How Much Should I Spend on a Car If I Make $60,000 a Year? You should spend no more than half of your yearly salary on a car, so if you make $60,000 dollars per year, you should buy a car that costs $30,000 or less.
Subsequently, How many miles should a used car have?
As a general rule, you should assume that the average car owner puts 12,000 miles on a car each year. To determine whether a car has reasonable mileage, you can simply multiply 12,000 by its age. That means good mileage for a car that’s 5 years old is 60,000.
then, What car can I afford with a 50000 salary?
Dave Ramsey takes a balance sheet approach. Rather than looking at monthly transportation costs, Dave recommends buying cars that cost no more than 50% of your annual income. So if you make $50,000 a year, you should not spend more than $25,000 for a car(s).
Thereof Is 60k miles a lot for a car? Theoretically, a vehicle that has covered more miles has more wear and tear, but a car with 60,000 miles on the odometer can easily be in worse shape than one with 120,000 miles. … Overall, a high-mileage vehicle that is driven frequently and has been well-maintained will be a more reliable bet.
How much should you put down on a $12000 car?
The vehicle’s price determines how much cash you should put down
| Vehicle Price | 15% Down | 25% Down |
|---|---|---|
| $12,000 | $1,800 | $3,000 |
| $14,000 | $2,100 | $3,500 |
| $16,000 | $2,400 | $4,000 |
| $18,000 | $2,700 | $4,500 |
20 Related Questions Answers Found
What used cars NOT to buy?
30 Used Cars Consumer Reports Gave the ‘Never Buy’ Label
- Chrysler Town & Country. Chrysler’s new minivan will hopefully rate better than Town & Country. …
- BMW X5. 2012 BMW X5 | BMW. …
- Ford Fiesta. Compact cars by Ford had a bad run between 2011 and 2014 | Ford. …
- Ram 1500. …
- Volkswagen Jetta. …
- Cadillac Escalade. …
- Audi Q7. …
- Fiat 500.
Why you should never buy a rental car?
There are also a few drawbacks to buying a rental car, or else shoppers wouldn’t ask if it was a good idea. The biggest potential downside is the car’s history in the hands of car-rental customers. One reason is that the car must adapt to many driving styles: One driver may push the brakes often and go easy on the gas.
Should I buy a car with 150K miles?
Many modern cars with 100K-150K miles are in great condition and will easily go another 100K. However, if a car has not been maintained properly and has been driven hard or previously wrecked, it can be junk with only 30K miles on the odometer.
What does a 50k salary get you?
As previously mentioned, a 50k salary is roughly $3,498 per month take home pay, not counting additional expenses. You’ll need to figure out your specific income situation, such as pre and post tax deductions or if you’re paid biweekly.
What can you afford with 50k salary?
A person who makes $50,000 a year might be able to afford a house worth anywhere from $180,000 to nearly $300,000. That’s because salary isn’t the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.
How much should you spend on a car based on income?
In general, experts recommend spending 10%–15% of your income on transportation, including car payment, insurance, and fuel. For example, if your take-home pay is $4,000 per month, then you should spend $400 to $600 on transportation.
Is 80k miles a lot for a car?
Ideally, you will want to choose something under 80,000 miles and take reliability into account. For example, a reliable vehicle like a Honda Civic with 50,000 miles may be a better purchase than a Ford Taurus with 30,000 miles of the same year or age.
How long will a car with 60k miles last?
When you’re looking for any car, its mileage is an important thing to consider. In general, the average mileage on a car is assumed to be between 12,000 and 15,000 miles per year, according to AARP. That means you can expect a 5-year-old car to have between 60,000 and 70,000 miles on the odometer.
How much does 1000 down change a car payment?
The general rule is that for every $1,000 you put down, your monthly payment will drop by about $15 to $18.
Why you should never put money down on a car?
It can’t be stopped but making a large down payment gives you a cushion between the value of the car and the amount you owe on the loan. If your loan amount is higher than the value of your vehicle, you’re in a negative equity position, which can hurt your chances of using your car’s value down the road.
What is the monthly payment on a $30000 car?
A $30,000 car, roughly $600 a month.
What car brand has the most problems?
The most unreliable cars
- Kia Picanto (2017-present) …
- BMW X6 (2014-2019) …
- Nissan X-Trail (2014-present) …
- Vauxhall Insignia Grand Sport (2017-present) …
- Mercedes C-Class (2014-present) …
- Nissan Qashqai (2014-2021) …
- Jaguar XJ (2010-present) Reliability rating: 86.6% …
- Ford S-Max (2015-present) Reliability rating: 86.5%
What’s the worst car brand?
The Automobile Study 2020-2021 is part of a much broader set of studies that query 500,000 people on 400 companies across 56 industries and sectors. The car brand with the lowest score was Chrysler at 70, down 4% from last year.
What is the most reliable car brand?
- 1: Lexus – 98.7% Lexus claims the top spot as the most dependable brand; its cars suffered very few faults and virtually all work was done for free. …
- 2: Dacia – 97.3% …
- =3: Hyundai – 97.1% …
- =3: Suzuki – 97.1% …
- =5: Mini – 97.0% …
- =5: Toyota – 97.0% …
- 7: Mitsubishi – 96.9% …
- 8: Mazda – 95.9%
Can a car last 500000 miles?
Today a million miles, or even 500,000 miles, is still extremely unusual for a vehicle. … Consumer Reports, through its annual questionnaire, has found that thousands of people have gone over 200,000 miles in their original vehicles without catastrophic failures or major repairs.
Can you negotiate with Enterprise Car Sales?
Enterprise offers no-haggle pricing on all vehicles for sale, which make it easy to compare car prices. The price you see is the price you pay for used cars. … Enterprise used cars include recent models with affordable prices and low mileage. All vehicles include a rigorous inspection by an ASE-certified technician.
How many miles do rental cars have?
Avis generally pulls its cars out of rotation after 12 to 18 months and 25,000 to 35,000 miles, according to Nierenberg. Enterprise vehicles spend an average of 12 months as rentals before being put up for sale, and Hertz says many of its vehicles “are still 25,000 to 40,000 miles young.”
Is a car with 200k miles worth buying?
Typically, putting 12,000 to 15,000 miles on your car per year is viewed as “average.” A car that is driven more than that is considered high-mileage. With proper maintenance, cars can have a life expectancy of about 200,000 miles.
Is it worth buying a car with 160k miles?
New cars depreciate immensely, Buying a car that already has over 150,000 miles or even 200,000 miles won’t depreciate more than a few thousand dollars and it will be depreciating to its salvage value. …
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