When buying a car, suggested percentage of income...

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  • Sly
    Let's do some business!
    • Sep 2004
    • 31379
    #1

    When buying a car, suggested percentage of income...

    Its said that your home mortgage or rent shouldn't be more that 1/4-1/3 of your monthly income, so more or less about a weeks pay. Is there a "suggested" percentage of monthly income that should be spent on your car? Anyone with financial advisor experience?

    I've always wondered this for some reason...
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    • escorpio
      doesn't fuck around.
      • Oct 2002
      • 23485
      #2
      Just pay cash for a Ferrari, like everyone else on GFY.
      Unvaxxed, still alive.

        Comment

        • Babagirls
          Text Writer
          • Feb 2001
          • 18812
          #3
          Originally posted by escorpio
          Just pay cash for a Ferrari, like everyone else on GFY.




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            • bringer
              i have man boobies
              • Jul 2003
              • 13082
              #4
              maybe 1/8
              333-765-551

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                • Sly
                  Let's do some business!
                  • Sep 2004
                  • 31379
                  #5
                  Originally posted by escorpio
                  Just pay cash for a Ferrari, like everyone else on GFY.
                  Ahaha.

                  Red or black?
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                    • gecko
                      ******
                      • Jun 2002
                      • 21846
                      #6
                      Originally posted by escorpio
                      Just pay cash for a Ferrari, like everyone else on GFY.
                      [email protected]

                        Comment

                        • xxxdesign-net
                          My hips don't lie
                          • Nov 2002
                          • 10129
                          #7
                          Ask Rhino22.. he seems to know his shit..

                            Comment

                            • DateDoc
                              Outside looking in.
                              • Feb 2005
                              • 14243
                              #8
                              There are a lot of ratios for everything. Easiest way not to have to worry about them is buy the house first then spend whatever you want on a car. That being said most lenders like your payment to be less than 15% of your income. So if your GROSS income is $5000 you can handle a payment upto $750.00 in the lenders eyes.

                                Comment

                                • DateDoc
                                  Outside looking in.
                                  • Feb 2005
                                  • 14243
                                  #9
                                  Originally posted by Sly
                                  Ahaha.

                                  Red or black?
                                  midnight blue

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                                    • will76
                                      Making $$$$ w/ ClickCash
                                      • May 2003
                                      • 18037
                                      #10
                                      less then 25% of your monthly income (if you dont make a lot of money, if you make a lot of money i wouldnt spend more then 10% of my income)... car note should never exceed house note or rent
                                      Last edited by will76; 05-15-2005, 09:30 PM.
                                      ICQ: 86364801 Email: will [at] innovativeassets [dot] com

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                                        • swedguy
                                          Confirmed User
                                          • Jan 2002
                                          • 7981
                                          #11
                                          Originally posted by will76
                                          less then 25% of your monthly income (if you dont make a lot of money, if you make a lot of money i wouldnt spend more then 10% of my income)... car note should never exceed house note or rent
                                          I would never ever spend ~50% on house + car. Car is far down on the priority scale for me. It's just a thing that takes you from A to B and racks up parking tickets on the way.

                                            Comment

                                            • will76
                                              Making $$$$ w/ ClickCash
                                              • May 2003
                                              • 18037
                                              #12
                                              Originally posted by swedguy
                                              I would never ever spend ~50% on house + car. Car is far down on the priority scale for me. It's just a thing that takes you from A to B and racks up parking tickets on the way.
                                              yeah but 50% of the country does not have that choice... if you make 24K a year (a lot better then min wage) thats $1000 a month for car and house... which is tough even if you drive a neon and live and in the getto. Thats why i said no more then 25% if you dont make a lot and less then 10% of you make good money. If you make 120K a year ($10,000 month) 1000K a month for a car is about about a 50K car and even a lot at 10%.
                                              ICQ: 86364801 Email: will [at] innovativeassets [dot] com

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                                                • beemk
                                                  CLICK HERE
                                                  • Jan 2002
                                                  • 20829
                                                  #13
                                                  Originally posted by Sly
                                                  Ahaha.

