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      06-12-2013, 12:39 PM   #133
elistan
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Quote:
Originally Posted by elistan View Post
Depends on your situation, IMO.
I once bought a car myself at 50% of my salary. I had very few other expenses at the time. I didn't think about it too much.
My wife and I recently bought a car at 25% of our combined salaries. Plenty of other expenses, including house and retirement accounts. Took nearly a year to convince ourselves to go for it.
Hmm, I just noticed everybody is talking about monthly payments, not total purchase price. So in my scenarios above, the car that cost 50% of my salary was financed over four years - oh wait, I just remembered I also had a trade-in that served as a 40% down payment. Hmm, so about 7% of my monthly gross income went to paying for that car IIRC.

And the 25% car - about 5.5% of our combined gross monthly income goes to the car payment.

Sorry for the confusion.
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      06-12-2013, 10:35 PM   #134
amanda hor$t
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"it's just a car"
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