curiosity question....how did the purchase price of your vehicle relate to your income?

[vi edit]

I know that there are a ton of factors involved, such as money you have saved back as a down payment, value of trade in, length of financing, other monthly costs, ect. But, I'm curious as to how much difference there is in the final price of your vehicle, and how much you make a year.

For instance, do you make a 20k a year and bought a 15k car?
You don't have to list your salary, just say something like

price of car = yearly income
price of car = 1/2 of yearly income

ect...

Right now, my two cars' values are roughly 1/3 of my yearly income

but...I'm looking at a purchasing a car that would be worth around half of my yearly income

Does anybody else care to share how their vehicle costs compare to their incomes.

Thanks in advance.

 

[loup garou]

Interesting question. I'm looking to buy my first new car next year, and it's cost should be around half of my income, trade in not included.

I'd like to know what others spend too.

 

[vi edit]

Yup, same here. First new car as well.

I just really can't justify buying a used car of this particular model/manufacturer when I can buy a brand new one, with a 20+ more horsepower engine, 4 year/40k mile maintanance free warranty + better options for only 5k more.

 

[Ornery]

Good Lord! Do you guys own real estate? Great friggen thing to invest that much money in... a car!

Gads, I've been driving for over 25 years and haven't owned a new car yet. What a waste...

 

[vi edit]

Ornery, my car is one of the few luxuries that embelish in. I put on 7k miles in less than 3 months. I almost spend more time in my car some days than I do in my own bed. I like to have something that I enjoy if I spend that much time in it. To me, a car simply isn't a means of getting from point "a" to point "b".

Also, it's the one thing that really spend a lot of money on. I don't subscribe to cable. I use a free internet service, I don't have kids, I never spend more than $18 on a pair of blue jeans, I don't smoke, and a rarely eat out. And, if I do, it's usually w/ the companies 50% off discount.

Some people drop their money in thier house. Others in audio. Others in their computers. I'm one that enjoys a very nice vehicle.

Even spending this much on a car, I still manage to bank away a fairly significant chunk of money.

To each his own.

 

[vi edit]

Also, I may have phrased the question poorly. When I say a car costs 1/2 your your yearly income, I don't mean you make $1,000 a month and you pay $500 a month for your car.

I mean, you make 24k a year and you paid 12k for your car.
In essence, you make 2k a month and pay in the vicinity of $200-$333 a month in payments depending upon financing length.

 

[Yeeny]

My hubby bought a car for $10,000 and he makes about $50,000. The only reason we finally bought a newer car is because he travels every week for his job, and we needed something reliable.

 

[vi edit]

GF you have 2 kids correct? For now...my car is my baby since we can't have pets where we live

 

[Yeeny]

Actually vi-edit, I have three (four counting the car). And I think the car is now the best behaved one, I may have to buy it some new toys.

 

[vi edit]

Three kids. Yikes! After two it'll be the "snip snip" for me

my congrats on managing three rugrats in your own home as well as 30,000 here

 

[Yeeny]

my congrats on managing three rugrats in your own home as well as 30,000 here

30,000??? And no benefits? That's it, I quit! :Q

 

[thedarkwolf]

Hmm One car I bought when I was making around $5k a year cost $1200. My other car that I got just 6 months ago I paid $300 and now I make about $20k a year. Actually the car was free, it broke down in our driveway and the lady didn't want it anymore, thats just what I spent to get it road worthy again.

 

[unxpurg8d]

Sorry kids, but I'm with Ornery here - paying that much for something some idiot can smash into in a parking lot or sideswipe while adjusting that $5,000 stereo in his $800 car is just insane to me. I'm all for used cars...paid $4000 cash for my 1994 Ford Aerostar van over a year ago, and I have no payments, no interest eating my money, and best of all no emotional involvement if some goof rams into the poor thing. Car payments SUCK. Each to his own though as vi-edit says...

 

[montanafan]

The Honda has been paid for since '96. The truck payment is about 15% of my monthly take-home.

 

[lupin]

My car costs 150% of my income.

 

[Gatsby]

My car costs an infinite amount of money more than I earn.
(Thankfully my parents paid for it and I'm a student)

Gatsby

 

[Nessoldaccount]

I plan on buying a car that's probably 80-100% of my income when I get out of college...maybe.