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re: What percent of your household salary are you willing to spend on a vehicle?
Posted on 12/20/20 at 8:09 am to TitleistProV1X
Posted on 12/20/20 at 8:09 am to TitleistProV1X
Z71 Tahoes aren’t 90k. Maybe for a Denali like you mentioned, but you can find the z71’s in the $65k range all day long. Now, you can spend that much if you try to, but typically not that much for the z71 package.
1
Posted on 12/20/20 at 8:11 am to HouseMom
quote:
But you're assuming that $450k family is paying cash for the vehicle. If it's financed for 5 years (the smart thing to do), the percentage of take-home is far less, as that same family would have made $2.25 million over the life of the loan minus the $90k for the car. Unless, of course, they get a new one every year.
Housemom, you have an astute sense of finance. Could I hire you as a financial consultant?
Posted on 12/20/20 at 8:24 am to TitleistProV1X
60% if the weekly is reasonable
Posted on 12/20/20 at 8:24 am to TitleistProV1X
I have a car note simply to have it on my credit report and get my credit score higher
Posted on 12/20/20 at 8:25 am to TitleistProV1X
As much as I'm willing to pay for life and disability insurance premiums combined.
Posted on 12/20/20 at 9:32 am to TitleistProV1X
quote:
I think I like to keep it around 20% but that means you would need to make $450k in household income to comfortably buy this vehicle. Maybe there’s more people making $500k+ a year in this state than I originally thought.
OR........you have a lot of folks living well beyond their means on credit and/or leases.
Posted on 12/20/20 at 10:30 am to TitleistProV1X
Before or after taxes
Currently putting 3% (before taxes) or 5% (after taxes) of monthly income towards a vehicle payment
Currently putting 3% (before taxes) or 5% (after taxes) of monthly income towards a vehicle payment
Posted on 12/20/20 at 11:45 am to NorthEnd
quote:
I make about 500. Just bought one. Still made me cringe.
Subtle brag. Jokes on you, you’re OT-poor.
Posted on 12/20/20 at 11:57 am to TitleistProV1X
I could make seven figures and still buy nothing worth more than $50k.
Posted on 12/20/20 at 12:16 pm to TitleistProV1X
0. Car notes are a waste
Posted on 12/20/20 at 12:22 pm to bushwacker
quote:
Mine is paid for. My wife's note is 5% of our takehome pay
Same situation here. I would have thought it was more, but my wife's note is 5.5% of take-home.
Posted on 12/20/20 at 12:28 pm to TitleistProV1X
My household likes cars so we have a fair bit tied up in them. I have never had a car payment, however. When I got out of school I drove the car I had for 4 more years and put the money I would have spent on a new car in savings every month including the extra money for insurance. At the end of four years, I could pay cash for a much nicer car than I could have bought otherwise. I have done this ever since.
Posted on 12/20/20 at 12:49 pm to TitleistProV1X
No more than 10%. I usually buy cars that are 2 to 4 years old and finance them at a low rate.It's enabled me to reinvest in my businesses and add $200 to $400 a month to retirement and college savings accounts.
Posted on 12/20/20 at 1:34 pm to TitleistProV1X
Finance for 5 years and yearly payments with interest should be about 10% of my yearly salary.
I never buy brand new. I’ll buy a fully loaded truck used with under 40k miles so I still get a nice vehicle for a more reasonable price
I never buy brand new. I’ll buy a fully loaded truck used with under 40k miles so I still get a nice vehicle for a more reasonable price
Posted on 12/20/20 at 6:00 pm to SammyTiger
quote:
Seems at least somewhat relevant
Not really IMO. If you’re looking at a car it should be one that you can afford. Now that you can finance a car for 84 months they’re able to flex the monthly payments to make you think the car is affordable. If you need an 84 month payment plan to fit in with your monthly bills then you shouldn’t buy the car. I like the 20%-25% of gross household salary rule per car as others have mentioned. If your gross household income is $200k a that would put you at $40k-$50k per car for you and spouse.
Posted on 12/20/20 at 6:03 pm to TitleistProV1X
$450 per month including insurance. Anymore than that amd I find something cheaper until I can make the money work.
I typically buy high mileage newer Japanese Body on frame vehicles. Put 50k a year on them, then move on.
I typically buy high mileage newer Japanese Body on frame vehicles. Put 50k a year on them, then move on.
Posted on 12/20/20 at 6:08 pm to tigerbait01
You’re right, the High Country is their equivalent vehicle to the Denali. Did the Z71 used to be their equivalent vehicle years ago?
This post was edited on 12/20/20 at 6:08 pm
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