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How Much of a Car Can You Afford Based on Your Salary? Many financial experts would advise you to not spend more than 10% to 15% of your net monthly income on car payments. For total vehicle costs ...
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 ...
The state rankings are based on the minimum salary needed from lowest to highest. ... minimum salary required to afford a new car. All data was collected on and up to date as of April 3, 2024. ...
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 ...
Buying a car on a middle-class budget doesn't mean you can't get a "cool" car. Based on the middle-class income range of $56,600 to $169,800, as identified by the Pew Research Center, and on the ...
Under the 20/4/10 rule, you must make over $150,000 to afford a new car with an initial price of around $48,000. ... The average American salary isn’t high enough to afford a brand-new car ...