2006-09-19 23:54:50 · 10 answers · asked by Anonymous in Cars & Transportation ➔ Other - Cars & Transportation
Percentage wise? Is 30% too much?
2006-09-19 23:57:57 · update #1
Mine comes in at about 50% but then again I don't have kids, or a mortgage and gorgeous cars are my passion.
I'm guessing around 10% is the norm though
2006-09-20 00:00:55 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Hi,
Yes, I'd say that yout figure of 30% or income is way too high.
Of course, saving 30% for a while, then buying outright is the cheapest and best way to go, given a bit of patience, but if you are thinking immediate financial loans, from where it does not matter in broad terms, then I would work on a figure of around 10%, to remain comfortable.
OK stretch to 15% for that lovely car that is a must, and if your nsurance record is OK.
I ask myself - what % do I need for the mortgage, the essentials, bills, entertainment & holidays etc. then see what is left.
Bit of a tedious financial exercise worth doing.
Watch out for paying for a car over a very long term, though, as the item, unless a classic, may then be worth very little, and you are still paying for it.
All the best,
Bob
2006-09-20 00:27:38 · answer #2 · answered by Bob the Boat 6 · 0⤊ 0⤋
Your pay is the Profit/Loss part of the equation. The car is the Balance Sheet Part. Unfortunately the car, in your case is not part of the Revenue generation e.g. running it as a Taxi. It depreciates unlike land which appreciates. So over time, the more you spend on this object, the less you have for other things that will appreciate over time. Time passes very quickly especially as you get older. You will have nothing to show over time - a lot of your money would have gone to paying interest on an object that diminishes in value as you pay. Don't count on government assistance in your old age either there will be too many like you - nothing to show for all your efforts over the working years. Think hard if you want to stand above the crowd.
2006-09-20 01:07:37 · answer #3 · answered by Tom Cat 4 · 0⤊ 0⤋
I would recommend that you try this web site where onel can get quotes from the best companies: http://INSUREQUOTE.INFO/index.html?src=2YAztR9AWy06pay
RE :How much of a monthly take home pay should you pay for a car & insurance?
Update: Percentage wise? Is 30% too much?
Follow 9 answers
2016-08-18 09:46:36 · answer #4 · answered by ? 6 · 0⤊ 0⤋
I think finance companies look around the 20-25% mark
I wouldn't want to go higher than that anyway, 30% should be ok, but depends on other commitments and any other nasty bills that might pop up
2006-09-20 00:08:34 · answer #5 · answered by Dark_Mushroom 4 · 1⤊ 0⤋
Because of my crappy bus driver wages nearly 70% goes towards my car and insurance. I dread breaking down as I can't afford to get it fixed if it does.
2006-09-20 00:07:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Try https://tr.im/vVyEG
2016-07-01 15:29:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Get insurance quotes
2014-11-20 05:09:05 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You can save a lot of money on your insurance by comparing quotes at: INSURANCEFORCHEAP.INFO
2014-04-10 19:02:05 · answer #9 · answered by Anonymous · 3⤊ 0⤋
Don't buy a car, go by bus and you will save a fortune..........
2006-09-20 00:03:07 · answer #10 · answered by Bob The Builder 5 · 0⤊ 1⤋