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Last Topic: 3:03:34pm, 04/26/2024
Last Post: 11:14:22am, 04/26/2024
MacadamianNut3 posted...
Definitely disagree on the car being 10% of your income thing even as a lifelong cheapass. The average salary in America is 60k. Driving a 6k used shitbox sounds like both a hassle for how uncomfortable it will be every time you're in it to/from waging it up and how likely and often something that cheap is going to need repairs. I'm on month 7 of a 4 year financing term and my only regrets are that hvac and radio controls shouldn't be touchscreen-based and I should have picked something comfortable to drive like this a long time ago since I don't feel tired after every drive
Being frugal is one thing but that just sounds like out of touch Dave "hey just take public transportation even if it's dogshit in your random city" Ramsey financial advice
The rule of thumb is 10-15% of your salary per year on car related payments, not the total cost of the car. So more like 6k per year in car costs. So maybe 300 per month on your car loan.
I guess some flexibility depending on your priorities and how much you drive.
The basic idea is a lot of people look at a finance agreement, think "Oh I can easily afford $600 a month" and get super excited about their new audi, without taking anything else into account. That's the trap to avoid.
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