Well I know for engagement rings and such they say that you should spend a certain percentage of your salary.
What about cars? What percentage of your gross salary each month goes to car payments?
10% of my Net
Edit: reflected to show troof, didn’t read last part of original post
8.3% if you count my wife’s salary which I should since one of the cars is hers.
my rule of thumb is buy a car that is valued at your yearly gross income with 30% down…
I guess the answers aren’t too helpful since other factors aren’t asked.
When you say a percentage, what other precentage of your salary is spent on debt (ie. rent, food, utilities)?
I was told that you should never spend more than 35% of your take home each month on debt.
0% i own that bitch.
This is an interesting discussion. I’ve never made payments, so it will be cool to find out what the real figures are. I was actualy thinking of taking out a 3 or 5 year on the challenger.
10%
But it will be paid off next month, can’t wait.
0%…
If i had payments, id be fucking poor.
where did you get that figure from? most people are spending 35+% just on their mortgage. or are you not considering a mortgage debt?
my car cost me 33% of my yearly gross. the payment is 13% of my take home. but other than my mortgage, which is 28% of my take home, the car is my only debt.
A well accepted rule of thumb is that buying a car costing more than 1/3 your NET income is a poor choice. However, America thrives on poor choices.
Judging by what I see, most people prefer to have 2-3 times their rent (not mortgage) as a car payment. :picard:
That is the most retarded thing I have ever heard. You are saying someone making $100k/yr salary, should buy a $100k car, and put 30% down? :picard::picard::picard::picard::picard:
Perhaps it is a smart idea when you are making shit for money, but still, that is a retarded idea. Why would you plan spending on GROSS anyway?
This thread has lots of :picard:
-edit- I know you said “your rule of thumb” and not “everyone” but still… :picard:
u mad?
Why? Because Brian thinks i should be driving an Aston Martin?
No.
Would be nice if I lived in dream land with him though, because that would be tits :mamoru:
Oh, and to the OP. 1.8% of my (gross, pre bonus) salary goes to “vehicle” payments, and that is because I got stupid silly interest rates, so my money is growing in savings and the market for me instead of hanging out in a depreciating asset.
i kinda meant max, but i poorly worded it…
im paying ~ 350 bux a month for my car making ~ 40k a year but i put down 30%, but i wouldnt want to may more then what im paying now and be “comfortable” with it
I’m still confused how that works out to what you said, but as long as it wasn’t how it read the first time :rx3: I guess you bought your car for ~$30k IIRC, so you are saying that is close to the $40k you make, and you put 30% down, netting a $350/mo payment?
i paid 28k for the car + taxes, so ~30k all together put down 10k, paying 354 a month for 5 years
what i was saying is anything more then that per month is 2 much for a car.