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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 12:17 pm to hikingfan
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 12:22 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 12:29 pm to GRTiger
My car payment is 0. So I have an infinite ratio.
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