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10% of your monthly income: Your total monthly car costs, which include the car payment, maintenance, gas, insurance, etc., won’t exceed 10% of your monthly income. Remember, this is just a ...
For example, if you bring home $50,000 per year after taxes, your monthly take-home pay is probably around $4167. Based on the 10 percent recommendation, you could reasonably afford to pay around ...
Buying a car is an enormous financial decision and can cause some sticker shock. Indeed, Kelley Blue Book noted that the average cost of new cars is now more than $47,000 — up a whopping $6,000 ...
To say you need a lot of money is an understatement.
If you get a 48-month loan with that interest rate, that means you can afford a car with a purchase price of roughly $22,000, with a 20% down payment of $4,500.
A study attempted to quantify the costs of cars (i.e. of car-use and related decisions and activity such as production and transport/infrastructure policy) in conventional currency, finding that the total lifetime cost of cars in Germany is between 0.6 and 1.0 million euros with the share of this cost born by society being between 41% (€4674 ...
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