Bank of America Coronavirus Resource Center See details Sign In Locations Contact Help En español My Priorities saved Search Menu Auto Buying a car is a big move, so preparation is essential. Get insights and knowledge to make the right financial decisions. Choose a filter Most Popular Buying a car? Here are the key terms to know about auto loans View infographic Buying vs. leasing a car Watch video Poll Let’s talk transportation. What percentage of your total income (before taxes) do you spend on car-related costs? Under 10% 10%-25% 25 - 50% More than 50% Under 10% 10%-25% 25 - 50% More than 50% The average driver spends 14%-16% on transportation, which includes all auto costs like car payments, gas, insurance and maintenance. The average driver spends 14%-16% on transportation, which includes all auto costs like car payments, gas, insurance and maintenance. More about autos Comparing the cost of new and used cars Watch video The true cost of a car Watch video 7 tips for buying your first car Get pointers for every step of your car-buying journey so you can make smart choices the whole way Read more Shopping for a car? 3 questions that need answers Make sure your new ride will fit your budget. Look at how certain choices could affect your finances. Read more Getting a car after the military Watch video Rebate vs. lower interest: Which car incentive is right for you? From interest rates to incentives, these factors can help you make a decision if you’re in the market to buy a car. Read more Buying your first car: What every teen should know If you’re a teenager buying your first car, it’s important to plan for both safety and financial impacts. Follow these tips to find your first set of wheels—and to understand all the costs and considerations. Read more Show More Connect with us Bank of America Privacy Security Careers Sitemap Advertising Practices Education Resource Center Terms of Use Not all content is available in Spanish. Bank of America, N.A. Member FDIC. Equal Housing Lender © 2021 Bank of America Corporation. All rights reserved.

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