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How Much Car Can You Really Afford? (By Salary)

Humphrey Yang 2 views

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This answered all my questions thank you ❤
Comment from : @ebb1992

If I can't buy it in cash I won't buy itbr Simple as that
Comment from : @disadadi8958

The thing about buying used is that if you don't buy from someone you know well, you are taking a huge gamble I have gotten screwed over twice now, and I am thinking about buying a new base model rav4 just to drive it for 20 years and save money in the long run
Comment from : @BJ37

None of this applies in canada
Comment from : @gsin311

Would you say saving for 30k cash down payment for a 44kish Mercedes glc amg worth it? With this rule?? My hoal is to save 30k within the next three years
Comment from : @hansmpicazo2550

this is for american standards In my country based on my income and car prices, I couldn't even afford a car with your standards I could get a cheap car, but I'd fail in maintenance category with every car
Comment from : @angrygamer8925

you cant buy anything decent for 14k xD
Comment from : @AwKeyPooh

Buy a brand new hybrid camry, 53 mpg and should last 400k miles You will be retired before you have to go car shopping again
Comment from : @outlawblack123

01:40 Ha! Driven Geared
Comment from : @LazzarrusLong

I didn’t know it went this bad tbh I financed new 2021 rav 4 hybrid 511$ per month with 19 interest rate from Toyota in 2021 I thought my car not was crazy I’m lowkey thankful now I only owe 14k now and the car is still 50k miles
Comment from : @Ethioboy98

I WANT TO SCREAM THIS AT RBE TOP OF MY LUNGS EVEN IF THEY SAY THAT YOU ARE PRE-APPROVED, DOESN'T MEAN YOU CAN AFFORD THE MONTHLY PAYMENTS THERE JUST TRYING TO SELL THE CAR AND THEY DONT GIVE A SHIT IF YOU CANT AFFORD IT IN TBE LONG RUN DONT BE THE PERSON WHOSE UPSIDE DOWN ON A LOAN! SOMEONE DRIVING A BMW OR HAVE A 2 STORY HOUSE, BUT CAN BARELY FEED THEMSELVES
Comment from : @kt7507

If you are not able to buy it cash you should not buy it Whether or not your willing to cash out your investment or contracting a loan is up to you
Comment from : @antonintissot

At these prices, EVERYONE should only buy used Squeeze the car companies and force them to lower prices by not buying their cars They charge this much because they get away with it You don't have to get ripped off You have choices
Comment from : @steveswm7742

Dave Ramsey says no more than 50 of your yearly gross pay
Comment from : @brandonyoung7760

I have a toyota corolla since 2007 want a new car deciding should I get a BMW 4 series or Toyota Camry hybrid always wanted a BMW since I was a kid but my asian brain is telling me to get Camry for 50 mpg Iol
Comment from : @the_fitdoctor

Financing if you have the money to buy the car out is dumb No wonder so many Americans are in debt Car debt isn’t good debt bub
Comment from : @themtgdude486

I make over 100k and never will buy or want to buy a new car I’m happily driving Honda fit around as a daily Wife has an xB and tsx wagon for longer trips but all are paid off and maintained at home Never taken them to dealership for maintenance brbrI use to think 300/month was a lot Can’t imagine $1k/mo is just plain insane
Comment from : @lltysonll

this is a fantastic video
Comment from : @automar8497

Lived at home for 3 years after graduation Worked Saved every penny Bought a good, reliable car in full cash No car payments Will have a car for 15 years and only have to pay for insurance, maintenance, and gas :)
Comment from : @dzed5579

really depends on if you have kids or not If you have 2 kids, even earning 150k, the max you can afford is a Toyota Camry😅
Comment from : @BrickHeadBro

1:25 Remember this should be your after tax income not before
Comment from : @SK-HD

6:00 another factor is that the bmw maintenance is easily twice that of the honda civic, so while you can afford the payment, you probably cant afford the maintenance
Comment from : @kevinpedersen5290

