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ACCOUNTANT EXPLAINS: How much car can you REALLY afford (By Salary)

Nischa 622 views

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Everything sounds better in British So tired of mumbling idiots here in America 😂
Comment from : @FanaticDrummer

Not having a car payment is a completely different life Everyone should try it
Comment from : @lorinhardy8920

One needs to have a car Not owning one is not an option!
Comment from : @herbtube7824

is this based off of 1 years income ie if i am on 50k i shouldnt buy anything more than 17500 or can the cost of ownership be based off 2 or 3 years
Comment from : @SparkyStew98

I still use my 2008 Kia Pro Ceedand it just passed it's MOT again!
Comment from : @slinkydonkey

This lady would have Jeff bezos back in a Honda
Comment from : @Stillbusy105

$5000 buys a killer early 2000s car Simple to repair, few flashy electronics that could break, already fully depreciated, and usually the biggest repairs will have already been done
Comment from : @rahtsnake144

25 frugal???
Comment from : @richgl31

I guess nothing here for 25k earners😢
Comment from : @istriver

35lak
Comment from : @flashback0180

I need a car to practice how am I gonna learn ?
Comment from : @Riverbambi

Hi
Comment from : @annisaurangzeb8567

I’m well aware my car kills my wealth I don’t care, I will kill my wealth to get the car of my dreams I will sacrifice other things in my life to get the car that makes me smile
Comment from : @H2OFlymamaluigi

Well thanks for reassuring me that I'm not a complete dumbass
Comment from : @logTopic

If you spend more than 10 of your salary on car repayments you are already over extending yourself Car insurance, fuel and maintenance drive up your annual transport costs to 25 of your salary Buy a Honda CB500X motorbike and be happy, get a rain suit when it rains
Comment from : @cjtannerza

look honestly i dont think fintech influencer can or deserve credit to do any purchasing decision, especially product like automobilethe reason is simple: you people see things from only one angle, which is not essentially the case, especially when you buy a carif i go by a fintech influencer's advice, i wouldnt able to purchase any luxury or semi-luxury thing in my life time a car is not just a product, but an aspiration, for many it is a necessary, and for some, it is one of life's goal There are in fact majority of people (who are not millionaire) living in this planet who do not follow fintech influencer theoretical rules, and bought C segment cars, and lived without too much worry
Comment from : @shubhajitchakraborty668

Yes this info is great - but what Microphone did you use to record this? The audio is immaculate
Comment from : @aaliyahlunan876

Let’s not forget it’s all front loaded so before you’ve even paid of ANY of the car itself you’ve got to plough through that in the first place
Comment from : @benjyholmes1

Again, I don’t understand why we are taking the gross not the net income? I know the rules are different in a different countries, but for example here in Germany you just don’t see your gross income You only get paid after tax was deducted from a salary And maybe by the end of a year you’re lucky enough to get back around 20 from all the tax you’d paid brbrSo if someone can get it explained to me, that’d be great
Comment from : @KelevraWhite

Another Finfluencer!
Comment from : @carlwallstrom7045

Only fools pay a lot for a depreciating asset My wife and I each earn $110,000 / year and drive old cars My 2005 Camry still runs20 years & counting She just bought used 2020 RDX - all cash Toronto, Canada
Comment from : @marcelpatel9017

My vehicle purchase price was 6 of my annual income It's a 2008 Honda in excellent condition that I paid cash for and I love it
Comment from : @MikeyAnalog

What is your view on leasing? PCH
Comment from : @LB-W

Thank you Nischa 😊
Comment from : @LB-W

average car is $49k Nobody can afford them right now
Comment from : @nantan9453

Honestly how much you spend on a car is a personal decision Be sensible and do also what keeps you happy Life has to be a mix of savings and splurging Time is the true currency, you cannot enjoy your money after 65 years of age Enjoy your money without going broke but enjoy, you never know when your time is done
Comment from : @siddheshshivraj3534

Why anyone would borrow money for purchasing non-essential stuff goes beyond my comprehension
Comment from : @ColdSplash

5:08 You dont need 25 000$ for a used beater car Found several Toyota Corolla withing 50 miles of London for under 4500£ And you can get even cheaper cars than that
Comment from : @Cr3at1vem1nd

Even if I half these figures and make it £s You'd never find me spending £5k on a car Such a waste of money
Comment from : @fredperry3063

I make 100k a year, and i bought a 75 k vehicle I would not spend 25 of my yearly salary on an asset like a car
Comment from : @Aloalo10001

Wise advice! Putting your ego aside and getting a cheap car is definitely the way to go You're paying with your future when you take a car payment Too many people can't really afford the cars they drive
Comment from : @Will-xo1xg