                                                  Red or black?
                                                  get 1 of each in case you cant decide, thats what i did.





                                                  but seriously though, i wont buy a vehicle unless i can easily afford to pay cash for it. but then again i dont really care about cars, i would much rather invest it.
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                                                    • Manowar
                                                      jellyfish  
                                                      • Dec 2003
                                                      • 71528
                                                      #14
                                                      Originally posted by escorpio
                                                      Just pay cash for a Ferrari, like everyone else on GFY.

                                                        Comment

                                                        • swedguy
                                                          Confirmed User
                                                          • Jan 2002
                                                          • 7981
                                                          #15
                                                          Originally posted by will76
                                                          yeah but 50% of the country does not have that choice... if you make 24K a year (a lot better then min wage) thats $1000 a month for car and house... which is tough even if you drive a neon and live and in the getto. Thats why i said no more then 25% if you dont make a lot and less then 10% of you make good money. If you make 120K a year ($10,000 month) 1000K a month for a car is about about a 50K car and even a lot at 10%.
                                                          If you make min. wage, then you can find a decent car that just rolls for $500 that will last you a year. If it lasts you a year with no repairs (very possible if you know someone who can help you find a good car) it cost you $42/mo excl. gas. Even if there's minor stuff to fix, it would be cheap.

                                                            Comment

                                                            • The Other Steve
                                                              Confirmed User
                                                              • Dec 2001
                                                              • 2106
                                                              #16
                                                              Originally posted by Sly
                                                              Ahaha.

                                                              Red or black?
                                                              Whatever color matches the first picture you find on eBay.
                                                              Left intentionally blank ... just like my brain

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                                                                • Vitasoy
                                                                  GFY HALL OF FAME DAMMIT!!!
                                                                  • Oct 2003
                                                                  • 58202
                                                                  #17
                                                                  Originally posted by will76
                                                                  car note should never exceed house note or rent

                                                                  I agree with you there.


                                                                  [email protected]

                                                                    Comment

                                                                    • pimplink
                                                                      Confirmed User
                                                                      • Jun 2001
                                                                      • 9535
                                                                      #18
                                                                      pay with cash, why is that a problem

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                                                                        • simple simon
                                                                          Confirmed User
                                                                          • Jan 2005
                                                                          • 854
                                                                          #19
                                                                          735 Fico Score=No questions about income
                                                                          SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, you may use a 624x80 instead of a 120x60. Let me repeat... A 120 x 60 button and no more that 3 lines of DEFAULT SIZE AND COLOR text.

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                                                                            • budz
                                                                              Disruptive Innovator
                                                                              • Sep 2003
                                                                              • 4230
                                                                              #20
                                                                              C:\Code\
                                                                              C:\Code\Run\

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                                                                                • escorpio
                                                                                  doesn't fuck around.
                                                                                  • Oct 2002
                                                                                  • 23485
                                                                                  #21
                                                                                  Originally posted by pimplink
                                                                                  pay with cash, why is that a problem
                                                                                  What color is your Ferrari?
                                                                                  Unvaxxed, still alive.

                                                                                    Comment

                                                                                    • reynold
                                                                                      Too lazy to set a custom title
                                                                                      • Oct 2002
                                                                                      • 51271
                                                                                      #22
                                                                                      Buying should consider a certain percentage of your income..Though it's comparatively different to the percentage of income that you consider when buying a house...

                                                                                        Comment

                                                                                        • Quotealex
                                                                                          Confirmed User
                                                                                          • Sep 2001
                                                                                          • 6265
                                                                                          #23
                                                                                          Buy used until you can afford to pay cash for a new car. That;s my advise.

                                                                                            Comment

                                                                                            • JSA Matt
                                                                                              So Fucking Banned
                                                                                              • Aug 2003
                                                                                              • 5464
                                                                                              #24
                                                                                              Sly, you don't have to buy me a car man, I put out for free

                                                                                                Comment

                                                                                                • bigdog
                                                                                                  Confirmed User
                                                                                                  • Jul 2001
                                                                                                  • 6964
                                                                                                  #25
                                                                                                  lease a car with your biz

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