Quote:
Originally Posted by wtwo3
Quote:
Originally Posted by FCX5
I think they were saying if you make 500K/year, your max payments on car would be 50K/ year. So 4K/ month. That can get you into a nice car. Yeah, limiting to 50K for 500K would be a bit extreme. LOL
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I'm actually reading it as the purchase price should be 10% of your gross annual income:
" Spend no more than 10% of your gross annual income on the purchase price of a car.
Why? Because the upfront cost of a vehicle isn't going to be the only thing you pay for, and cutting down your base price budget is the most effective way to save money.
If you make the median per capita income of about $42,000 a year, for example, you should limit your budget to $4,200. If you make the median household income of about $62,000 a year, don't spend more than $6,200 on a car."
So yeah... based on this I think they're actually saying someone making $500k should limit the purchase price of their car to $50k lol |
Yup. That would be cruel and unusual punishment. But you could technically buy a $50K car every year with this model! Also, they don't say how long am I supposed to keep it?