I just bought my car cash A 2016 audi S7 No financial ties to it (And I bought it in 2020)
Comment from : @kevinpedersen5290

i feel like shit after watching this
Comment from : @fuzer25

Buy that car you want Life is short Plus I need a car, and I need you to pay for new so I can get it used Also, making 80k a year to buy a 28k dollar car is hilarious bc they don't make 28k cars anymore Even a hyundai is going for 50k Lmao
Comment from : @MrKinghuman

this is crazy because according to the 20 4 10 rule including insurance you need to make around 180k CAD in canada to own a base model new Rav 4, either we need higher wages or something needs to happen to reduce cost of cars, $1000 monthly payments seem "reasonable" in 4 year payments
Comment from : @vishaldaboss5063

I got a car (3 years ago) with a 30k loan that I pay monthly with a 4 digits amount of payment (roughly 30 of my income) I calculated very carefully and it went great I always had a lot of money on the month left The only reason I got a loan for that car was the earlier I get the car the cheaper it is Point is the cars prices rose over the year That’s why I got a loan to buy it at that time (3 years ago) instead of saving up And I was right for it The same car now goes for around 15k more than what I paid Btw it wasn’t a daily driver It’s my „fun“ car and it’s a rare model I would never finance a daily driver Nothing beats a old Toyota Just save up while driving a beater is the best thing Normal car depreciate so it’s not clever to take out a loan
Comment from : @xhearthfirex6571

The responsible thing is to only finance used cars
Comment from : @IReapZz95

I make 150k and drive a 20k truck lol I can't imagine buying a vehicle over 30k, too expensive
Comment from : @shaynebrown131

most people shouldn't be buying new cars not trying to hurt feelings, its just the truth I ran a $1500 beater for years so I could pay cash for new
Comment from : @dirtbeard108

I have no car payment and likely won’t for some time My wife needs a new car When looking at the starting budget for car shopping Should we consider 35 of our combined income since there will only be one car payment, or should we consider 35 of our combined income/2?
Comment from : @bradfordo100

now jsut make pouns with investing jargon
Comment from : @davidlan5698

This is weird, I make 150k plus but I will never pay for a 1300$ car payment, that’s just too much 600$ is max 200 down 48 to 60 months at 600$ If it means driving an older car so be it, it’s a deprecating asset
Comment from : @harisjaved1379

15 of famliy income, always pay cash Never buy new car
Comment from : @Wei-outdoor

I have been driving my honda 2010 for almost 15 years now Mi wife drives a 2014 honda we finally decide to buy a Suv and god they are expensive but we are going to buy a Volvo 2022 cash
Comment from : @gustavoalvarez9676

As someone passionate about investments, I often contemplate the strategies and paths that enable top-tier investors to amass wealth in the millions While I possess a substantial initial capital, I am uncertain about the specific tactics or avenues that would facilitate achieving gains exceeding $400k, similar to those achieved by several others this season
Comment from : @SophiaBrittany-jn8xt

I buy all my cars in cash and used Ive never spent more that $8k for a car
Comment from : @stanja28

I can throw your entire argument for a used car out the window Warranty My used car that was a reasonable price? Cost me over 7k in out of pocket repairs on top of the loan Ended up paying more on that car than a new one due to repair cost Buy a car with a 10 year/100,000 mile warranty, and you have all that time for no reactive maintenance/repairs brbrWith that comes a peace of mind that even if my car is causing problems, I hand it to the dealer, they fix it, hand me a loaner, and I'm not out of work Used car? Several thousand dollar repair bill, car rental is out of pocket (or paid for by insurance if I have it in my policy) Plus 3 year old cars are most likely off a lease, which means the vehicle very likely was neglected and abused, causing more headaches and money loss
Comment from : @james2042

Okay so… I want a car that’s 38,000…I make 53,000/yr…I put 29,000 down and that leave me with a car that will actually cost me $11,000 leftbrbrAlso I already own a fully paid off car and have no debt Credit score is 714
Comment from : @The1707regina

I’m doing well for myself and more than 300 makes me cringe I walked when the guy said “best I can do is 347 and the vehicle stays at msrp”
Comment from : @TimeIsMine93

Wow my payscale puts me right at the exact amount I didn’t want to go over
Comment from : @laurad324

Lessing not option when u drive 24k a year
Comment from : @laurad324

Well they are about to be way more normal and many won’t be able to buy cars at all
Comment from : @laurad324

