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Quick Navigation Bottom Misc
Forum » if you make 50k/year, does this mean youre allowed to finance/lease a car worth 50k??
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Thread: if you make 50k/year, does this mean youre allowed to finance/lease a car worth 50k??

post 1673729933 12-29-2022, 08:21 AM
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if you make 50k/year, does this mean youre allowed to finance/lease a car worth 50k??

whats ur take on this
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post 1673730223 12-29-2022, 08:25 AM
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Das not it mayne.
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post 1673730403 12-29-2022, 08:29 AM
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I'm sure they'd be more than happy to finance you.
post 1673730503 12-29-2022, 08:30 AM
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I think the rule of thumb is the total cost of the car being no more than 25% of your annual income
Wort ew in th wold.
post 1673730653 12-29-2022, 08:32 AM
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  1. SamIAm1892
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Sure, like the majority of people who finance cars at that rate. Most are bankrupt within a year.
post 1673730713 12-29-2022, 08:33 AM
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there are 40k plebcels at my work who get 60-80k vehicles
post 1673730733 12-29-2022, 08:33 AM
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I'm a fan of "own no more than half of your NET annual income in vehicles/boats/planes at any given time." Obviously the lower the better though so you can either waste more on things, or save more in general.

If your gross is $50k, then your net is $41k AT BEST (assuming you live in a tax free state and city), so no more than $20k as a total max cap value for the summation of your vehicles/boats/planes. This is enough for a nice modern economy car tbh, so that's not bad.

I'm personally looking at around $140k gross for 2022, and live in a tax free state / city, so my NET income is just a little over $100k. I "could" afford $50k in the summation of vehicles/boats/planes, but my car is only worth like $19k (and it's paid off), so I just view that as a win to get a little crazy with lifestyle or otherwise savemaxxing.
post 1673730803 12-29-2022, 08:34 AM
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You should take a 49% APR loan for 15 years on a chitty Hellcat with that salary
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post 1673730943 12-29-2022, 08:37 AM
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Finance =/ lease.


You can lease a 150K car for two years but the amount you're financing is the depreciation it will have after two years and xx amount of miles, so you're financing $20k-30K not the $150k.
post 1673730963 12-29-2022, 08:37 AM
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Originally Posted By QuickShotSteve⏩
I always love driving past ghetto/hood apartment complexes/rent controlled areas and seeing the 'car show' in the parking lot. Bra, your apt costs $650 per month, and you have a brand new hellcat? You stooooopid. Also lot of the 'big' Mercedes and BMWs.
To much real life.

Kids getting 40-50k cars now working at Mcdonalds or Vons.

All about the clout man.
post 1673731193 12-29-2022, 08:40 AM
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I make over 3 times that and drive a 07 Honda Accord I bought in 2018 for $5k. Are you trying to be hood rich?
post 1673731503 12-29-2022, 08:46 AM
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This is pretty much the norm in the US these days. A 25 year old high school teacher was on my ******** feed bragging about her brand new Audi SUV… basically anyone with a minimum wage job is buying brand new vehicles these days because of how obsessed people are with status and appearances, even though they’re actually broke underneath it
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