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How Much Car You Can ACTUALLY Afford (By Salary)

Graham Stephan 1 views

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This is stupid according to this video I shouldn’t even own a car yet I can afford my 400 car payment just fine?
Comment from : @NotGoodAtRaving

insurance to drive is theft We should revoke that law that only serves to be useful for the insurance company It was a law pushed by them as well
Comment from : @wanderingbufoon

After 5 years it’s worth half of what it was new? brbrClearly you’ve never gone shopping for a 4Runner
Comment from : @chrispewkreme

100 bucks for gas and insurance and maintenance? Yea maybe if I leave it in the driveway
Comment from : @johnscaduto9332

@5:00 I need six figures to drive a damn Carolla
Comment from : @fluxcap4630

How in the hell is the 10/10 rule possible? Using the 45k average American salary from the video… I can’t buy a $4500 car that’ll last me 10 years A $4500 car these days would have about 150k miles 10 years would be another 120k miles That’s just not plausible
Comment from : @elijahdaniels5542

In other words Stop wasting unnecessary money if you can't
Comment from : @juanagudelo409

Lol when I first started working I was making $56000 and bought a brand new $47000 car that I really like Was a happy poor man for a long time Still drive it 10 years later
Comment from : @lihaikun

I've heard MULTIPLE "Rules" from this channel alone lmao
Comment from : @Doug-rv3nr

I traded a car in and added $2k for a total of $6500 down for a $23k car My payment is $288 And I think that is a bit too high I can’t even fathom how people are ok with a $500-$700 payment I mean if you make enough cool But if you’re just a middle class schlub (like me) how are you existing right now?
Comment from : @nicksouthwell9393

you can live in a car, you cant race a house
Comment from : @rushingviper0714

What car comes for 8000 bucks
Comment from : @harshitgupta5807

car enthusiasts see them as more than a hunk of metal, but passion and hobby
Comment from : @Shallowdarkpit

avg commute 😂😂😂😂 8 miles my 36 month car loan will be paid off in 16-18 months avg 21 mpg
Comment from : @Shallowdarkpit

Meanwhile average car price is 45K lol
Comment from : @nighthawk2174

wait, dealerships, interest? Are you saying people actually aspire to buy a brand new car by paying for it over time, from people who hate them and mark it up, when it'll depreciate in 2 years? Do people actually do this? Insane!
Comment from : @seagie382

Here i am in paraguay, 4200usd per year 😂
Comment from : @aseretto015

Here I am, thinking if I can buy a 30k Mercedes making 200k/y, should I invest or buy a car that will give me some fun😢😢
Comment from : @diegodesouza9697

I’m a driving enthusiast, meaning I don’t just drive to get from point A to point B I drive for enjoyment, and to get from points A to point B while enjoying it Even so, I spend within your most conservative rule Lots of people assume driving is just utilitarian and a bad investment, but those same people often spend a lot of money on what entertains them I think it’s prudent to keep all your spending within your means and save for your children’s education/marriage and your retirement
Comment from : @swagonman

Dave Ramsey all the way Everyone always goes overboard at the dealership and a set budget with real pain (money leaves immediately) puts a break on this
Comment from : @timothygibney159

These numbers are absolutely hilarious 125k and u can only afford a 26k car is insane 😅
Comment from : @KeepingItFishy

I recommend watching Dave Ramsey This is tough as you should save up your cash and drive a beater in order to pay cash for you car so you are not paying interest on a depreciating one
Comment from : @Pure_Awesomeness225

Too many kids out there making decent money for their age and driving brand new 50k cars Stop! Drive a beater, invest all you can in real estate or stocks, your future self will thank you for it
Comment from : @Pachi4026

I made 35k on paper but actually made closer to 65k a year I bought a car for 36k that had 32k miles and was a couple years old 5 year loan My payments were 380 a month plus $200 insurance Not a big deal I own a house worth 400k plus I own a motorcycle which I was also making payments on plus insurance (5 year loan now paid off) I am also a single father with no help from the other half I was not struggling This guys advice is if you are trying to penny pinch I now own my car and plan on trading in my motorcycle to put towards a nice car for weekends Its not that difficult Do your OWN budget and figure out what you can afford without sacrificing the things you need Ignore this guy Just manage your money Its basic mathbrbrAnother thing people DONT consider is how much time they ACTUALLY spend in their car Commuting to work, running errands, road trips etc Buy something youre going to enjoy and youre comfortable in
Comment from : @STIPanda

With the average car being 40k we'd all have to be millionaires
Comment from : @HaydenArter

Hmmm pay 500k for an at most 120k house or buy a 120k corvettehmm
Comment from : @reggienotorious6824

What kind of car do I get if I make 30K? Am I consigned to taking Ubers?
Comment from : @christopherherman3798

