How much should you be making in order to comfortably afford a $50k car?

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Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.

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[owggarage]

Apparently I can afford a 5 dollar car

[stocksxbondage]

Crazy you drop this. I saw a video of a 21y/o buy a 48k m340i still in college working as a Patient Care Assistant. Financed for 6 years. What a nightmare! He hasn’t even been an adult for 6yrs…Wait till he learns that he needed 100k more a year to comfortably afford it.

Also, insurance is $200/month and maintenance is $200/month on a Beamer. You need 150k for a 50k car. 1/4 to 1/3 your gross income is a faster measure if you can afford more than an A to B car.

[therealmcgoy]

Thats why I traded my pick up truck in for a camry LOL. I could afford it and had it paid off but I would not be able to afford another one. There are other costs that go into trucks as well such as the maintenance on it. A camry puts me below my means too so in the end I am saving alot more money. I miss the truck but at this moment in time it is not worth it and the bran new ones are completely out of my price range. I am content with something simpler and do not really care that much about what I am driving. Cars are not a hobby for me. I just like trucks more than cars but maybe one day I will get another one (or buy an old beater and work on it myself).

[kendavies]

Last year was tough, yet I earned $100, 000 pre-tax as the primary earner and household head. It's a solid start, but I'm focused on future enhancements. With two auto loans, I'm seeking solutions to offset them without resorting to costlier refinancing in the long term.

[ItsJustSimpleAsThat_Ang]

My ‘22 X3 is $684 including insurance. I’m glad I put 30% down on what would be a 41k loan. Not to mention I’m doing Allstate’s drive wise that’s keeping my insurance under $200 for two cars.

[hasanlituran]

My insurance alone on my 2003 crv is like 200$, if I had this M3 it would be 800-1000 for the insurance alone

[mocheen]

That makes sense. All the Dodge Hellcat drivers must make over $180, 000. Most people in San Francisco drive $100, 000 vehicles so the average income is $300, 000.

[bjolly]

Over $900.00 for a car payment🙄. Never, your outa your mind.

[ftrdrvr]

Nowadays you could spend 50k on a Rav4 smh

[aliali-ceyf]

used corollas are the way to go. they run forever, low cost of maintenance.

[juliet]

6 figures for to be able to afford a practical minivan is insane … my used odyssey cost this much brand new

[trekuhl]

Well I was looking at a 2019 C7 Corvette and a 2022 Infiniti Q60 Redsport. I could afford each however; I decided to go with a 2023 Nissan Sentra.

[mandypdx]

That seems high for insurance and maintenance.

My insurance for a $70k car, full coverage was way less and the car included 3 years free maintenance.

Age and credit score impact insurance rates. And driving history:)

[martinguldnerAutisticSwanGuru]

Went by so fast did not catch the interest rate on that car loan. Several car manufacturers are offering car loans for 1.9 % or less on a 60-month loan zero down with excellent credit.

[modernhaze]

I really needed these rules thank you for information

[Pro-kesh]

With the interest rates nowadays it’s safer to just pay most of it cash upfront

[Billionaireben]

Nothing down (selling my car, that's MY cash), 5-6 year financing and 15% of income up to a certain point (but I advise finding a woman who got the house in the divorce and shack up with her, maybe become golf buddies with her ex and playfully ask him to pay for your golfing too.)

[RKnVa]

Son makes essentially 50K in the military put 17K on a Tacoma financed 5 years and has made every payment and saved and invested over 40K during that time. Your numbers must reflect much higher cost of living.

[Ewwwwwwnone]

Well, I don’t buy new cars.. nope and nope..

[brandonhuang]

I would say if you’re making that much you for sure can be putting more down. That monthly payment is insane