How much salary to afford 260k car?
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 May 23 2019, 11:31 AM
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#1
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Junior Member
100 posts Joined: Feb 2013 
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According to Dave Ramsey, you want to drive your car and not let your car drive you, i.e. you shouldn't be the slave of your car...
Value of the car that you want to buy should be: 50% of your annual income after tax. So, 260k x 2 = 520k annual income after tax. oh ya, and buy it with cash. Otherwise, means u can't afford. sorry |
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May 23 2019, 01:59 PM
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#2
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Junior Member
100 posts Joined: Feb 2013
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QUOTE(MeToo @ May 23 2019, 01:00 PM) Buy with cash is the most sorhai thing i heard... not so sorhai if u are the person who wants a piece of mind.a new merc comes with 1.88% interest, the EIR for that is lower then what you can get for yoru FD....  |
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May 23 2019, 02:06 PM
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#3
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Junior Member
100 posts Joined: Feb 2013
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QUOTE(Tsukasa @ May 23 2019, 02:03 PM) Im buying a car with my 5% of my gross salary. Anything above, gg. kudos to you, not everyone has that discipline to spend 5% to 10% of their salary to buy a car.As maintenance and also what if the car broke down. Got my lesson with my last car but lucky i buy below 10% of my gross salary. So can pay it off one off easily and no disturbance. |
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May 23 2019, 03:43 PM
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#4
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Junior Member
100 posts Joined: Feb 2013
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QUOTE(shaniandras2787 @ May 23 2019, 02:36 PM) only if you don't foresee that you may need that large chuck of money anytime soon - car loans are not flexi property loans so once you pay it off, it's off the grid and you will never be able to sell the car for a profit therefore in economic sense, it's never a good idea to buy your cars (which are depreciative assets) with cash. i still stand by this principle for the masses. only buy a car with the price that is 50% or less or your annual income, and buy it in cash. If you can't, means you can't afford it.having the sufficient amount of cash to pay off your car loan kept in the bank however is a different thing altogether. in fact, nothing other than a basic car (save for some exceptions) is known as a commodity because they just make you lose money over time and eventually lose all of its residual value. Not really to ask u to buy in cash, u can still take a loan, PROVIDED that you have the money and use the balance of that money to invest it wisely. Else, don't buy things you can't afford with money you don't have to impress people you don't like. |
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