Before purchasing a vehicle, what is a critical step to assess affordability?

Considering the total monthly cost is essential when assessing affordability before purchasing a vehicle because it encompasses all ongoing expenses related to vehicle ownership. This includes not only the monthly loan payment but also additional costs such as insurance, maintenance, fuel, and registration fees. By evaluating the total monthly cost, potential buyers can determine whether they can comfortably manage these expenses within their budget, thereby preventing financial strain in the future.

Focusing solely on other factors, such as only the down payment, the vehicle's purchase price, or ignoring secondary products, may lead to an incomplete picture of the financial commitment involved in owning a vehicle. Understanding the full spectrum of costs helps ensure that the buyer makes an informed decision that aligns with their financial circumstances and goals.