Reply to How do so many young families have $80k SUVs?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]People spend a lot on vehicles. 10-15% of income after taxes is recommended by a lot of financial advice websites. So if you make $300K around here (prob below average for mid 30s professional in lobbying, law, tech, etc) your car payments could be up to $2625 a month.

I personally think that’s INSANE but I’ve come to realize a lot of people in the DC area spend as much as they can afford (eg they’ll go for the max 28% DTI mortgage ratio, max car payment, etc). 
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$2600 a MONTH on cars??! The auto lobby is insane. We make $500k and drive a Toyota and a Subaru. [/quote]

Not everyone wants to drive around in crappy cars. I'm in the car for 3 hours a day. I want it to be luxurious and if anything happens, I want to push a button and have them come and help with whatever I need. If I bring it to the shop for an oil change, I want a loaner. [/quote]

So save up for the next car.  I drove my last luxury vehicle for 12 years before getting rid of it.  It was still very nice at 12 yo. Was able to pay cash for a 100K vehicle then, because I planned (and hadn't had a car payment in 12 years since I had paid cash for previous vehicle as well).   To each their own, but unless you are making 800K+, having a 1300/month car payment is ridiculous, even if you drive your car all day for business.

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