Reply to Cost of a car and HHI/NW

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Before pandemic the rule of thumb is total car value less than 20% of your HHI. Obviously it varies a lot by individual situations.[/quote]

I want to buy a car that would be satisfying this condition for sure, but my husband is having a serious freak out.  He thinks it's foolish. [/quote]

I don’t know, it also seems very high to me but I guess your overall financial picture is important. If low mortgage and no other debt, I guess it could work?[/quote]

Yes, low mtg and no other debt.  But he is cheap, doesn't value comforts or luxuries.  if you think car is just from point A to B, then it's tough to convince you to spend on luxury features.  I care though, I think it makes a difference if you drive every day.  In the city not so much, we didn't care and didn't use the car.  But in suburbia you use it all the time, and if you also start taking more driving vacations, I think, it matters. [/quote]

If the good features are what you want, buy a used car loaded with features for a little less money.  That way you can both be happy.  That's what I did.  I bought a Lexus with a great sound system and backup camera, used for about half of what it was originally priced at three years earlier with all of the features.[/quote]

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