Thanks for the great analysis however your view not having a car doesn't really help whoever is looking into this as always not having a car will be cheaper, if you have had one in the past it would be great to hear how went about calculating your ability to afford it
Comment from : @roskataqv

interesting vid but are these calculations based on gross salary or net salary?
Comment from : @JamsLinks

Great video! Just a comment - With the £5K car what isn't being considered is that its a gamble There could be major out of warranty expenses with that car Its a risky move
Comment from : @abhijeetvaidya2732

Any time I watch a video about how much car I can afford I am shocked because the numbers always point to me being able to afford like eight times more expensive than I have right nowbrI make 40k and my two cars combined are sub 3k
Comment from : @seriesexplained8009

Taking on a loan to get a new car is such an alien concept to me as a European It sounds incredibly irresponsible A car is not something you get a loan for The only justified loan is for a house brOver here most people simply buy an occasion or new car if they have wealth We rarely take on a loan for a car
Comment from : @Natogoon

The downside of the delayed gratification method is inflation The car you could have bought for £25k four years ago now costs £30-35k I look for PCPs at 0 interest with deposit contributions as this can result in significant savings
Comment from : @Liverpool1ne

I really appreciate that you factored in “car people” as an option Very cool as most do not and just tsk tsk us petrolheads
Comment from : @Transporter33

I drive a 17 year old Mercedes that's reliable and paid off Any issues are DIY with various owners' forums to help Did I mention it commands a strong presence?
Comment from : @tungstencarbide7255

Currently driving a 12 year old passat I bought for cash when it was 5 years old I bought it with 90k miles on it and have now done 165k Sure it now has a few scuffs and scrapes but I will probably drive it until it dies 😊
Comment from : @robertthompson0

I have to have Mercedes cars and no less
Comment from : @joshlovingoutdoors4455

Never buy what you can’t afford I always think Leasing and loaning hold you back in life Any debt is less security and stops you actually getting wealthy Buy a car you can afford in cash
Comment from : @jamesbull9879

Bought my first car cash after i worked two years from home as a software developer (Toyota yaris 18) Now i drive it till it dies
Comment from : @mw3iSyD

Shee is sooooo cutee
Comment from : @IsmailAkhtar-kd7hk

A lot of people can't afford the car they drive!
Comment from : @williambreeze2659

If you cant afford it in cash don't buy it I live by that principle on everythingbrThe only credit I take out is just to boost my credit score WIth the money I have already
Comment from : @ivandemko3360

As a car guy, I really appreciate you being mindful of people's differing priorities So many videos/articles just expect everyone to drive a 20 year old car and be happy
Comment from : @alexjackson4077

Depends on your personal preferences In my opinion the rules in this video promote overspending and are way too lavish Taking out a loan on an object that depreciates in value so much makes no financial sense But sure, if your car is the center of your life and you still are able to safe for retirement and potential real estate, knock yourself out
Comment from : @megustamadrid

This does not make sense in CroatiabrPay is so low that by this logic everyone would still be driving golf 2
Comment from : @alilone5785

Having kids and getting married is a much more significant wealth killer and much more difficult to ever recover from A car is something you'll enjoy and will cost much less than marriage and children and more enjoyable and forgiving and appreciative
Comment from : @Eric-rs1zu

Another important point when buying a new car is depreciation I wonder how depreciation between electric and fuel cars compares?
Comment from : @DonataB2

the best car to choose:br-usedbr-complete maintenance historybr-Toyota
Comment from : @steffen7624

I have always bought high quality secondhand and kept cars for a long time, having saved up the cash beforehand I still kept various other savings untouched I have ensured the cars are very well maintained, particularly getting oil changes frequently and keeping very good tyres Beware of car brands which are unreliable or are not well enough built to last another decade or more
Comment from : @Tomm9y

Kids in their 20s buying six figure cars and not even breaking a six figure salary lol
Comment from :

Ha! I'm not spend 17k on a car - I'd end up skint - plenty of decent cars under 10k if you've ever paid any interest to cars And if you don't know just go and ask a local mechanic - they'll buy a car for you service it do the MOT put a warranty on it This advice is clueless
Comment from : @smallfarmproductions

Problem is I like cars, preferably the ones that go vroooom 😂
Comment from : @bartzed4305

shes so pretty
Comment from : @looneyyang1326

Literally no one in the west on 100k a year is driving a new 25k car They're driving 70k cars
Comment from : @romerosneck

Gorgeous?
Comment from : @Tsukuyomi8

My issue with all these finance youtubers A car is only ever "get point A to point B" transportation They never talk about why a good car with better safety and joy you may get from the car can actually help boost your life Not to mention some cars are actually investments I sold my tacoma which I bought brand new for more money than I bought it for
Comment from : @outlawedmedia4336

Pretty sure if you make 100,000$ a year you can buy what ever car you want regardless of price
Comment from : @EP-pg3xs

