Below is a list of the best How much should you spend on a car voted by readers and compiled and edited by our team, let’s find out
Table of Contents
1 How Much of Your Income Should You Spend on Your Vehicle?
- Author: blog.ontariocars.ca
- Published Date: 02/17/2022
- Review: 4.93 (866 vote)
- Summary: · General wisdom says you should budget either 10 percent of your take-home pay or 20 percent of your gross pay for your vehicle each year
- Matching search results: Calculating 10 percent of your take-home salary for your vehicle doesn’t give you the entire picture. You also need to find out if you have that much money available to spend. Add up your mortgage/rent payments, utilities, groceries, entertainment, …
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2 How much should you spend on your Car?
- Author: scripbox.com
- Published Date: 01/24/2022
- Review: 4.73 (360 vote)
- Summary: · There is a thumb rule of not spending more than half of your annual household salary on the car. An individual earning Rs 10 lakh a year should
- Matching search results: Buying a car is the second biggest buying decision after a home. While it’s okay to occasionally binge, over-stretching your car budget can cause financial angst and jeopardise long-term financial plans. Spend only what you can truly afford. How do …
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3 How Much Should I Spend on a Car?
- Author: smartasset.com
- Published Date: 07/22/2022
- Review: 4.48 (563 vote)
- Summary: · Another rule of thumb says that drivers should spend no more than 15% of their monthly take-home pay on car expenses. So under that guideline,
- Matching search results: Buying a car is the second biggest buying decision after a home. While it’s okay to occasionally binge, over-stretching your car budget can cause financial angst and jeopardise long-term financial plans. Spend only what you can truly afford. How do …
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4 How Much Should I Spend on a Car?
- Author: rategenius.com
- Published Date: 07/18/2022
- Review: 4.19 (241 vote)
- Summary: · The 36% DTI rule is a good one to limit yourself by. But if you can get your car payment even lower, so much the better. In fact, some experts
- Matching search results: Instead, try to keep a level head when you’re out car buying. If you make sure that you’re making a fact-based decision, you’ll be sure to enjoy your car for years to come. And that’s the way it should be: you shouldn’t be beholden to your car …
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5 How Much Car Can I Really Afford?
- Author: amfam.com
- Published Date: 03/01/2022
- Review: 4 (471 vote)
- Summary: One simple rule you could apply to your car purchase is spend no more than 30% of your annual income on the vehicle of your choosing. This allows your budget to
- Matching search results: If you go into the car purchasing process with some key numbers, you’ll be more prepared to buy. And the numbers are fairly simple. You earn an income and you have fixed expenses, like rent, healthcare and food. The amount left over after paying …
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6 How Much To Spend On A Car – A Complete Guide
- Author: driva.com.au
- Published Date: 01/10/2022
- Review: 3.96 (516 vote)
- Summary: · As a general rule of thumb, you shouldn’t spend more than your annual income on a car. It is actually advisable to spend just 10-20% of your
- Matching search results: Regardless of whether you decide to purchase a new or used car, there is one crucial factor to consider: depreciation. A car with a typical rate of depreciation loses up to 58% of its initial value after three years, 49% in four years and 40% after …
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7 How Much Should I Spend on a Used Car?
