I just realized that this is a pointless thread. Why you ask?
Because the above equation is assuming that people have spent the value of their car in one year. For people who have owned and have been modding their cars for say 5 years, the calculation will be way off. This is how it should be done…
(1) Estimated Combined Value of YOUR CAR(S) (including mods) = X
(2) Income per year, before taxes * # years owned/modifying = Y
(3) X/Y = % (used for below A,B,C,D,E)
A. Way Cheap A$$ - 1% or under
B. Frugal and Practical - 1.1% to 2.5%
C. Swagger Is Necessary - 2.6% to 5.0%
D. Livin’ Lavish - 5.1% to 7.5%
E. Ballin’ Out of Control - 7.6% and up!