how much car can i afford if i make...
40k
50k
60k
70k
80k
2007-09-02 16:14:59 · 2 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
You not only need to consider your income, but also your expenses!
Do you have a house payment or rent? If you do not own a home, are you planning on buying one in the next few years? How about other bills (Utilities, student loans, credit cards)? How much money have you in savings?
You have to look at the whole financial picture, and decide what is important to you. Remember that you do not need to buy the most expensive, fancy car! Sam Walton (founder of Wal-mart and one of the richest men in the country) drove an old pick up truck!
2007-09-02 16:40:58 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
Your car payment should be no more than 20% of your take home pay.
Do the math.
So if you make $40K a year, you probably bring home around $27K. Divide 27k by 12 months = $2250 a month (approx) take home pay, so you should be looking at car payments of no more than $450 a month.
Add roughly $100 a month for each $10K increment.
2007-09-02 18:14:09 · answer #2 · answered by mccoyblues 7 · 0⤊ 2⤋