How Much Should I Spend on a Car If I Make $80000?
The Frugal Rule: 10% of Your Income If You Earn $80,000, That's a Used Car for Around $10,000 or $12,000. How Much Should You Spend on a Car If You Make 75K a...
The frugal rule: 10% of your income
If you earn $80,000, that's a used car for around $10,000 or $12,000.How much should you spend on a car if you make 75k a year?
If you make $75,000 per year, your total loan payments shouldn't exceed $2,250 per month. The 20/4/10 rule: Put down 20% on a car, finance the car for no more than 4 years, and keep your car payment less than or equal to 10% of your salary.How much should you spend on a car if you make 70k?
If you take your annual income of $75,000 and divide it by 12 to get your monthly income, you'll come to $6,250. Now multiply that by 10% to get $625, as per the rule stated above. From this math, you shouldn't spend more than $625 on your monthly car note.
Marcus Vance is a cybersecurity auditor and technology writer dedicated to educating the public about online safety, data privacy regulations, enterprise security, and emerging cyber threats.
