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Forum » What percentage of your take home pay should your car payment be?
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Thread: What percentage of your take home pay should your car payment be?

post 1615124801 08-30-2020, 09:45 PM
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Originally Posted By r32gojirra⏩
There’s no free lunches.

If they’re giving you a 0% interest loan they’re getting the interest payment elsewhere, either in the price of the car or some servicing plan or something else.

Anyway I don’t really see cars as just a form of transportation anymore. I am thinking of buying a second-hand gallardo but that’s because I have a Lexus as a daily driver and if I get the manual Lambo I can tear down and rebuilt most parts of the drivetrain (including motor) myself and won’t be worried about how I’m gonna get to work (on the rare occasions I physically turn up to the office)

Bigger concern is building the garage to accomodate all these toys...
What are you daily driving brah? I’ve been strongly considering an RX 350 as a sensible choice for the next daily
post 1615125951 08-30-2020, 10:02 PM
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Originally Posted By Destor⏩
What are you daily driving brah? I’ve been strongly considering an RX 350 as a sensible choice for the next daily
Yep I’ve got an is350 which is the sedan version

I actually got issued by my work with an is300 but it was the facelift model with the crappy 2.0 turbo, completely gutless so I cashed in the benefit and threw in a few grand extra and bought myself the 3.5 litre v6 outright purchase, it’s brilliant (Pretty much same platform as the rx but in sedan form)

Considering trading in for a 5.0 if I can find a clean one but they’re such awesome cars nobody really wants to sell them
post 1615126301 08-30-2020, 10:08 PM
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LOL @ cope cels who can't afford nice cars and act like they are being fiscally responsible.
post 1615127001 08-30-2020, 10:17 PM
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I say buy a used domestic for cash, no more than $10k
It’s What I did 4 years ago, still have the car

My Best Buy was an 98 Buick lesabre I bought in 04 for $4,800
Drove it for 8 years, 150k miles, no major mechanical issues
If you avg it out, it’s a $50 monthly car payment

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post 1615129471 08-30-2020, 11:06 PM
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Originally Posted By sf813⏩
30% limit of your monthly take-home for rent + utilities

10% limit of your monthly take-home for car payment
By this formula I think you would need $4K take home for a one bedroom apartment and a modest vehicle. So about $60K a year income?

Used car prices are unusually high right now. And OP might even be considering a lease deal as the title is phrased as "car payment".

There isn't much space between the pricing for a new car and for a late model used car for a lot of vehicles. The financing could be better for the new one.

And if you need a car now (old car died) I'm not sure a great deal on a short term lease would be the worst thing if it lets you wait and maybe pick up a nicer vehicle at a lower price presuming this economic downturn continues as forecast or at least takes a long while to turn around.

Also IIRC OP may be moving cross country and it might be easier to buy a different car at his new spot rather than driving or transporting the car he has now.
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post 1615130771 08-30-2020, 11:35 PM
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lmfao at financing a depreciating asset
thats literally getting cucked
post 1615130901 08-30-2020, 11:37 PM
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I never have nor will buy a car I have to make payments on
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post 1615131231 08-30-2020, 11:44 PM
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Listen up *******s I have bought a few cars over the years and helped a few friends with theirs as well. I work in the car industry (not as a poverty salesman btw) so a couple points:

Credit union cheap low rate. I got a loan at <3% auto lenders care about your credit ratios.
-Debt-to-income (~10% range)
-Payment-to-income
-Term (don't get stretched beyond 5 years IMO, even on a new car)

My advice is buy used so you can take advantage of healthy depreciation. 5-8 years old is my sweetspot but id really depends on the car. Major lenders like Chase and Wells won't finance a car older than 8 years old so you need to look elsewhere (Penfed CU) if you need a loan on something outside of that age window.

Used prices are hitting all-time-highs since manufacturers pulled back on production and wholesale inventories remain low since lenders provided COVID relief and stopped repossessing tens of thousands of cars/mo.

People will say be cheap or not. I say make sacrifices where needed to keep within your budget, you know that better than any of us.
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post 1615131611 08-30-2020, 11:54 PM
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Give zero fuks about a car. My 2012 gets me from A to B reliably and I have zero car payments.

Instead of paying $500 a month for a car, I can invest $500 a month.
post 1615131641 08-30-2020, 11:55 PM
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Originally Posted By r32gojirra⏩
Yep I’ve got an is350 which is the sedan version

I actually got issued by my work with an is300 but it was the facelift model with the crappy 2.0 turbo, completely gutless so I cashed in the benefit and threw in a few grand extra and bought myself the 3.5 litre v6 outright purchase, it’s brilliant (Pretty much same platform as the rx but in sedan form)

Considering trading in for a 5.0 if I can find a clean one but they’re such awesome cars nobody really wants to sell them
IS-F is tiny as, I put the seat all the way back and inclined it, still didn't fit comfortably. Unless you're sub 6ft and 80kg, should be fine then.
post 1615132411 08-31-2020, 12:12 AM
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Early on live poor.dont spend unnecessary money. retirement is better than temporary unnecessary debt.
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post 1615133031 08-31-2020, 12:24 AM
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Always payed cash but ofc negotiated so that it actually is a better deal than financing. Never bought a car for more than a few percent of my net worth.
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post 1615133731 08-31-2020, 12:39 AM
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Originally Posted By r32gojirra⏩
0%
If you can’t pay cash you can’t afford it
Same here.

Here is a trick i used, pay cash just before they close on a Friday as they more likely to accept last sale of the week.

