Quote:
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Originally Posted by PabloK
Quote:
Originally Posted by ska325xi
My point was most 3 series drivers dont go by the 10% rule (if thats what everyone is saying)
So everyone makes half a million here?? Again I doubt it. But if you do...good for you
Average family drives a $25-35k car...base off a $25k car following this 10% rule means average family makes $250k...thats a way above average family not an average family lol
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I think people are saying your total annual car payment should be no more than 10% of your annual income.
So $55,000 car with a 60 month car loan would be roughly $11,000 a year.. So your annual income would be around $110,000 if you budget 10%. Obviously i'm not including insurance, gas, & maintenance which should be factored in.
Is that the logic the OP was thinking? |
You are correct IMO, if you don't make at least 100K you should not buy a car that costs 50K+, unless you have a big down payment which will bring the car to your 10% in 3 years
That is my rule, other than the house dont buy nothing that you cannot pay off in 3 years, if that's your case then lease it, it will be cheaper that way
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