Here is the hard fact:  Automobiles are getting more and more expensive, taking a greater percentage of your monthly income to purchase a vehicle.

Today, it seems like for most people, having a reliable vehicle is a necessity, not a luxury.  But for others, they buy their vehicle for luxury, even when they really can't afford it.

The Cost Of Financing A New Auto

There are ways of intelligently using someone else's money for purchasing a new auto.  Low-cost financing (such as 0.9% rates) can be a good use of your credit, and get you into a more affordable auto.  But here is the catch: Don't refinance any remaining balance of your existing vehicle into any new loan. 

Rolling in unpaid balances from older vehicle loans is becoming a common event.  It is been estimated that about 1 in 3 people who finance a car in 2019 are rolling over debt from a prior auto, with an average carryover balance of nearly $5000.  Both of these numbers are increased,...