- Author: dickhannah.com
- Published Date: 07/10/2022
- Review: 3.63 (519 vote)
- Summary: · How much you should spend on a car is all about your annual income and monthly budget. Financial experts say to not spend more than 35% of your
- Matching search results: The $500 to $750 monthly budget is now a lot smaller when you factor in all the other monthly costs. The main thing to take away from this article is to plan out your spending. How much should you spend is the more responsible question than how much …
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8 Find out how much should you be spending on a new car
- Author: carclarity.com.au
- Published Date: 08/31/2022
- Review: 3.53 (576 vote)
- Summary: How much should you spend on a car based on your income? … As a rule of thumb, you should never spend anything more than 100% of your income. Generally, it is
- Matching search results: The impact of depreciation will affect you differently depending on whether you have a new car or a used car. Imagine you bought a new car for $30,000 and then you sell it after 3 years for $15,000. In this case, depreciation costs you $15,000. But …
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9 ‘Never spend more than this much of your income on a car … – CNBC
- Author: cnbc.com
- Published Date: 06/24/2022
- Review: 3.28 (533 vote)
- Summary: · To save others from making this costly mistake, I came up with the 1/10th rule for buying a car. It’s simple: Spend no more than 10% of your
- Matching search results: The impact of depreciation will affect you differently depending on whether you have a new car or a used car. Imagine you bought a new car for $30,000 and then you sell it after 3 years for $15,000. In this case, depreciation costs you $15,000. But …
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10 How much should you spend on a car? A financial planner says there&x27s a simple formula
- Author: businessinsider.com
- Published Date: 01/03/2022
- Review: 2.99 (337 vote)
- Summary: · How much should you spend on a car? A financial planner says there’s a simple formula · Keep your car’s total purchase price below 30% of your
- Matching search results: Car insurance costs will largely vary based on where you live. You might also find that costs vary based on the type of car you drive, your age and gender, and other factors. “If you’re a first-time driver, your insurance rates are probably going to …
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11 How much should you really spend on a car?
- Author: moneyunder30.com
- Published Date: 05/02/2022
- Review: 2.85 (129 vote)
- Summary: · How much should you spend on a car? The ‘one-size-fits-all’ rule: 35% of your income; The frugal rule: 10% of your income; The compromise: 20%
- Matching search results: Again, don’t spend more than you can afford. But if you need to finance your purchase, you can compare rates quickly and easily online using Monevo. This site lets you compare loan rates from over 30 different banks and lenders, with personalized …
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12 How Much to Really Spend on a Car
- Author: creditdonkey.com
- Published Date: 03/13/2022
- Review: 2.75 (95 vote)
- Summary: · 10% of your salary: If you want to be frugal about buying a car, stick to 10% of your annual salary. If you make $50,000 per year, that means
- Matching search results: After you know how much you can reasonably afford, you should research pricing online. You can stretch your buying power by finding the best discounts before going to your local dealerships. At the minimum, you should at least visit CarsDirect for …
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13 How Much Should I Spend on a Car?
- Author: investopedia.com
- Published Date: 04/21/2022
- Review: 2.65 (108 vote)
- Summary: Financial experts generally recommend capping auto payments and related expenses at 10%–15% of monthly income . Beyond the sales price, buyers should also budget for other expenses like repairs, registration, and insurance
- Matching search results: After you know how much you can reasonably afford, you should research pricing online. You can stretch your buying power by finding the best discounts before going to your local dealerships. At the minimum, you should at least visit CarsDirect for …
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14 How Much Should You Spend on a Car? – 1883 Magazine
- Author: 1883magazine.com
- Published Date: 01/31/2022
- Review: 2.68 (157 vote)
- Summary: 50% of Monthly Income … In order to justify this you have to be into cars. You are spending money on a vehicle that could be going to so many other things
- Matching search results: Cars come in many different sizes and costs. You can rent the car as well. There is a car for anyone at any price point if you search and don’t care about driving older vehicles. How much you spend on a car depends on you and what you are …
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15 How Much Car Can I Afford?
- Author: marketwatch.com
- Published Date: 06/17/2022
- Review: 2.53 (58 vote)
- Summary: · Financial experts recommend spending no more than about 10% to 15% of your monthly take-home pay on an auto loan payment. These percentages do
- Matching search results: Cars come in many different sizes and costs. You can rent the car as well. There is a car for anyone at any price point if you search and don’t care about driving older vehicles. How much you spend on a car depends on you and what you are …
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16 Calculate: How Much Car Can I Afford?
- Author: nerdwallet.com
- Published Date: 04/30/2022
- Review: 2.4 (169 vote)
- Summary: · Financial experts answer this question by using a simple rule of thumb: Car buyers should spend no more than 10% of their take-home pay on a
- Matching search results: Cars come in many different sizes and costs. You can rent the car as well. There is a car for anyone at any price point if you search and don’t care about driving older vehicles. How much you spend on a car depends on you and what you are …
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17 Buying a car: How much can I afford?
