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Percentage of monthly income spent on a car?

390 messages,  Last post on Mar 21, 2009 at 5:50 PM

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#31 of 390 Edmunds.com Affordability Calculator by Car_man HOST Apr 11, 2001 (5:23 pm)
Those of you who are trying to decide how much money to spend on a new or used vehicle really should check out the new vehicle affordability calculator that we introduced here at Edmunds.com. By anomously entering a few pieces of data, such as your monthly income, housing costs, etc... you can easily find out approximately how expensive a vehicle you can afford. Please feel free to use the following link to go to that section of this site: Edmunds.com Affordability Calculator.   Car_Man Host Smart Shoppers / FWI Message Boards
#32 of 390 Thanks Car Man! by leomort Apr 12, 2001 (6:31 am)
Is there a way to plug in what you want your monthly payments to be for certain loan length?            Leo
#33 of 390 affordability index by gnl May 04, 2001 (9:58 pm)
That "affordability" index is outrageous! When I put in my true income, it said I can afford a car payment that's half again as large as my mortgage! But my take home income is almost exactly half of my pre-tax income, due to deductions for taxes, pensions, health insurance, Social Security, etc. When I put in my take-home income, it came out with a figure that I thought was reasonable, and is in fact close to the figure I'm currently saving to buy my next car. (I make car payments to myself and pay cash.) I think anyone using that index as given needs to take the results with a very, very large grain of salt.
#34 of 390 Affordability Index by justfind6 Jun 01, 2001 (5:22 am)
I also tried using the affordabilty index, and it tells me I can afford a vehicle with a purchase price of $212,846. That's almost what I paid for my house. I'd want to be making at least $1 million a year before I'd spend that much on a car. Maybe the calculator needs some work. Or maybe I should just go buy that Bentley...
#35 of 390 funny thing is...income fluxations determine car payments by roninjouten Jun 01, 2001 (3:05 pm)
If one is an aprtment dweller with monthly payments of say the norm in San Diego for a one bedroom $1k and makes $2k a month, then a $400 payment is a serious drain on the cash reserves. But if he's pulling down 4k a month, $800 doesn't really hurt at all. Everybody needs about the same cash to live, so the extra dough makes it gravy.
#36 of 390 ronin by mmcbride1 Jun 01, 2001 (3:13 pm)
But the more cash you have, the more cash you spend. While the guy pulling in $4k can afford the $800, it will still seem tight - trust me.
#38 of 390 that has got to be... by gnl Jun 23, 2001 (7:14 pm)
one of the funniest posts I've ever read! The disposable society has now created a disposable car! PLEASE tell us you're kidding, right?
#40 of 390 Depreciating Asset by lovethosesuvs Jun 25, 2001 (3:27 am)
Here's my issue: paying more than a quarter to a third of my home's value on a depreciating asset.   That's what makes the cute-ute class so attractive to me. A lot of bang for the buck--space, a V-6 in my case, not as hard on gas, and a payment that will leave you with a little extra for other things, like investments with good yields.

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