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      11-02-2012, 09:48 AM   #1
RWD4Life
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How much should one spend to own a BMW?

From what I gather, it seems that one should only spend 10% to 20% of their net income on a monthly basis for a new vehicle. That amount includes lease or loan, insurance and gas. What do you people think? Is it a fair assumption? Do you tend to spend more or less than that?
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      12-28-2012, 04:47 PM   #2
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I spend 8% on lease, 2% on gas and 3% on insurance. I rent my apt near NYC, so higher living expenses.
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      04-11-2013, 10:51 AM   #3
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Depends on your lifestyle and other things in life. Do you have a mortgage, marry, kids....etc?
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      02-09-2014, 05:50 PM   #4
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Everyone is different, but 10% is a decent rule of thumb. I spend a bit less.
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      05-11-2014, 11:20 AM   #5
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Every plus alot
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      05-11-2014, 12:20 PM   #6
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theres no person that can tell you how much to spend on a car. no one here knows your financial situation, no one here knows what your income to debt ratio is. actually, there is no right answer at all.

what if i told you to spend 10% of your salary on a car...that doesnt mean its financially right...you may have expenses that exceed 90% of your income....so now what?

what if you spend 10% of your salary on a car......what if you lose your job the next week....how much money do you have in the bank? how long can you float yourself while you look for a new job?

what if you're straight out of school.....well paying job, no debt, live at home, very little expenses and you can comfortably spend 50% of your income on a car......does that make it right? nope.
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      05-16-2014, 02:17 PM   #7
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When you guys say 10%, 10% of what...your annual salary??

I doubt anyone here makes half a million annually (no offense)
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      05-17-2014, 10:06 PM   #8
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Quote:
Originally Posted by ska325xi View Post
When you guys say 10%, 10% of what...your annual salary??

I doubt anyone here makes half a million annually (no offense)
Why do you doubt that?

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      05-17-2014, 11:31 PM   #9
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My point was most 3 series drivers dont go by the 10% rule (if thats what everyone is saying)

So everyone makes half a million here?? if you do...good for you

Average family drives a $25-35k car...base off a $25k car following this 10% rule means average family makes $250k...thats a way above average family not an average family lol
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      05-18-2014, 12:27 AM   #10
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Quote:
Originally Posted by ska325xi View Post
My point was most 3 series drivers dont go by the 10% rule (if thats what everyone is saying)

So everyone makes half a million here?? Again I doubt it. But if you do...good for you

Average family drives a $25-35k car...base off a $25k car following this 10% rule means average family makes $250k...thats a way above average family not an average family lol
I think people are saying your total annual car payment should be no more than 10% of your annual income.

So $55,000 car with a 60 month car loan would be roughly $11,000 a year.. So your annual income would be around $110,000 if you budget 10%. Obviously i'm not including insurance, gas, & maintenance which should be factored in.

Is that the logic the OP was thinking?
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      05-18-2014, 01:08 AM   #11
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I don't really understand the question or thinking process here... Either you can afford the car or you don't.

If that is 50% of your income or 1% - does it really matter?
As long as everything gets paid every month and no one gets hurt in the process it is all good!
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      05-18-2014, 08:21 AM   #12
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Quote:
Originally Posted by PabloK
Quote:
Originally Posted by ska325xi View Post
My point was most 3 series drivers dont go by the 10% rule (if thats what everyone is saying)

So everyone makes half a million here?? Again I doubt it. But if you do...good for you

Average family drives a $25-35k car...base off a $25k car following this 10% rule means average family makes $250k...thats a way above average family not an average family lol
I think people are saying your total annual car payment should be no more than 10% of your annual income.

So $55,000 car with a 60 month car loan would be roughly $11,000 a year.. So your annual income would be around $110,000 if you budget 10%. Obviously i'm not including insurance, gas, & maintenance which should be factored in.

Is that the logic the OP was thinking?
Gotcha...that makes more sense to break the loan amount per year
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