If financing... A rule I’ve lived by... a new vehicle you buy shouldn’t be more than half your annual gross income. It’s not exactly a science, and there are tons of variables but it has worked for me. Similar to the logic that your monthly mortgage payment shouldn’t be more than 25%-30% of your monthly gross.
So in this logic, if you make 50k, shoot for a 25k vehicle, you make 80k, shoot for a 40k vehicle, etc. you should work to pay them off as early as you can, you should do a lower term to get a lower interest. Lots of variables, but some guidelines I have went by at times.
So in this logic, if you make 50k, shoot for a 25k vehicle, you make 80k, shoot for a 40k vehicle, etc. you should work to pay them off as early as you can, you should do a lower term to get a lower interest. Lots of variables, but some guidelines I have went by at times.
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