If you’d like a cheap, affordable and simple vehicle that’s good enough to get to and from work, budget about 10 to 15 per cent of your annual income.MoneyUnder30 recommends using one of three percentages** to work out how much you can afford to spend on a new car based on your needs:.Are you buying a car just to get to and from work or are you buying a vehicle you’ll use for road trips and weekend drives?
The amount you should spend on a car as a percentage of your salary really depends on how much you care about cars.Are you a car person? While some people buy cars in order to get to and from their workplace, other people buy cars because they’re passionate about driving or prefer a certain make and model.Whether you’re shopping for a car you’re passionate about or just need a simple and effective car to get to and from work every day, read on to work out how much you might want to spend on your next car.In this guide, we’ll explain how much you can afford to spend on a new car, compared to the amount you earn every year. There are several rules of thumb for working out how much to spend on a new car, many of which are extremely helpful.
Since your car is likely the second most expensive thing you’ll buy, after your home, it’s important to budget carefully to make sure it stays affordable.
How Much of Your Salary Should You Spend on a New Car?
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