If you like cars, what is a reasonable car price based on income

[Anonymous]

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

What's wrong with that? Our HHI is 330K, I don't think the most we paid (ever) was around 23K

[Anonymous]

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

Yep. Laugh all you want, but you can get a good car of any type for that price, and $240k HHI isn't exactly "I can have anything on Earth I want" territory, so it shouldn't shock you to shop wisely.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

What's wrong with that? Our HHI is 330K, I don't think the most we paid (ever) was around 23K

Nothing is wrong with it, except those of you who can’t be bothered to read the origina post.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

Yep. Laugh all you want, but you can get a good car of any type for that price, and $240k HHI isn't exactly "I can have anything on Earth I want" territory, so it shouldn't shock you to shop wisely.

This is someone who likes cars, is shopping for something above “nice” and functional. No one is disputing that you can get a reliable, boring import for 24k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

What's wrong with that? Our HHI is 330K, I don't think the most we paid (ever) was around 23K

Nothing is wrong with it, except those of you who can’t be bothered to read the origina post.

With OP's mindset, she will have more issues in life than choosing a car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

What's wrong with that? Our HHI is 330K, I don't think the most we paid (ever) was around 23K

Nothing is wrong with it, except those of you who can’t be bothered to read the origina post.

With OP's mindset, she will have more issues in life than choosing a car.

Aaaaand here we go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

Yep. Laugh all you want, but you can get a good car of any type for that price, and $240k HHI isn't exactly "I can have anything on Earth I want" territory, so it shouldn't shock you to shop wisely.

This is someone who likes cars, is shopping for something above “nice” and functional. No one is disputing that you can get a reliable, boring import for 24k.

You can get a fancier car for that price, too, it just won't be new. Sure, OP likes cars and is not shopping for a Kia, but OP also asked for a reliable "don't blow your budget" benchmark for car purchases. This is it. So set a google alert for Acuras below $25k and get ready to bargain.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

What's wrong with that? Our HHI is 330K, I don't think the most we paid (ever) was around 23K

Nothing is wrong with it, except those of you who can’t be bothered to read the origina post.

With OP's mindset, she will have more issues in life than choosing a car.

With your mind set - inability to stay on topic and within the established boundaries of a discussion, you probably don't get invited to many meetings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

Yep. Laugh all you want, but you can get a good car of any type for that price, and $240k HHI isn't exactly "I can have anything on Earth I want" territory, so it shouldn't shock you to shop wisely.

This is someone who likes cars, is shopping for something above “nice” and functional. No one is disputing that you can get a reliable, boring import for 24k.

You can get a fancier car for that price, too, it just won't be new. Sure, OP likes cars and is not shopping for a Kia, but OP also asked for a reliable "don't blow your budget" benchmark for car purchases. This is it. So set a google alert for Acuras below $25k and get ready to bargain.

LOL, Acura has not been for people who like cars for a while, at least in the past 15 years or so. The last compelling car they offered for enthusiasts was the first generation TSX. These days they are selling SUVs to soccer moms and faux-luxury sedans to people who think they are getting a good deal and a reliable car. Read it and weep:

https://www.consumerreports.org/car-reliability-owner-satisfaction/car-brands-reliability-how-they-stack-up/

http://www.jdpower.com/business/press-releases/jd-power-2018-us-vehicle-dependability-study

[Anonymous]

I know people here make 200k and drive their Honda Accord until it has 200k miles but I like nice cars

I make 100k/ year and bought a 60k Infiniti suv

[Anonymous]

I'll say purchase prices of all household vehicles should max out around 3%-5% of HHI x number of years you expect to hold the car.

So someone with a HHI of $150,000 who buys a new car every 5 years should max out at a car price ranging $22,500 to $37,500. If they hold the car for 10 years, they can splurge on a more luxury-type vehicle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

Yep. Laugh all you want, but you can get a good car of any type for that price, and $240k HHI isn't exactly "I can have anything on Earth I want" territory, so it shouldn't shock you to shop wisely.

This is someone who likes cars, is shopping for something above “nice” and functional. No one is disputing that you can get a reliable, boring import for 24k.

You can get a fancier car for that price, too, it just won't be new. Sure, OP likes cars and is not shopping for a Kia, but OP also asked for a reliable "don't blow your budget" benchmark for car purchases. This is it. So set a google alert for Acuras below $25k and get ready to bargain.

LOL, Acura has not been for people who like cars for a while, at least in the past 15 years or so. The last compelling car they offered for enthusiasts was the first generation TSX. These days they are selling SUVs to soccer moms and faux-luxury sedans to people who think they are getting a good deal and a reliable car. Read it and weep:

https://www.consumerreports.org/car-reliability-owner-satisfaction/car-brands-reliability-how-they-stack-up/

http://www.jdpower.com/business/press-releases/jd-power-2018-us-vehicle-dependability-study

Okay, substitute for whatever brand you care about. Are you OP? What car do you want? What are your other obligations (student loans, mortgage/rent, CC debt, etc)? Or do you not actually want financial advice, just to scoff at the very idea of living within financial boundaries?

[Anonymous]

Anonymous wrote:I'll say purchase prices of all household vehicles should max out around 3%-5% of HHI x number of years you expect to hold the car.

So someone with a HHI of $150,000 who buys a new car every 5 years should max out at a car price ranging $22,500 to $37,500. If they hold the car for 10 years, they can splurge on a more luxury-type vehicle.

I'm the 10% PP, but I like that this takes into account the length of time you hold a car. You can spend more on a car you're going to keep for 10 years; but if you know you're the kind of person who will want something new in 3-5 years you should factor that in upfront.

[Anonymous]

Silly premise.

If you like cars, then it is no longer transportation; it is a hobby. You spend on it whatever disposable income you have available to support your hobbies. For some, that might be travel/vacations, for others it might be expensive photography equipment, for others it might be a horse, for others it might be fine art, for others it might be a boat. If I spend $30k a year on vacations, and you spend $30k a year on an exotic automobile, does it really matter? We could both be making $200k - I'll be in Europe for a month, and you'll be driving around in a leased Lamborghini.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No more than 10% of your HHI. The more you make, the lower the percentage should go (unless you're a car person and fancy expensive cars bring you joy, but still don't exceed 10%).

So...240k= 24k or lower? Lol

What's wrong with that? Our HHI is 330K, I don't think the most we paid (ever) was around 23K

Nothing is wrong with it, except those of you who can’t be bothered to read the origina post.

?? The original post asked how much people should spend on a car if they like cars. PPs have suggested amounts. If you make $75K, it doesn't matter how much you like cars--you shouldn't be spending $80K on one.

You take the amount available to spend and choose a car accordingly. For those who just need a vehicle, $25K might mean a new and reliable car that wouldn't be considered especially fun to drive. For those who want the driving experience to be more interesting, $25K might mean an older luxury car.

And if driving is a hobby, it's perfectly fair to bump up the amount you spend on a car by shifting money you might otherwise use for other hobbies (vacations, etc.) to car buying, as long as you account for that in your overall budget.