[jefro]

I wasted some time on the survey. Socked to see that on income, the lowest choice was $80K a year. Guess they don't intend to sell to median income families.
I understand that I don't make a lot but the Blazer isn't a Tesla Model X /S is it?

 

[shocker]

"The golden rule of car buying is that the car’s price should never exceed 35% of your gross annual income, even if you're a major car enthusiast. And if you're just looking for a basic ride to get to work and back, consider capping the car price at 25% or even 15% of your annual income instead."

 

[accelerus]

"The golden rule of car buying is that the car’s price should never exceed 35% of your gross annual income, even if you're a major car enthusiast. And if you're just looking for a basic ride to get to work and back, consider capping the car price at 25% or even 15% of your annual income instead."

exceptions to every rule -- as someone who's single, no wife, no kids, own house, zero debt, that golden rule would mean I'd have missed out on some awesome experiences automotive wise.

The exception for me is I generally put 50% down on whatever I buy and pay off rapidly. People seem to think $600+/mo car note is normal, or rolling in negative equity, all that nonsense. Even as a car nut if you make the right moves at the right time you can come out way ahead. Sold my Z06 right at the bottom of the housing market and snagged a piece of real estate (2013), and am up 500% from where I started with no mortgage to worry about. Means more disposable income for car fun (EUV in my case now)


Median income in the US - is roughly $32k -- if the golden rule numbers were true, $8k would be the budget limit for most everyone. Simply not the case since in 2022 avg car price is floating towards $50k rapidly.

 

[shocker]

Median income in the US - is roughly $32k -- if the golden rule numbers were true, $8k would be the budget limit for most everyone. Simply not the case since in 2022 avg car price is floating towards $50k rapidly.

Hence the availability of 96, 108, and 120 month car loans.

 

[BoltEUV]

Besides exotic hand built cars that appreciate in value, most consumer vehicles are like food. You consume it and expel it as waste. If you have more money, you eat better food in a better surrounding. I intend to drive the life out of my car which won't take long. Perhaps 3 years or so. I've already put 10k miles on my new Bolt having only had it for less than 3 months. It should be out of bumper to bumper warranty this time next year.

 

[jefro]

I have been lucky to pay cash for the last few vehicles. I remember buying a new C10. $3888 with 12% interest. Didn't think I'd ever get it paid off.

 

[atc98092]

consider capping the car price at 25% or even 15% of your annual income instead

That would mean someone making $100k per year should cap their car price at $25k or even $15K? That pretty much eliminates almost any new car, and even most lightly used cars.

 

[jefro]

I just need to make more money I see now.

 

[GregBrew]

I have been lucky to pay cash for the last few vehicles. I remember buying a new C10. $3888 with 12% interest. Didn't think I'd ever get it paid off.

I was going to pay cash for a '21 Honda Clarity PHEV Touring, but then Honda offered me a .9% sixty-month loan. Took the cash and dropped it into a 2% investment, instead. No-brainer.