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So what percentage of your income is spent on car payments?
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04-06-2017, 03:04 PM | #2 |
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< 8% gross for three cars not including insurance. One car paid off, the other financed, the F80 leased. All claimed as a tax deduction under my corporation. I pay double on my financed car to pay it off faster.
Edit: added some details on lease vs financed
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04-06-2017, 03:05 PM | #3 |
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3% of gross.
Loan. 6 year term (5 remaining). Should probably clarify if that's towards a lease or a loan, no? Terms might help too if you're trying to make comparisons.
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04-06-2017, 03:08 PM | #5 |
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04-06-2017, 03:09 PM | #6 |
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I shoot for 5-7% of gross for 2 cars (mine and my wife). Self-employed so sometimes I am over or under. Her car is paid off so that helps.
Edit: 5-7% is before tax deduction I take for business use of M4, which is leased.
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04-06-2017, 03:12 PM | #7 |
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10% right now
However, my insurance rates are insane = / thats another 6% right there lol |
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04-06-2017, 03:15 PM | #8 |
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04-06-2017, 03:26 PM | #9 | |
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Quote:
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04-06-2017, 03:36 PM | #11 |
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Ideally you want to calculate total cost over the life of the loan vs your gross income over that same time. Depends what the OP is looking to gleam for this information I guess.
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04-06-2017, 03:45 PM | #12 |
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0% - both my cars are paid for.
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04-06-2017, 03:58 PM | #13 |
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Exactly why this doesn't work unless you ask it differently. What % of your gross income do you spend on car costs over the time of ownership. So paying off 2 80k cars that you own for say 5 years and then sell for $40k each means you spent 80k over 5 years. That divided by your gross should. E what everyone calculates.
My cars are typically about 3-4% of gross taken that way. |
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04-06-2017, 04:04 PM | #16 |
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Haha guess I should be more specific. I'm more interested in people leasing. Excluding the initial MSDs and "reasonable" down payment, what is the percentage of your post-tax (take home) income is your monthly payment including tax. Exclude insurance and gas expenses. Thanks.
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04-06-2017, 04:05 PM | #17 |
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I pay cash, so not relevant. I do spend too much money on vehicles though...
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04-06-2017, 04:07 PM | #18 |
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Lol your not a real car guy unless a significant amount is spent on cars doesn't matter if it's a month or year
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04-06-2017, 04:12 PM | #19 |
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stupid thread
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04-06-2017, 04:16 PM | #20 |
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Assuming 0% down and a 80k MSRP M4, you make 460K a year if a 1150 dollar payment is 3% of your gross income. Why are you driving a M4? And better yet why are you making payments for 72 months on it? WTF?
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