Obviously offer a less than they asking for.
post 1615133801 08-31-2020, 12:42 AM
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#74
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10% max imo
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post 1615134911 08-31-2020, 01:13 AM
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#75
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Originally Posted By Schnitzl⏩
IS-F is tiny as, I put the seat all the way back and inclined it, still didn't fit comfortably. Unless you're sub 6ft and 80kg, should be fine then.
5’9 and 95kg, very comfortable for me

One of a few competent RWD sedans still on the market too
post 1615135411 08-31-2020, 01:29 AM
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Judging by the minimum wageies I work with, I’d say no more than 60-70% at the most
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post 1615138571 08-31-2020, 03:23 AM
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None, just lol at having a car payment

BRB taking out a loan on a liability with depreciating value
...no thx jeff
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post 1615138611 08-31-2020, 03:25 AM
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Originally Posted By feck⏩
None, just lol at having a car payment

BRB taking out a loan on a liability with depreciating value
...no thx jeff*
*unless it’s a claimable business expense
Originally Posted By samsbolton⏩
Judging by the minimum wageies I work with, I’d say no more than 60-70% at the most
How many payments left on the mini
post 1615141211 08-31-2020, 04:53 AM
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Originally Posted By r32gojirra⏩
How many payments left on the mini
Only another two years and I’ll own a 20 year old Mini free and clear
2023 bertie awards 2024 nominations

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post 1615144401 08-31-2020, 06:05 AM
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Originally Posted By Halfway⏩
My monthly payment is less than 5% of my takehome, on a 5 year payment with low interest it's pretty much nothing tbh.



I actually felt pretty bad for the last 2 guys I sold my @ one year old cars to, they thought they were getting a deal because they were MSRP payers, but I was barely losing anything on the sales (apart from tax,which is always annoying)

Misc broscience is that you should always buy used but lmao
I'm part of the always used crew, but when used with 8k miles is $44k and new is $40k, it's just dumb to not go new.
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What make and model is this?
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post 1615144521 08-31-2020, 06:09 AM
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2020 Lexus IS - 0 Miles - $45,000

2017 Lexus IS - 36K Miles - $25,000

Difference - $20,000

Same Car
post 1615144561 08-31-2020, 06:09 AM
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Zero you should never have a car payment. You are supposed to pay cash.


The true formula is all of your vehicles should equal 6 mos salary.

So if you make 50k you may have 1 25k car or 2 12.5 k cars.
U
post 1615144701 08-31-2020, 06:14 AM
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Originally Posted By MikeLowrrrey⏩
Depends if you're a car enthusiast, your savings, and debt. Probably no more than 35%

If we went by the rule book, most folks would be driving crappy $15,000 cars
Most people should be driving $15,000 cars based on the wealth and income distribution of the country. The problem is they are driving $40k cars they can't afford and (the government) has to cut them checks during a pandemic or natural disaster because they live month to month. Subsidized stupidity and the banks are the ones making out like bandits.
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post 1615144851 08-31-2020, 06:18 AM
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Originally Posted By r32gojirra⏩
0%
If you can’t pay cash you can’t afford it
This. Maybe in some circumstance you take on a car payment because it's easier or you can save money somehow, but largely I do not get the point of buying a car when other facets of your life are not up to par. My car is pretty cheap and gets the job done while being great on gas. I will one day buy a super nice car, BUT I have other things I need to take care of first.
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post 1615144901 08-31-2020, 06:19 AM
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i've never had a car payment in my life but damn it's hard writing that big check. that's why i keep my cars "forever". it really makes you think twice about getting a new car when you have to write that huge check. and i don't care how rich you are.
post 1615144971 08-31-2020, 06:20 AM
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If you never spent over $60k on a car, you never made it.
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post 1615144991 08-31-2020, 06:21 AM
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Originally Posted By HYDRAE⏩
Most people should be driving $15,000 cars based on the wealth and income distribution of the country. The problem is they are driving $40k cars they can't afford and (the government) has to cut them checks during a pandemic or natural disaster because they live month to month. Subsidized stupidity and the banks are the ones making out like bandits.
If you're smart you'll drive a $1,000 car.

It's just a tool to get you from place to place.

My car has 250k miles and runs like a top. Trying to get 500k out of it.
U
post 1615145131 08-31-2020, 06:25 AM
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Originally Posted By GordonXXX⏩
i've never had a car payment in my life but damn it's hard writing that big check. that's why i keep my cars "forever". it really makes you think twice about getting a new car when you have to write that huge check. and i don't care how rich you are.
This. I bought a new car in February after keeping my old one for 10 years. I could pay cash for pretty much anything I'd want and test drove the BMW's, Audi's, Land Rovers, etc. but just bought a $35k Mazda and pocketed the extra $30k. It was clear to me the extra cost isn't in tangible everyday driving dynamics, but in the brand/status which I don't give two sh!ts about. Even then it was hard to write that check but I'll keep this one for another 10 years.
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post 1615145221 08-31-2020, 06:27 AM
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Originally Posted By leoslayer1⏩
If you're smart you'll drive a $1,000 car.

It's just a tool to get you from place to place.

My car has 250k miles and runs like a top. Trying to get 500k out of it.
There is a balance between reliability and price. Even a $1k used Toyota could need $2k in parts and labor at any moment.
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post 1615145721 08-31-2020, 06:39 AM
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Originally Posted By MyFrauddBrah⏩
If you never spent over $60k on a car, you never made it.
What if I spend that much paying below-minimum-wage rideshare cucks to drive my drunk ass around

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