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Reply to "WaPo -- New cars out of reach for many"
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[quote=Anonymous]There was a lack of advice in the article. It is recommended that the full price of the car be no more than 35% of your yearly salary. MedianHHI in the US is about $68k. So the amount recommended to spend on a vehicle is about $24k. The average care is twice that amount. Even Dave Ramsey says you should only consider a new car if you have a net worth of 1 million. Depreciation is a luxury expense, so it is better for most people to get a used car.[/quote]
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