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OK, what if you live in a house of 1 times income? (archive)

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Posted by That should have an effect on May 17, 2000 at 21:50:26:

In Reply to: Car should not cost more than 30% of annual posted by income. on May 09, 2000 at 08:17:26:

I guess my point is that there are too many variables to really make rules of thumb. If a person is paying cash, it makes no difference if it is 10 times income. If a person has minimal other expenses, such as a paid-for house, then you can afford a more expensive car. I live in an area with fairly cheap housing. I can get all the house I want (including 2 car garage) for under 100K. So, I just might be able to afford more than a Corolla or something.

My advise would be for a person to have the basics taken car of first. (Well-funded retirement plan contribution rate, emergency savings of at least a year or so, housing needs satisfied, college funds if applicable, etc.) Then, if there is sufficient money left over for car payments (or you have the cash), go for what you want.


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