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If you were shopping for a new car, what sticker price would you be looking at, as a percentage of your annual gross income? For example, if you had an income of $100K, what price range car would you be looking for?
(Don't tell us how much you make, just pick a reasonable income and give us a hypothetical.)
Generally the cheapest you can afford...lol. I am at about $100K income but I plan to only put down $15K of my savings toward a new car (either a Honda or Hyundai).
I don't think income matters, it's how much you have in savings or a car fund in terms of calculating affordability. I know 1 couple that pulls in $250K/yr but they drive used Toyotas and Fords because they literally live paycheck to paycheck (they have 2 kids, a big mortgage, lots of debt). I also know a friend pulling in 60K and she forks over as much as $400-500/month on her finance payments for a Lexus.
Generally the cheapest you can afford...lol. I am at about $100K income but I plan to only put down $15K of my savings toward a new car (either a Honda or Hyundai).
I don't think income matters, it's how much you have in savings or a car fund in terms of calculating affordability. I know 1 couple that pulls in $250K/yr but they drive used Toyotas and Fords because they literally live paycheck to paycheck (they have 2 kids, a big mortgage, lots of debt). I also know a friend pulling in 60K and she forks over as much as $400-500/month on her finance payments for a Lexus.
It's all about what priorities you have in life.
Excellent post. It's not what you make, it is how much you have left over.
For a daily driver, I have no problem spending around $50K but I also look at trucks and SUV's versus cars. I got an excellent deal in the summer of 2010 when the new (2011) F-150's were starting to show up. My taking one of the leftover 2010 F-150's on the lot (FULLY loaded), I saved over $10K on the MSRP price of something like $51K. When I trade that off next year, I'll still recoup 3/4 of what I paid for it. Over a period of 3 years, I'll have spent right around $10K-$12K or around $300-$350/ month. Not bad in my book.
Now my '08 Corvette on the other hand...bought used for a GREAT price. I'll keep that for a LONG time so I don't figure what it's going to cost me. I smile everytime I drive it .
For a daily driver, I have no problem spending around $50K but I also look at trucks and SUV's versus cars. I got an excellent deal in the summer of 2010 when the new (2011) F-150's were starting to show up. My taking one of the leftover 2010 F-150's on the lot (FULLY loaded), I saved over $10K on the MSRP price of something like $51K. When I trade that off next year, I'll still recoup 3/4 of what I paid for it. Over a period of 3 years, I'll have spent right around $10K-$12K or around $300-$350/ month. Not bad in my book.
Now my '08 Corvette on the other hand...bought used for a GREAT price. I'll keep that for a LONG time so I don't figure what it's going to cost me. I smile everytime I drive it .
We cleared a little over 100k last year. Just bought a '12 Grand Cherokee, $34k OTD. The other car is paid for, also have a motorcycle that'll be paid off this year (i think).
A decent amount, if I finance, but never more than I can easily afford, even if I hit a rough patch.
with a combined income of $60k I wouldn't have any issues looking in the $30k out the door range, but I also put down healthy down payments, getting great financing, so both total cost, annual cost and monthly cost become very manageable.
If you were shopping for a new car, what sticker price would you be looking at, as a percentage of your annual gross income? For example, if you had an income of $100K, what price range car would you be looking for?
(Don't tell us how much you make, just pick a reasonable income and give us a hypothetical.)
Sticker price means nothing. Mine stickered at $34,500 and I purchased new for $27,600.
I do not look for cheapest. I searched out the best deals for the type of car I like. HP V8+MT+RWD
Excellent post. It's not what you make, it is how much you have left over.
I agree. When I was younger, had 3 kids in college in a 8 year span, paying insurance on 6 vehicles paying a mortgage and running a household, I wasn't able to enjoy high end vehicles. Now that my kids are out, my home is paid for and my living expenses are reasonable, I still haven't pulled the trigger on a high end car even though I can afford one. I'm still thinking of treating myself (maybe the new Boss 302 Mustang) but I'm not in a rush.
I'm 45 but when I was in my early thirties I purchased a lower mileage 1991 Mercedes 560SEL.
Black with black leather. I was in love.
I signed the paperwork for 300.00 a month for three years after dropping a nice amount down on it.
Beautiful car, Loved it.
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