When buying a car, suggested percentage of income... - GoFuckYourself.com

Sly · 05-15-2005, 10:17 PM

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...

escorpio · 05-15-2005, 10:18 PM

Just pay cash for a Ferrari, like everyone else on GFY.

Babagirls · 05-15-2005, 10:18 PM

Quote:

Originally Posted by escorpio

Just pay cash for a Ferrari, like everyone else on GFY.

bringer · 05-15-2005, 10:19 PM

maybe 1/8

Sly · 05-15-2005, 10:20 PM

Quote:

Originally Posted by escorpio

Just pay cash for a Ferrari, like everyone else on GFY.

Ahaha.

Red or black?

gecko · 05-15-2005, 10:20 PM

Quote:

Originally Posted by escorpio

Just pay cash for a Ferrari, like everyone else on GFY.

xxxdesign-net · 05-15-2005, 10:23 PM

Ask Rhino22.. he seems to know his shit..

DateDoc · 05-15-2005, 10:23 PM

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.

DateDoc · 05-15-2005, 10:24 PM

Quote:

Originally Posted by Sly

Ahaha.

Red or black?

midnight blue

will76 · 05-15-2005, 10:28 PM

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

swedguy · 05-15-2005, 10:33 PM

Quote:

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.

will76 · 05-15-2005, 10:39 PM

Quote:

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%.

beemk · 05-15-2005, 11:26 PM

Quote:

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.

Manowar · 05-15-2005, 11:27 PM

Quote:

Originally Posted by escorpio

Just pay cash for a Ferrari, like everyone else on GFY.

swedguy · 05-15-2005, 11:40 PM

Quote:

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.

The Other Steve · 05-15-2005, 11:40 PM

Quote:

Originally Posted by Sly

Ahaha.

Red or black?

Whatever color matches the first picture you find on eBay.

Vitasoy · 05-15-2005, 11:42 PM

Quote:

Originally Posted by will76

car note should never exceed house note or rent

I agree with you there.

pimplink · 05-16-2005, 05:03 PM

pay with cash, why is that a problem

simple simon · 05-16-2005, 05:15 PM

735 Fico Score=No questions about income

budz · 05-16-2005, 05:18 PM

escorpio · 05-16-2005, 05:23 PM

Quote:

Originally Posted by pimplink

pay with cash, why is that a problem

What color is your Ferrari?

reynold · 05-16-2005, 06:54 PM

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...

Quotealex · 05-16-2005, 06:59 PM

Buy used until you can afford to pay cash for a new car. That;s my advise.

JSA Matt · 05-16-2005, 07:06 PM

Sly, you don't have to buy me a car man, I put out for free

bigdog · 05-16-2005, 07:11 PM

lease a car with your biz

05-15-2005, 10:17 PM	#1
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,329	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... __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Windows VPS now available Great for TSS, Nifty Stats, remote work, virtual assistants, etc. Click here for more details.

05-15-2005, 10:18 PM	#2
escorpio I love to racism, bro! Industry Role: Join Date: Oct 2002 Location: USA! USA! USA! Posts: 23,131	Just pay cash for a Ferrari, like everyone else on GFY. __________________ Unvaxxed, still alive.

05-15-2005, 10:19 PM	#4
bringer i have man boobies Join Date: Jul 2003 Location: van down by the river Posts: 13,082	maybe 1/8 __________________ 333-765-551

05-15-2005, 10:23 PM	#8
DateDoc Outside looking in. Industry Role: Join Date: Feb 2005 Location: To Hell You Ride Posts: 14,243	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. __________________

05-15-2005, 10:28 PM	#10
will76 Making $$$$ w/ ClickCash Industry Role: Join Date: May 2003 Location: USA Posts: 18,037	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 __________________ ICQ: 86364801 Email: will [at] innovativeassets [dot] com PROGRAM SHIT LIST - DO NOT PROMOTE (click link for gfy thread) FNCash \| Media Revenue Last edited by will76; 05-15-2005 at 10:30 PM..

05-15-2005, 10:23 PM	#7
xxxdesign-net My hips don't lie Industry Role: Join Date: Nov 2002 Posts: 10,129	Ask Rhino22.. he seems to know his shit..

05-16-2005, 05:03 PM	#18
pimplink Confirmed User Join Date: Jun 2001 Location: Closer than you think Posts: 9,535	pay with cash, why is that a problem __________________ Need Mainstream Content and SEO? SEO * Website Copy * Blogs Blogging - PR Work - Forum Marketing - Social Marketing - Link building - Articles 100% Guaranteed Content!

05-16-2005, 05:15 PM	#19
simple simon Confirmed User Join Date: Jan 2005 Posts: 854	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.

05-16-2005, 05:18 PM	#20
budz Disruptive Innovator Industry Role: Join Date: Sep 2003 Location: Vegas Posts: 4,230	__________________ C:\Code\ C:\Code\Run\

05-16-2005, 06:54 PM	#22
reynold Too lazy to set a custom title Join Date: Oct 2002 Location: Global Traveler Posts: 51,271	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...

05-16-2005, 06:59 PM	#23
Quotealex Confirmed User Join Date: Sep 2001 Location: The Global Digerati Village Posts: 6,265	Buy used until you can afford to pay cash for a new car. That;s my advise.

05-16-2005, 07:06 PM	#24
JSA Matt So Fucking Banned Join Date: Aug 2003 Location: San Diego, CA Posts: 5,464	Sly, you don't have to buy me a car man, I put out for free

05-16-2005, 07:11 PM	#25
bigdog Confirmed User Join Date: Jul 2001 Posts: 6,964	lease a car with your biz