Been driving my 2047 McLaren for 12 years now Why buy a new vehicle when your future vehicle is still running great
Comment from : @mytexaslife3584

very good and informative video
Comment from : @fabianvalladares2518

So, if I make 50-60k I can afford a 10-16k car??
Comment from : @apollofang6167

The problem with all this is the used car market is so inflated and RISKY that your repairs can easily out weigh the amount you would pay for a new car you maintain
Comment from : @Juiceb0xable

So, if you make $100k a yearthey don’t make a car cheap enough to buy anymoregot it😊
Comment from : @chuckatley1464

Trucks are twice as expensive
Comment from : @freddyw4555

Just a quick question Would it be smart to put down 10k on a 30k car if I make 30k a year? It might seem dumb but I need a reasonable response
Comment from : @apexpredatorXx

After college i needed a daily, got lucky and found a car that sat in an old ladys garage for years Due to health complications it was barely used, gave her $5k cash Get gas once a week, $20 to fill it In 6 years of ownership other than oil changes and tires the only thing ive had to replace is the gas cap That continues to save me so much $ that i was able to pay off all of my student loan debt in 5 years instead of 12 and i celebrated by buying a fun car So its absolutey worth having a boring cheap daily to be able to afford a fun car
Comment from : @themilkynipple2801

My line of work makes me drive to many locations in 1 given day I also carry a lot of things with me I either need a truck or a large suv and this guys telling me I need to make $200k a year to afford a brand new one If I crunch my own numbers with my expenses and what not I could comfortably afford it rn even tho I don’t make 200k Considering the used market as well you can’t even get a decent used car for 8k rn…these are almost impossible guidelines for your average American to follow Tht $8k car is gonna end up costing you more in repairs probably
Comment from : @lildos9355

1200 in rent was laughable Lowest I seen in my area is about 1600 for a studio
Comment from : @ginobrooks610

I make enough to get a really nice, expensive car However, I am too anxious to get something "really nice" that actually turns out to be horrible Would rather opt for the cheaper cars with more miles In a way they are more reliable as they are road tested Also, it seems the older cars in general are more reliable On top of that, if it does break down, or is a horrible car, it's not that big of a deal
Comment from : @BJ37

I live in Miami I would say 80 of people living here are spending about 60 of their income on their car it's ridiculous People making $50,000 a year with $80,000 car wondering why they're in so much debt
Comment from : @kylethompson2276

don’t forget to factor in inusrance cost in the 20-30-8 rule
Comment from : @immortal4942

5:12 “The Money Guy” channel hosts are Financial Advisers (Abound Wealth) that are paid a 125 of assets under management Buying a car is an asset they can’t make money on They want all your wealth in investments they can skim off of
Comment from : @BiggMo

0:02 “what’s up Graham, it’s guys here…” Did he get his mix worded up?
Comment from : @BiggMo

Never heard anything as stupid as this video According to him only billionaires can afford a 3 series BMW and god forbid that you need two cars Impossible getting even 2 used Kia unless you have minimum 250k dollars salary!😂
Comment from : @ravenguard1495

I’m all for being frugal but your 20/3/8 rule is really unrealistic and virtually no one does this
Comment from : @jagpilotohio

Buying expensive new cars, when you’re a member of the working class, is an extremely stupid thing to do
Comment from : @ShawnKepner_YouTube

I am making 220k gross and thinking of getting a 40k model y tesla and this video helped me understand more the right financing thank you! i want to save money so bad but i also want a hot car! haha
Comment from : @aspenkyler4369

cars are sold the same price here in italybrbrLow end cars cost 20k euros minimum the average yearly salary after taxes is 13k if you're lucky i cannot calculte pretax as it isnt really normal to keep track of that here but like i think its around 33k? average stillbrbrthis means 220 euros on transportation? and again, this is pretax, with tax its like 1/3 of that
Comment from : @_schylag_137

Also dodge chargers or challengers with a v8 hemi
Comment from : @iSpitboxer

This all needs to be updated maybe for todays times Although I would argue (with myself) that used cars haven't moved much and are back to normal since pandemic It's the new cars that have gotten out of control
Comment from : @E3KGaming

anyone with car knowledge knows his Tesla was not worth more in 2023 than in 2019 it wasnt that many rebates in the world but yall keep believing this
Comment from : @AugustusMcMillan

My last two cars were at 0 and 299 That averages out to 15 I’ll take it Hold out for a good rate If your credit is good they’ll figure out a way to get it for you
Comment from : @sschwen8050

8000 dollar car will be getting fixed 4 x a year or more
Comment from : @laurad324

And in Ma u have excise tax
Comment from : @laurad324

Ours is 387 No way in hell I’m paying 800 a month for one car
Comment from : @laurad324

USA: you can't afford a carbrAlso USA: you can't afford not having a carbrbrThe choice has been taken from you by car companies decades ago, when they destroyed all other means of transportation countrywide and made your suburbs car-centric only It's gonna be hard to come back from that even if you wanted to
Comment from : @ringsaphire