Just finance a car that's withing your budget if you can't pay cashit's as simple as that
Comment from : @79boricuarage

Nice looking 🎉
Comment from : @lovedhaka6939

Great video Do you have a video calculating how you compared not owning a car and spending on Ubers, rentals, etc, vs owning? I don’t own a car but whenever I do need a car it’s always a reminder that I need to get this part of my life in order, so it’s always a priority in the moment I find that in most situations, getting an Uber is fine However when I do need a rental for 1 or more days, the per day amount is so outrageous that it reminds me I have to get my own car Any tips for these kinds of situations?
Comment from : @audikool

I got an audi RS3 paid in cash I have two paid homes paid off and don’t want any more debt to get more investments Meaning I’m happy I earn 180k a year so I should have spent only 50k on my car? It was 100k I over paid? But I love my car, I hand wash it, let it rip, cruise in it, takes me places, taken it tin wine tours, once beach, along the beach Why is everyone so frugal?
Comment from : @craig3949

60000year income, bring 5000 a month, after tax is 3500 month, a car 25000 plus tax is about 30000, 20 downpayment is 6000, monthly payment is over 600 and more, plus insurance and gas, monthly payment for car is over 1000 monthly, you end up costing you way mother 30 of monthly income for a car That means you shouldn't own a car over 25000 price tag, your 60k salary just allows you buy a 20k used car
Comment from : @jimwuhan5336

In my country the incomes are so low and the cars are so expensive it's kinda hard to adjust to this For example I have an income of $22 300 per year, which is decent here But for example a Toyota Rav4 2014 costs around $20 000 and a 2002 model cost $10 000 Any particular suggestion?
Comment from : @tandord491

2 flaws with this: 1) Good luck getting a used car for £5k or less 2) “Foregoing a car” is not an option for anyone who needs a car to get to/from work
Comment from : @euan_3395

Should also mention cost to own A 20k BMW and 20k Toyota will have very different running cost
Comment from : @Dhoyos7

Whilst buying an older car can save you on the interest (if you can pay it in full), you may end up spending as much over four years on maintenance If you opt for buying a cheaper car outright, be sure to keep around £15k in a kitty for carmergencies
Comment from : @JoshComley

Cars are very well built these days so much so they last 250k miles, if regular oil changes are done Most cars depreciate in first few years so it’s always best to buy a gently used car from a car dealer ( who ensured that it’s not a lemon) -with still warranty left on that - for 10s of thousands of dollars compared to MSRP Always buy with cash to avoid interest During negotiations you act as if you are going on loan - and in the end just pay cash I buy cars that are a year old , less than 10k miles on that from dealer with cash
Comment from : @vyseerx

I own a ferrari 458 speciale brbrbrI work in McDonald's
Comment from : @daveseemerollin6357

What about someone who lowes cars, and buying car to have fun with it😊 no matter the cost
Comment from : @zenonek79

Dang, those large truck owners must be raking in the bucks
Comment from : @kilroy987

Saving 5 years for a car you can just aswell pay the interest Over five year price goes up more than interest on loan At least here in South Africa
Comment from : @AndreasMeyer-bx8pb

In Portugal the minimal anual pre tax wage is 10660€, so I estimate the for such situation the proper car costs 1,3320€ (1,49055 USD)
Comment from : @ricardopinapt

Car loans equal debt You need to consider all your debts before buying a car Best way is to save up and buy it for cash Avoid new unless you are wealthy
Comment from : @carguyuk7525

I saved for a new car, it took me 12 years but I put the savings in my offset account on my mortgage which reduced interest
Comment from : @kenbrand2123

My approach is… only pay for a car by cash, no finance So I mostly have had cheap cars, but my priority has been saving into pension and owning house out right… just about to retire… 62, and driving XC60 T8 PHEV…
Comment from : @idiocratease

I bought my current car for £3800 cash ten years ago with 50000 on the clock Toyota Corolla 16 auto and it's still running well , no warning lights and everything works It's now twenty years old and has some rust issues but think its depriciated as much as it can, it was top of the range when new so why change it My garage that services it thinks it's not worth it but my logic is if it keeps me on the road it's way cheaper than buying a new seconhad car which will devalue over time It's up to 95000 miles now I think I'll just run it untill something major goes wrong Skotty kilmer rates them and experience has told me hes right
Comment from : @maxoggle11

Far out ok so the big takeaway here is to have a deposit to put down and that saves me money…brbrGeeee thanks… now sling me 5 racks so I can capitalise The real hard part is saving the 5k
Comment from : @stevieTee_21

I took a slightly different approach, my income is 1:1 on my main car :O br(note, I do not recommend this risk for most)
Comment from : @CoderMan

Insurance is 2k per year for young drivers in the uk Plus 1k on fuel you are already looking at 10 of your salary That leaves no room for car depreciation and maintenance
Comment from : @spidermain