##Factors to Consider When Deciding How Much Car to Buy
###Current Financial Situation
Consider your age, income, savings, and monthly expenses when determining how much car you can afford.
###Budgeting Tips for Buying a Car
– Calculate how much you can comfortably afford each month for a car payment
– Don’t forget to budget for insurance, maintenance, and gas costs
– Consider future expenses and potential changes in income
###Determining the Right Car Price Range
– Set a realistic price range based on your current financial situation
– Research different car makes and models to find one that fits within your budget
– Consider buying a used car to save money
###Avoiding Financial Strain
– Don’t overspend on a car just because you can afford it
– Avoid high-interest loans and long loan terms that can lead to financial strain
– Plan for unexpected expenses that may arise with car ownership
###Conclusion
When deciding how much car to buy, it’s essential to consider your current financial situation, budgeting tips, the right car price range, and ways to avoid financial strain. By making a thoughtful decision, you can enjoy your new car without jeopardizing your financial stability.
Remember, it’s not about how much you can spend, but how much you should spend based on your unique financial circumstances. Make a wise choice that aligns with your overall financial goals and priorities. 🚗💸
Start driving in style without breaking the bank!
https://moneyguy.com/article/20-3-8-rule/
Money guys have a good guideline here. You could reasonably afford up to about 24k in car.
New Civic hybrid is coming out in a few month, I recommend that since it’ll last 10-15 years
Sounds like you like to live frugally. you can get a used camry for a out 18k, which is pretty good, such as [this one](https://www.cars.com/vehicledetail/5cfb254e-b085-4bcd-bb41-d0e9e758faed/?attribution_type=isa), which you’ll be able to afford and will last for a while.
What does “on its last legs” mean though? Is it something that can be fixed and driven for a few more years or is this really lifestyle creep?
Since you just landed this decent income, I’m going with lifestyle creep. Remember, the car you have now will always be cheaper than financing a new one, unless it needs significant repair.
Car 1/3 your wage.
House 3x your wage.
This generally gets you in the ballpark for an average person.
youre in a good spot but also you need to consider interest.
20% interest on a 22k car is more than 5% interest on a 28k car for example. so me personally id say try to keep payments below 350
you also need to consider insurance rates because financing youll need full converage technically you can absolutely afford more but its really not worth it keep the payments low and keep saving youre in a good place and headed in a good direction financially
I’d buy in cash or special dealer financing using a max of half your savings. Avoid wasting money on interest and you’ll be good.
I’m the second owner of my shitty little econobox. I’ve had it for 7+? years now, I put $3500 on a credit card and paid the rest in a check(around $10 or 9k).
In regards to your post, it made me think “It’s nice not having a car note looming over me each month, over the last seven years” There’s a piece of mind to not “owing” any money to any individual or entity.
But I think it’s fair in your situation to consider spending on a car that will last you 25 years(just keep up with maintenance and shit)
I guess with just the numbers you’ve given; maybe under $30,000 is what I(random internet stranger) think you should get, have fun
I think that’s a reasonable budget at your salary. As long as you’re investing more per month than what you’re spending on a vehicle. Decent advice is no more than about 10% monthly net on a vehicle (including insurance).