- Author: creditkarma.com
- Published Date: 09/10/2022
- Review: 2.37 (129 vote)
- Summary: How much money should you spend on a car based on your salary? The rule of
- Matching search results: Doing so will give you a detailed picture of your finances, and you can use that picture to get a better idea of how much car you can afford. This can be especially useful if your monthly living expenses are unusually high or unusually low compared …
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18 How much can I afford for a car?
- Author: youngcardriver.com
- Published Date: 11/04/2021
- Review: 2.1 (58 vote)
- Summary: What percentage of your budget should you spend on a car? 2. Buying outright; 3. PCP; 4
- Matching search results: Doing so will give you a detailed picture of your finances, and you can use that picture to get a better idea of how much car you can afford. This can be especially useful if your monthly living expenses are unusually high or unusually low compared …
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19 How Much of Your Income Should You Spend On A Car In The UK?
- Author: yourmoney.lumio-app.com
- Published Date: 01/03/2022
- Review: 2.12 (165 vote)
- Summary: · TL:DR: You should try to never spend more than 20% of your annual income on car costs. We recommend keeping it lower at 10%-15%
- Matching search results: Unless you can buy your car outright, you will have to make monthly payments on your car. According to the 20/4/10 rule, you should try to spend no more than 10% of your monthly gross income (pre-tax income) on principles, interest costs, and …
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20 How Much of Your Salary Should You Spend on a New Car?
- Author: warrantywise.co.uk
- Published Date: 10/09/2021
- Review: 2.08 (86 vote)
- Summary: You need a car that’s comfortable, functional and brand new for 20-25% of what you earn · You’re in the market for a comfortable new car, built to a high
- Matching search results: Unless you can buy your car outright, you will have to make monthly payments on your car. According to the 20/4/10 rule, you should try to spend no more than 10% of your monthly gross income (pre-tax income) on principles, interest costs, and …
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21 How Much Should I Spend on a Car Based on Salary?
- Author: birchwoodcredit.com
- Published Date: 02/13/2022
- Review: 1.84 (121 vote)
- Summary: · Put a 20% down payment on your new car; · Finance the car for no more than four years; and · Keep your total monthly vehicle expenses, such as
- Matching search results: Unless you can buy your car outright, you will have to make monthly payments on your car. According to the 20/4/10 rule, you should try to spend no more than 10% of your monthly gross income (pre-tax income) on principles, interest costs, and …
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22 How much should I spend on a car: cash vs. finance
- Author: buyacar.co.uk
- Published Date: 02/12/2022
- Review: 1.73 (79 vote)
- Summary: As a general rule, it’s wise to spend less than half of your savings on a car, provided you can get one that is fit for purpose. If you feel you need to spend a
- Matching search results: Great second-hand cars can cost as little as £85 per month or less than £5,000, so don’t think you have to spend big money to get a solid, reliable and desirable car. Even sub-three-year old, low-mileage family cars could be yours for well under …
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23 How much can you afford to spend on a car?
- Author: news24.com
- Published Date: 10/25/2021
- Review: 1.59 (188 vote)
- Summary: · Banks generally recommend that the price of your car should not be more than 30% of your annual gross salary, and your monthly costs should
- Matching search results: Great second-hand cars can cost as little as £85 per month or less than £5,000, so don’t think you have to spend big money to get a solid, reliable and desirable car. Even sub-three-year old, low-mileage family cars could be yours for well under …
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24 How Much Should You Spend on a Car?
- Author: vinn-demo.flywheelsites.com
- Published Date: 05/19/2022
- Review: 1.68 (172 vote)
- Summary: 20/4/10 is a simple rule of thumb that helps you find a vehicle that will fit your budget. According to the formula, you should aim for a 20% down payment with
- Matching search results: Great second-hand cars can cost as little as £85 per month or less than £5,000, so don’t think you have to spend big money to get a solid, reliable and desirable car. Even sub-three-year old, low-mileage family cars could be yours for well under …
- Source: 🔗
