What portion of your income should be spent on cars ??
Discussion
The internet says that you should not spend more than 10-15% of your annual income on a car, however that was most probably written by someone who sees cars as a necessary evil purely used to get them from point a to point b. So the question here is how much would you allocate for a car ???
M7arthy said:
The internet says that you should not spend more than 10-15% of your annual income on a car, however that was most probably written by someone who sees cars as a necessary evil purely used to get them from point a to point b. So the question here is how much would you allocate for a car ???
Is this purchase price or finance payments? I'd go up to 20% of gross income as purchase price. My current car was about 12.5% of yearly gross income.Depends , kid living with parents , suporting a family , age ?? If you're young free and single you should spend most of it on cars ,bikes and fun !!!
once you have done that and settled down it should fit in with your responsabilitys ,but remembering life should be fun
so don't blow the budget on a people carrier save a little for a hobby car /project......
once you have done that and settled down it should fit in with your responsabilitys ,but remembering life should be fun
so don't blow the budget on a people carrier save a little for a hobby car /project......
Something between none and all, although I'm willing to accept less than none if you're very good at buying cars which are going to appreciate. If you're spending more than all of your incoming there's probably something wrong.
I set myself a softish limit of 10% to run both cars in the household, personally.
I set myself a softish limit of 10% to run both cars in the household, personally.
Edited by kambites on Thursday 30th March 09:10
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