = peace of mind but massive depreciation hit.
Partner 1
Partner 2
💡 The Depreciation Reality
New cars lose 20-30% of value in the first year. A $30,000 new car becomes $21,000 instantly. A 2-year-old version of the same car costs $21,000 but has 70%+ of its useful life remaining. Let someone else take the depreciation hit.
4. How much are you planning to put down?
Down payment determines if you'll be "underwater" on the loan and affects interest paid.
Partner 1
Partner 2
💡 The Underwater Trap
With $0 down, you're immediately underwater - owing more than the car is worth. If you total it or need to sell, you still owe thousands after insurance payout. 20% down keeps you right-side-up from day one and dramatically lowers your monthly payment.
5. Where will you get financing?
Dealer financing is convenient but often expensive. This is where they make huge profit.
Partner 1
Partner 2
💡 Pre-Approval = Power
Walking in with pre-approved financing from your credit union gives you leverage. You can negotiate like a cash buyer on price, then use dealer financing only if they beat your rate. Never start with "what payment can you afford?" - that's how they trap you in a 72-month loan.
6. Have you gotten insurance quotes?
Insurance can vary $100-300/month between cars. Skipping this step = expensive surprises.
Partner 1
Partner 2
💡 The Hidden Cost
A Honda Civic might cost $100/month to insure. A performance SUV might be $250/month. That's $1,800/year or $150/month difference that destroys your budget. Get quotes BEFORE falling in love with a car. Young drivers and sports cars = insurance nightmares.
7. Would you adjust other spending to afford this car?
This reveals if the car fits your life or if your life must change to fit the car.
Partner 1
Partner 2
💡 The Lifestyle Test
If you need to change your life to afford the car, you're buying too much car. The car should serve your life, not dominate it. Sacrificing retirement contributions, emergency fund building, or quality of life for a vehicle is backwards - that's lifestyle creep disguised as necessity.