Remember that person who bought a BMW she can’t really afford? How about you? Have you said, “I’m broke!” How many times did you hear yourself say that? Money goes out faster than it comes in so you just can’t seem to hold on to it for a long time. If you can only track where most of your expenses go, you might be surprised that your car has been eating up a big slice of your income pie. And since we both know you love your car next only to yourself, you might have overspent on it on some days. Can you afford this?

There is a clear economic mechanism behind ownership of cars. The question of buying new or buying used is an age-old issue. Buying new means that you make enough to make the monthly payments. Sure you get a 3 to 5 year bumper to bumper warranty. But would that cover the huge depreciation of cars per year? Buying used means that you gamble on reliability in exchange for more mileage and a much lower sticker price.

The moment you own a car, you also sign up for a lot of costs. So before you drive home those wheels, ask yourself practical and reasonable questions. Do you really need a car? If you hate public transportation, you might think you have to get a car soon. But don’t forget you have alternatives such as car pooling with your friends. If you really feel the need to drive, you can still save loads by getting one of those slightly-used cars instead of getting a super shiny and super expensive SUV.

Just like adjusting your budget on other matters, you can work out your car expenses by cost-cutting on other things you spend on. You can eat cheaper food, lessen your night outs, or restrain yourself from shopping for months.

Having a car is a big luxury. Yes you can drive around all day, with a stereo so loud. But it is an even bigger responsibility. Are you still paying for your car? That means a significant percentage of your salary goes to your car payment and you still have gas, maintenance, insurance, car accessories, and other car costs to worry about. If the cost of keeping your car is not within your budget, you might want to rethink your lifestyle.