Buy reliable safe car, buy used, cpo if possible Buy national not local, shipping is cheap In other words, a porsche cayenne cpo in Texas shipping to Florida is cheaper than the same car buying local in Florida Just an example
Comment from : @lopezvip

A car is not an asset, it's a liability
Comment from : @233kosta

And what's the rule of thumb for paying cash?
Comment from : @233kosta

No one seems to be mentioning safety Yeah you can buy a cheap 20 year old clapper with cash but if youre in a serious collision: You're Fucked!
Comment from : @Fernando-yx5li

This is a hard pill to swallow as someone who makes about 50K a year but wants a mustang lol just gotta get my money up , understood!
Comment from : @Lurkartiist

The problem is that loans are based on gross income, not net Being older now, you never want a loan based on your gross income, especially if you dont make much You can get into trouble real quick
Comment from : @jamesj7750

170 usd a month for insurance is criminal
Comment from : @alexadelaide

I worked in a car dealer I'm being 86 month terms appearing on used cars brCrazy
Comment from : @SenseiLlama

Is this the American Shmee?
Comment from : @bellluna9017

You look like Tom Cruise
Comment from : @N8R_Quizzie

Excellent car guy math at the end there I had a 2010 Boxster that cost me next to nothing outside of maintenance and insurance
Comment from : @dcskater180

My 2018 truck is paid off and I’m driving it until it pays not to
Comment from : @JS-nd1po

Lol yeah its the voters who dont mind oayung more for things lol the countries supposed to act like it’s broken all the time you blame the easy jobs they get paid a lot of money that totally jacked the whole system
Comment from : @sevenRyeh

Lol yeah its the voters who dont mind paying more for things lol the countries supposed to act like it’s broken all the time
Comment from : @sevenRyeh

I’m 39 lived smart Bought my first house in 2008 at 23 Had my second house built 4yrs ago in the country I fish out back brI haven’t had a car payment in 16yrs I buy old crap vehicles (Suzuki Grand Vitara) Except my 2012 Camaro 2SSRS I paid 43k for cash brand new Still have it with 53k miles I’m a nuclear chemical tech brbrLooking back I’ll say this… I wish I had more fun with my friends when I was younger Now we’re all grown up I have a credit score of 800 and couldn’t care less I would have traded it all to have experienced all of what life had to offer I go to work Go home with a burrito to my girlfriend and scroll YouTube Occasionally I’ll get some more tattoos and pew pews It wasn’t worth it Go play! Have fun! Make mistakes About to turn 40 and I’m bored out of my damn mind 😢
Comment from : @tysentheking

lol me and my just purchased 72 month car loan
Comment from : @Ldysith84

I like ramseys rule
Comment from : @mrgobbleton

So what you're saying is you need to make a million dollars a year to buy one $80K to $100K car😂
Comment from : @LastManStanding777

This video just kept me from buying a Lexus GX550 in cash for $77k
Comment from : @tonyflags8968

I bought a 2003 e39 M5 back in 2019 for 20k I still have it and it’s apparently worth a lot more now 😅
Comment from : @Latinblood59

So your advice is--don't spend money
Comment from : @John-q5p9m

Great advice Just would be nicer to hear it from someone who represents more of the average American salary wise
Comment from : @Notsure92

Dave Ramsey method: don't buy anything until you're a multimillionaire Also get lucky like Dave Ramsey to become said multimillionaire 😂
Comment from : @amac5625

I'll NEVER be able to own the supercar I've had as my desktop wallpaper my entire life at this rate
Comment from : @dannymartial7997

"The monthly cost of car ownership is very distracting toward other more rewarding opportunities" brbrFact checking this claimbrbrCorrection: There exists no opportunity more rewarding
Comment from : @Ghost-Neo

$800 a month? That’s insane I bought a new Mercedes and I only pay $650 29 rate and $9k down
Comment from : @sschwen8050

And here I am buying my 30k truck while i make 50k 😂 but I say f**k it when the house is paid off
Comment from : @gnick66

The only Lamborghini owner I know has $0 income All he need to do to get the supercar is to make a phone call to his dad
Comment from : @FatSn8ke

I don't understand why most of this video is giving unrealistic car advice, given by ultra high net worth individuals who I guarantee you did not even follow their own advice when they themselves were poor
Comment from : @TravelsoftheCat

Given the top 30 of wage earners break the 6 figure mark, and the median single income in the US is $60K, it is interesting that the non-luxury automakers a making trucks and SUVs pushing the 80-100K mark By these standards those companies should be out of business because no one can afford a 2K-3K car payment for a Ford Expedition or GMC Yukon Heck, an Odyssey was almost 60K factory invoice when we were looking last year True insanity, yet they are all over the road
Comment from : @raymondaltinzi3152