how much should be allocated as a budget for a new car from the total available money/earnings? also how to find out the right way for purchsing a car (cash/lease)? are there any equations to be applied?
2006-11-13 22:22:27 · 2 answers · asked by Ahmed 1 in Cars & Transportation ➔ Other - Cars & Transportation
how much should be allocated as a budget for a new car from the total available money/earnings? also how to find out the right way for purchsing a car (cash/lease)? are there any equations to be applied?
P.S. I am seeing that answers are mostly about leasing, it would be also good if the answers are for cash payment too :)
2006-11-14 04:47:03 · update #1
General rule of thumb is that your monthly income should be 3 times the amount of the payment you are looking at.
2006-11-13 22:27:08 · answer #1 · answered by ezachowski 6 · 0⤊ 0⤋
The rule is that your insurance, gas, payment, etc should not exceed 13% of your income. You don't want to be car poor, do you?
2006-11-13 22:49:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