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re: What is the ratio of the price you paid for your car to your annual salary?
Posted on 3/16/15 at 12:13 pm to hikingfan
Posted on 3/16/15 at 12:13 pm to hikingfan
quote:
Spend no more than 1/10th your gross annual income on the purchase price of a car.
That's the dumbest shite I've read in a while. When has this ever been a rule unless you make $10K a year?
0
Posted on 3/16/15 at 12:13 pm to Bmath
Financial gurus suggest you live most of your life in poverty and hope you're alive long enough to enjoy retirement.
Posted on 3/16/15 at 12:14 pm to Phat Phil
quote:
$200k - $250k Toyota Prius, Toyota Camry, Honda Accord
Posted on 3/16/15 at 12:17 pm to hikingfan
My annual car payments are about 4% of my gross income.
There should be a factor for how many years you drive it. This rule is entirely too simplistic. Cost of maintaining a beat up used car that complies with this rule would also need to accounted for.
There should be a factor for how many years you drive it. This rule is entirely too simplistic. Cost of maintaining a beat up used car that complies with this rule would also need to accounted for.
Posted on 3/16/15 at 12:21 pm to hikingfan
1/9
But my car feels kind of trashy and makes people think I make less money than I do I'm sure
But my car feels kind of trashy and makes people think I make less money than I do I'm sure
This post was edited on 3/16/15 at 12:25 pm
Posted on 3/16/15 at 12:22 pm to GRTiger
When you factor in how long I've had my car now, I'm easily under 10%/year with a $20K car over 10+ years... but that's not what this dude is advocating.
I guess I'll be getting a moped next and just praying that all the other drivers on the road see me and don't kill me.
I guess I'll be getting a moped next and just praying that all the other drivers on the road see me and don't kill me.
Posted on 3/16/15 at 12:24 pm to GRTiger
I feel that most people do spend a little out of their means on vehicles. I do think a family living off of $60k should probably be driving a sub $20k vehicle instead of the $40k+ Z71 that's in the driveway. But, this is just ridiculous. In the 150-200 bracket, I've got no problems paying for a Tahoe and a Jetta TDI. I still put 25% of my money into retirement and savings, and have a little left over to put in savings if I budget well. Being financially smart is one thing, but this is stupidity.
Posted on 3/16/15 at 12:24 pm to Navytiger74
Even Dave Ramsey thinks this is dumb
Posted on 3/16/15 at 12:25 pm to hikingfan
15 to 1
Posted on 3/16/15 at 12:29 pm to GRTiger
My car payment is 0. So I have an infinite ratio.
Posted on 3/16/15 at 12:29 pm to hikingfan
So every F150 driver makes $400,000 a year? Yeah right.
Posted on 3/16/15 at 12:30 pm to hikingfan
quote:
parking tickets, and traffic tickets
Uhh, not if you're not retarded.
I think I'm at about a 1/4 ratio. I have no other real expenses.
This is a joke, right?
This post was edited on 3/16/15 at 12:45 pm
Posted on 3/16/15 at 12:30 pm to TU Rob
Yeah, if we're talking 10:1 referring to payments, I'm there. Not so much on the total purchase price though. haha
Posted on 3/16/15 at 12:31 pm to hikingfan
4% of annual income
Posted on 3/16/15 at 12:32 pm to hikingfan
quote:
The 1/10th rule for car buying is simple.
It's also stupid
Posted on 3/16/15 at 12:33 pm to hikingfan
negligible. we have a basically free Leaf lease after tax credits. My main car is 8 years old and has only 60k miles. And our back-up/special purpose vehicles are all ancient.
Posted on 3/16/15 at 12:34 pm to yellowfin
I paid cash for both my wife's car and my personal car, each vehicles no more than 1 year old but never brand new. 
Posted on 3/16/15 at 12:41 pm to mizzoukills
Lots of butthurt in this thread because lots of thousandaires driving cars above what they should be driving.
1/60 for me. I'm driving an old arse car, traveling, buying whatever I need and kicking it in a nice crib.
when I need a new car, I'll get one and I'll be able to afford one, but it will not fit the 1/10 rule.
1/60 for me. I'm driving an old arse car, traveling, buying whatever I need and kicking it in a nice crib.
when I need a new car, I'll get one and I'll be able to afford one, but it will not fit the 1/10 rule.
Posted on 3/16/15 at 12:41 pm to mizzoukills
Bragging about paying cash when many manufacturers offer $1000 or more in rebates for financing (most with no early payment penalty) always makes me laugh.
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