A good rule of thumb

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May 5, 2015
6:58:54pm

Superman21

A good rule of thumb

Like you said there are lots of opinions and that is what this is. The total value of everything you own with a motor in it should not be more than 50% of your annual household income. You should never buy new unless you have a net worth of $1mil. I like Dave Ramsey and the things he teaches about personal finance. These are the things he teaches. Also, only buy with cash.

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Superman21

Bio page: Superman21
Joined: Jun 16, 2014
Last login: Apr 28, 2024
Total posts: 5,399 (124 FO)

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Messages

Author

Time

So, really, how much is "reasonable" to spend on a car?

CosmoK

5/5/15 3:09pm

For me it was based on how much of a car payment we could afford after figuring

supertux

5/5/15 3:11pm

How many miles will you put on it each year?

CougarEat

5/5/15 3:12pm

Likely 10k-ish.

CosmoK

5/5/15 3:14pm

Yes

supertux

5/5/15 3:14pm

Want facts on subjective personal finance decisions, you came to the right place

snowbird

5/5/15 3:12pm

He wants a car, not a motorcycle.

Bert609

5/5/15 3:25pm

buy a used whatever for around 13k in cash.

Jeremy

5/5/15 3:17pm

How much cash do you have? Once I got out of my first car loan I never wanted to

db59840

5/5/15 3:20pm

Why?

bluebloodedcoug

5/5/15 3:39pm

I like having more cash flow every month. I don't like paying interest. It also

db59840

5/5/15 3:42pm

RE: I like having more cash flow every month. I don't like paying interest. It

godawgs

5/5/15 4:01pm

I drive cars until they are dead. So I have a LONG time to save for my next car.

db59840

5/5/15 4:05pm

Some people don't like the emotional weight of debt

bluebloodedcoug

5/5/15 4:07pm

Do tell. Where are you getting an interest bearing account better than 2.7%?

wapiti

5/5/15 4:55pm

It depends.

Bert609

5/5/15 3:25pm

a lot.

BlueFrog

5/5/15 3:25pm

$$$$

5/5/15 3:33pm

I view it like this...

RedlandsCoug

5/5/15 3:25pm

What utility do you need to get from the car?

5/5/15 3:26pm

If I could justify a nice truck, I would.

CosmoK

5/5/15 3:35pm

Have you heard Dave Ramsey's take on this. I think it's actually good

Mayor of Cougartown

5/5/15 3:28pm

I feel like you can buy a reliable car for somewhere between

BoiseBlue

5/5/15 3:41pm

so true. some people are car people and that's how they want to spend their $$

Mayor of Cougartown

5/5/15 3:51pm

Some pretty big assumptions in that strategy

Jersey hunter

5/5/15 3:52pm

If you did the mutual fund in 2009 you'd be 2x richer.

wapiti

5/5/15 4:57pm

more like 3x

Superman21

5/5/15 6:46pm

I have a nice gently used 2013 Honda Fit Sport with 20k miles that you can buy.

PharmD

5/5/15 3:32pm

How much? Need a car for my college kids to drive

Jersey hunter

5/5/15 3:44pm

$53,400

kccougar

5/5/15 3:43pm

here's a way to buy cars without losing money on them

Jersey hunter

5/5/15 3:43pm

This sounds like black magic.

CosmoK

5/5/15 3:54pm

Great way for insurance companies to take your retirement.

Superman21

5/5/15 6:53pm

This honestly sounds like a terrible idea, IMO.

db59840

5/6/15 11:18am

How well do you know your financial situation/budget?

bluebloodedcoug

5/5/15 3:44pm

I pay only as much as I have cash for.

BearsandBulls

5/5/15 4:48pm

A good rule of thumb

Superman21

5/5/15 6:58pm

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