What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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I agree with paying for depreciating "assets" with cash. I would even buy used with older models. I bought my first new car after getting a job out of college, 3 years after. I saved and put 1/3...
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Credit is awesome. Even if I had the cash, financing and then paying it off almost immediately will boost your credit significantly. You may pay a little more than your cash counterpart but if you...
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Yeah but someone who runs the numbers and does the research like you clearly did, doesn't need to ask "what %". "What %" to me just screams, "How expensive of a car can I buy and still make...
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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IDEALLY you could buy a car with cash. IDEALLY you could also buy a home with cash.
My point is that not everyone is in the same situation. You may be in a place in life where you can lump...
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Damn, everyone is such a downer... If you have the money and desire for a new car, go for it. I'd stick to around 15% for all car related expenses. I will harp the idea of buying a 1 or 2 year old...
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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:iagree:
Plus it's unclear as to exactly what's wrong with your current car???
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Hey OP
I really never thought about a % but i assume i am in the 10-15% range of my monthly bring home. Since my wife started school fulltime 2yrs ago to become a Dental hygienist i actually...
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Definitely, its hard as hell to die in a car. They're way too safe these days, people don't even respect driving anymore.
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Actually now that I look closer, fatalites are WAY higher on bikes than in cars. 250+ million vehicles registered, less thank 30k deaths.
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Agreed. I used to ride a GSX. I don't care if other people do, there is just a lot of road-rage and ignorance around here, I would never go back to riding.
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Deaths:
http://en.wikipedia.org/wiki/List_of_motorcycle_deaths_in_U.S._by_year
4462
Total number of registered bikes:
http://en.wikipedia.org/wiki/Passenger_vehicles_in_the_United_States
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Where did you get that statistic? I would be curious to see what the deaths per mile are for cars and motorcycles.
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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There are over 6 million registered (not sitting in a barn) motorcycles in the US.
Last year fewer than 5k people died.
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Easy to die on. :D
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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What % of income should go towards car payment?
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Buy your car using cash.
Too many people have more debt than they can afford. Consider going debt free.
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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To answer the OP's question - I go by 10% of annual income for "vehicle expenses", that is payment, gas, insurance, maintenance, everything included.
There is nothing wrong with financing a car at...
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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There are over 6 million registered (not sitting in a barn) motorcycles in the US.
Last year fewer than 5k people died.
I like our odds brother!
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Easy to get hit and die too.
... that doesn't stop me from riding however :lol:
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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Buy a motorcycle and keep running your old car. More fun, more "cool factor", more "chicks diggit" factor, magnitudes faster, magnitudes cheaper, and it will make you an all-around better person.
...
What % of income should go towards car payment?
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Thread created 02-23-2011 by Boglehead
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I would say < 10% if you must have a %, but do consider what the above posters have said, and be ready to pay extra for premium gas/insurance/license fees as well
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