In my household we make over 200K a year: I drive a 2014 VW Passat while my SO a 2015 VW Polo, we bought both as used cars when they had about 40K km, now both with over 200K Km on them and with no intention to change them till upkeep costs increase On the other hand I see people in my company that make about 40K and drive an RS4: needless to say, they are car-poor
Comment from : @yoshyoka

20 ruleor 35 is stupid That means 99 shouldn't own a car above 50k These days you get a VW Golf for 50k
Comment from : @KB24_G

For some people Cars are their primary form of status symbol They cannot afford nice house to show off, but they can “afford” a nice car No car is worth financial hardship
Comment from : @MrLathor

🚘👈💏💏💏
Comment from : @HasanRifino

My brother bought a $85k 3500 monster truck with a 8 loan and only makes $100k He loves to blame his woes on Biden
Comment from : @ronmac1832

How many cars that cost 10 of my income can I buy?
Comment from : @aacarpenter754

Every I want to buy a new car I come here
Comment from : @kabooks3229

Must be nice to make $40k a year
Comment from : @danielgovender5263

I know someone who makes over 200k and drives 2016 crv
Comment from : @LazyGrayF0x

I’m on £40k a year, bought a 2010 Volvo about 2 years ago for £4k cash, best car I’ve ever owned, hoping to keep it for another 2 to 5 years
Comment from : @bartzed4305

I know someone with a 1200 a month car payment Is it that isn't bad It is a brand new Hyundai which means that eventually the warranty will be up these payments will continue along with enormous car repair bills! At the very least pick a very reliable vehicle if you have to pay that much I wouldn't think twice about a used vehicle if I would have to pay that much for a new vehicle!
Comment from : @galaxiedance3135

Can you do a video explaining the idea of investing that lump some? I’ve heard this talked about a ton but I’ve never seen anyone ever layout how it could actually be done I have so many questions like are you using the returns/gains from the index funds to make the car payments, reimbursing yourself annually? You would still have to come up with a car payment if you weren’t making withdrawals monthly and wouldn’t there be tax implications?
Comment from : @snuffles7314

holy shit avg 69 months is crazy in my country the highest reasonable is 48 mtns
Comment from : @feenex8612

As a medical doctor in Poland you earn 15k$ a year so i should buy 3k$ car? It’s trash
Comment from : @MrCadrigar

In Finland the main problem is the road and pollution tax, which is around 600-1000euros depending the electric -petrol type of car, also the insurance is insane, for second hand cars you usually have to pay around 1000euro anually for it So at the end someone might just just consider a newer and better car since even with a 200 euro car you have to pay the same or more for the tax and insurance and dont get me started with the maintenance costs brAlso in finland gross is around 50-60 thousand euros that with considering around 40percent will go off for tax, health insurance and etc
Comment from : @mohammedrezanakhkash4313

777
Comment from : @SonnyfromtheH

Back in 1971 I bought and ran a 1948 Mk6 Bentley on the Salary of an RAF Corporal I'm not joking Depreciation and maintenance about zero Cheap classic insurance and so simple I can maintain it myself Just remember that once a week you have to wind the clock
Comment from : @JamesWilliamson-w8y

The rule in my country is that you shouldn't buy a car that costs more than one year's salary! Cars are expensive here and the currency is weak I earn a very middle class income but there isn't even a single new car on the market here that would fit the 35 rule I'd have to go for a used bottom tier car that is maybe like 6-7 years old to fit into that budget Needless to say, car loan periods here tend to be much longer--someone mid career like me might do 5-7 years but a fresh graduate who needs a car for their first job is very likely to max it out to 9 years That's what I did too when I got my first car
Comment from : @TooLittleInfo

How can a person buy a car with using percentages 💀
Comment from : @hedefilk1

Are monthly payments with $4000 down on a 30k car on a 74k salary manageable? (with no debt and good credit)
Comment from : @liamj5091

