Best answer: How much should a college grad spend on a car?

How much should you spend on a car as a college student?

All told, expert sources such as Consumer Reports and Quicken indicate that total transportation costs—monthly payments, insurance, gas, parking—should be no more than 8%–10% of your budget. That may be well worth it to you if you need your vehicle to work, class, and back home again.

Should I buy a car when I graduate college?

The best bet for young buyers, Mr. Bartlett advises — whether a new college grad or a high school grad — is a used vehicle between one and six years old. That way, it’s new enough to be reliable, so you won’t spend all of your paycheck on repairs, but not so old that it lacks updated safety features.

How much car can I afford on 50k salary?

On a $50,000 salary, it is recommended you don’t spend more than $5,000 (10%) on a car. Dave Ramsey recommends spending no more than half your gross annual income ($50k) on a new car. However, the cost of a car really includes purchase price, opportunity cost of investments, or loan interest.

What car can I afford with 60k salary?

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.

IT IS IMPORTANT:  Can I get into NIU with a 2 5 GPA?

Does Toyota have a student discount?

Despite not offering a student discount, there are many ways to save at Toyota. We have compiled all the ways you can find a discount at Toyota below.

Does Honda have student discount?

Only one $500 Honda College Graduate Bonus offer per vehicle. $500 towards Cap Cost Reduction or Down Payment Assistance with the lease or purchase of a new and not previously reported sold Honda vehicle. … Must have graduated in past two years or will graduate in next six months. No adverse credit history.

What does a 50k salary get you?

Income tax calculator California

If you make $50,000 a year living in the region of California, USA, you will be taxed $10,417. That means that your net pay will be $39,583 per year, or $3,299 per month. Your average tax rate is 20.8% and your marginal tax rate is 33.1%.

How much is a car payment on a $30000 car?

A $30,000 car, roughly $600 a month.

How much do you need to make to buy a 100k car?

Assume insurance of $400 per month, gas of $100 per month, and maintenance of $1,000 per year. That equals $27,784 per year, meaning you’ll have to make $277,840 per year to comfortably afford a $100,000 car (does not include taxes and registration fees).