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@D1 How do you use 5% of it? Do you own a used Chevy Cavalier?
@D2, have you heard of the revolutionary concept of pre-owned vehicles? Sometimes you don't have to pay the MSRP for a brand new car. Crazy I know, but I think it may be picking up some traction
150%
It doesn't matter if the asset is depreciating or not. The choice between paying cash or debt financing is based on alternate options for the cash (I.e., if you can earn higher risk adjusted return elsewhere and then take on the debt and invest the cash)
I used 81% of my salary 😂
Saved and bought a modest car with cash. Ain't about to pay interest on a depreciating asset
Buy a used car that's 4 yrs old. It's value won't depreciate further, you'll get it cheap and will serve the purpose. Cars are a luxury, choose wisely.
The 5% he's referring to is in monthly payments, I'm assuming. I spend 5% of my net on my auto financing and am quite happy with mine.
20/4/10 max - make a 20% down, pay it off in four years, use no more than 10% of your gross to pay for car/gas/maintenance/insurance.
I spend like 5% of it... But there is no strategy behind it ... I would love to know if there can be a strategy!
Huh? What does strategy got to do with it? Minimum spend to satisfy salary proportional ego?
Lol ..@D2 I own a 2010 Merc c 300.
@D3 you would know if you knew how to deal with taxes.
So you make 1.1 million a year. Right....
* he or she
@A1. Let's do the math here. I'm assuming the person is most likely a C or SC so somewhere between 85k and 135k. So we're talking on the high side $6750. What does that get you in a pre owned car? A Chevy Cavalier. If the OP wanted to know what your monthly payment should be he would have asked that. He's clearly asking how much you would spend total on a car in comparison to your annual salary. For the record mine is 33% and my house is 250%. The key is to keep all your non-disposable payments (i.e. Cars, houses, boats, motorcycles) under 50% of your monthly net income.
Thanks all. I'm hoping to make a purchase soon and plan to buy something 33% of mine. 30% down, 4 year loan, less than 10% monthly.