I make a little under $50k a year and am looking at a brand new Corolla Cross or Civic Hatchback, planning to buy in maybe 3 years if all goes well with my current rav4 I paid off all my student loans, have a perfect credit score (as good as it can be for someone whos 24), and have built up $12000 in savings over the past year Is there any viable path to buying a $35k car or am I just delusional, because I feel like i'm halfway there and it only took a year
Comment from : @re_nforce

The finance example has a flaw The interest you will pay on the car Make that an investment it will be over $100k You might be right that after 30 years the money will grow to a lot, but 10 returns? No
Comment from : @keywestalert6329

I make 20 and want a 3500 bike 🫠🫠🫠
Comment from : @jorgetremel3614

what ur basically saying is its impossible to fairly get a car unless ur a multi millionaire, no one can truely afford a decent car these days
Comment from : @MrMortimus6

I am making 30$K(investing 50 of it, I am not from USA) a year and I am now going to buy a 14K$ Dacia Spring , with 300 km ín IT, with Cash brbr:) brbrYou must calculate what's worth what
Comment from : @tacuska7

Try the Philippines at 20 on your loan!
Comment from : @jl632

You guys make more than 40k? 😂
Comment from : @try_-

I drive a 2008 I've been trying to avoid buying a new or new-used car because I hate being in debt But guess what? I end up having to drop multiple thousands of dollars throughout the year to repair and maintain it I think I had to spend something like $5k on it last year And I just had to drop another $2500 on it 10 days into the new year That's nearly a quarter of the cost of a new car I could have used to pay it off It's literally just a money pit It's not saving me money, I'm just having to throw money into a junker that isn't worth the money I'm having to spend to maintain it Meanwhile, it isn't particularly good, or pretty, or comfortable, or luxurious, or convenient It has no good tech The radio doesn't work It's probably getting trash MPG because of how old and used it is
Comment from : @mrmayhem4054

But pu55y likes expensive cars❤❤
Comment from : @bastogne315

I only make £15,000 a year and my car costs £20,000 🤣🤣
Comment from : @dimitriosbalalas3276

Or just don't borrow money for a stupid car
Comment from : @misterfreedom5699

Hell naw Never buying new or paying more than $450
Comment from : @sunnindawg

I make 150k yearly in my local currency but 525k won't get me a car here Need a car but so confused as to how to go about it Economy is messed up here
Comment from : @chalececilthis

According to this video i cant even buy a nissan versa new😭
Comment from : @VinnyDeez-

Only thing I’m gonna do is just pay rent on the Storage location Maybe I need to own it
Comment from : @sevenRyeh

Unfortunately even a 3-5 year old car is only really 3-5K cheaper than a new car with about 30-50k miles on it That makes almost zero sense to buy today unfortunately
Comment from : @ajayshankars4006

A much simpler rule of thumb: Buy a car with cash It's much cheaper over the long run
Comment from : @manicka111

using gross for any of these rules is stupid use you net
Comment from : @jeffhobbs1729

Always remember, you need a nice car not an expensive one I live in Moscow and have a daily of an lada 2102 Its lowered (air suspension) it has nice leather interior and wattage discs and with all that - still cheaper than a 2016 civic (around 2000 in dollars in rubles it’s 200 000 which is around a 2 month salary of upper middle class)
Comment from : @12-yl7wg

americans learning the basics of money, interesting, Maybe invent the 0 firearm rule in the house next
Comment from : @stephenmeier7053

As much as you have left over in the bank
Comment from : @BenDover-z9n

Whatever you can pay cash for lol
Comment from : @discipleofchrist86

That’s a lot of honda drivers in one spot lol we get it you don’t like cars that’s why you drive a honda if i pay $2000 it’s my problem just mind your own business
Comment from : @ayadayad82

I strongly believe anything over 700 a month is just a scam You get diminishing returns the more you pay You can get an amazing vehicle for 40k Most 80k vehicles are very slightly better, granted no more reliable at all, often less reliable You pay twice as much for like 10 more with higher maintenance costs
Comment from : @LogainTheHumane

Or buy a really nice car and drive it for a long time Pay it off in 4 years and drive it for another 6 years
Comment from : @georgemioch8981

It's funny that the 35 rule is considered "aggressive" yet the average income and average car price makes is closer to 100 of gross rather than 35
Comment from : @NubRusty