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But its a bad idea.
How much should i spend on a used car. Thats not how much you can spend on a car but how much you should spend. If you only earn 20000 a year it gives you a budget of 7000. First you should make a downpayment of at least 20. The exact amount you should spend on a car will vary significantly based on your financial situation.
How much should you spend on a car. If you take home 2500 spend 500 on a car. While 15 is the maximum limit to keep in mind regarding how much you should spend on a car the golden. So under that guideline if your net pay is 3500 a month its best to avoid spending more than 525 on car costs.
This covers most bases. How much should i spend on a used car. So really how much should you spend on a car. If you owe more on your current car than its worth that will be added to the amount financed further reducing how much car you can buy.
If you make 3500 spend 700 on a car. On top of that interest rates are slowly creeping up making the cost of auto loans and leasing more expensive. Another rule of thumb says that drivers should spend no more than 15 of their monthly take home pay on car expenses. Average used car prices.
However because a vehicle is a depreciating asset you should generally never spend more than about 15 of your gross income on a car. Thats not a lot but its definitely enough to buy. So when pressed i would say spend up to 35 percent of your annual income on a car. Cars whether they are new or pre owned are expensive to buy and operate and theyre only getting more costly.
Personal finance is personal but everyone wants a rule to follow. The cardinal rule of car budgets is the 20410 rule.
