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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 12:42 pm to Motorboat
Posted on 3/16/15 at 12:42 pm to Motorboat
quote:
Lots of butthurt in this thread because lots of thousandaires driving cars above what they should be driving.
You sound more butthurt than most in this thread. Maybe you should ditch the beater.
0
Posted on 3/16/15 at 12:43 pm to Motorboat
quote:
I'm driving an old arse car
Same. Buy reasonable used autos and drive until they need replacing. Can't see spending 40-60k on a vehicle when I can use that for traveling, cabin and boat.
Posted on 3/16/15 at 12:48 pm to hikingfan
My vehicle was paid for in cash, 1/7 of my yearly earnings.
Posted on 3/16/15 at 12:51 pm to hikingfan
My ratio actually happens to be 1/10. Almost exactly.
Posted on 3/16/15 at 12:51 pm to hikingfan
I like the rule that ALL cars, trucks, boats, ATVs, toys, etc. should not be more than half your gross income.
Posted on 3/16/15 at 12:52 pm to hikingfan
From 2007 to now, I have had a total of 15 months of car payments for Mrs. Pimp and myself. Of course I'm about to buy four cars in the next five years for myself and various family members. I look at auto costs over the life of the vehicle, not the purchase price. I buy good reliable cars and keep them for 10-15 years.
Posted on 3/16/15 at 12:54 pm to anc
quote:
I like the rule that ALL cars, trucks, boats, ATVs, toys, etc. should not be more than half your gross income.
There are just so many variables to consider that makes any rule about vehicle price just absolutely silly.
Posted on 3/16/15 at 12:54 pm to hikingfan
My guess is it is referring to down payments - without reading the link of course
Posted on 3/16/15 at 12:55 pm to SECdragonmaster
quote:no, see, my buddy just explained it to me. say you make 100K, and you spend 10k on a car. what you wanna do is drive it home as quickly as you can so depreciation doesn't catch up with it, then don't drive it. while it sits in your garage, it's earning -$0.00/mile that it's NOT driven. or something like that.
This rule works if you buy used.
Lets say you make 60K.
You can spend 6K on a car per year. Save for your car for 4 years. Pay 20K for a new camry or accord and drive it for 10 years or 200k miles.
You only spent 20-24K on the car over 10 years which is 2.4K per year. Yes maintenance is more, but not much more.
Posted on 3/16/15 at 12:58 pm to hikingfan
1/2
This post was edited on 3/16/15 at 1:23 pm
Posted on 3/16/15 at 1:02 pm to LNCHBOX
quote:
There are just so many variables to consider that makes any rule about vehicle price just absolutely silly.
With the exception of, I don't know, farmers or shrimp boat captains or something, what variables are there to consider for 90% or more of people that would make it a bad idea to deviate from total vehicle value being less than 50% of their pay?
Posted on 3/16/15 at 1:03 pm to hikingfan
Only 2 american cars made his list.
you would have to be making $170,000 after taxes, so really more than $200,000 just to be able to buy a new Toyota Carolla based on his math ($16,950 base price)
you would have to be making $170,000 after taxes, so really more than $200,000 just to be able to buy a new Toyota Carolla based on his math ($16,950 base price)
Posted on 3/16/15 at 1:04 pm to Motorboat
quote:
1/60 for me.
So you make half a million a year and drive an 8k car, that's pretty tight
Posted on 3/16/15 at 1:05 pm to yellowfin
I'm trying to be the next Sam Walton 
Posted on 3/16/15 at 1:08 pm to Tiger Ryno
quote:
My car payment is 0. So I have an infinite ratio.
it is the price you paid for it, not the monthly payments.
Posted on 3/16/15 at 1:09 pm to Motorboat
0%. Company cars rule.
Posted on 3/16/15 at 1:09 pm to Motorboat
I thought my dad was a tight arse
I'd have to make 3.6 million a year to afford my truck according to your ratio
I'd have to make 3.6 million a year to afford my truck according to your ratio
Posted on 3/16/15 at 1:12 pm to Huey Lewis
quote:
what variables are there to consider for 90% or more of people that would make it a bad idea to deviate from total vehicle value being less than 50% of their pay?
how long they keep it, how much they drive each year, how many people are they moving? All sorts of things to consider.
My in laws just spent $65k on a new SUV. They drive a whole lot of miles each year with the their 3 daughters that all have sport tournaments, so my FIL wants his family is something reliable, safe, and comfortable. They kept their last one for 200k miles and almost 10 years. I see no issue with that, this rule would.
Posted on 3/16/15 at 1:17 pm to yellowfin
quote:
I'd have to make 3.6 million a year to afford my truck according to your ratio
You have a $360,000 truck?? Must be nice.....
Posted on 3/16/15 at 1:19 pm to Boondock Saint
Motorboats ratio was 1/60
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