How Much Car Can You ACTUALLY Afford? (By Salary)

Learn in this video the car buying rules that will break down everything you need to know to afford a car that fits your budget.

Are you thinking about buying a new car but not sure how much you can afford based on your salary? In this video, we will break down exactly how much car you can actually afford based on your income. We will provide a simple formula to help you determine a realistic budget for your next car purchase. It's important to not overspend on a car and end up in financial trouble. By the end of this video, you will have a clear understanding of how much car you can comfortably afford without breaking the bank. Watch now to make a well-informed decision on your next car purchase! Don't forget to like, comment, and subscribe for more financial tips and advice.

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⏱️ Timestamps:
00:00 - Intro
00:50 - Car Price vs True Cost of Car Ownership
01:15 - Financing
02:11 - Insurance
03:00 - Taxes
03:10 - Maintenance and Repair
03:45 - Depreciation
04:15 - Gas
04:25 - True Cost of Car Ownership
05:00 - 20% to 30% Rule
06:00 - 20/4/10 Rule
08:40 - Salary and Car Price Table
10:05 - The issue with Car Dealerships
11:20 - Do you need a car?
12:38 - Saving Money when Buying a Car
13:10 - Conclusion


🙋‍♂️QUESTION OR FEEDBACK - Have a question or any feedback about the video/channel? Drop it in the comments!

PS: I am not a Financial Advisor, any investment commentary is my opinion only.
PPS: Some of the links in this description are affiliate links that I get a kickback from 😜

[aliceh]

When we really started looking at our expenses, we realized a lot of our money was going into car payments. We have now cut back and have one family car where we share with one another because of this video !

[jorge]

many people underestimate the total ownership cost...
great video!

[Emma-Jones]

Great tips. I never buy new cars. Just used. It is just way too expensive nowadays.

[JohnMonroe]

I have been buying used cars since ever. People sometimes say it has more recurring costs, but I keep track of my expenses and it doesnt come even close to the cost of owning a new car

[AntonioCanha-wtev]

This video clarifiied mano doubts about buyiing a car , Tnank's

[CalebLiamSmith]

As I have a new project, I ended up selling my car. If you decide to buy another one, I already know how to do it. Great video.

[wertywerrtyson]

Cars have gotten crazy expensive lately. At least in my country. I got a 4 year old car for 10k back in 2018. I still drive it now that it is 10 years old. A 4 year old car now is like 20-30k unless you want a small hatchback but I need a big car for my family. A 10 year old Audi A6 they asked 20k for. 10 years ago a 10 year old A6 was just 4k.

[mettahara]

Never saw a content so good like yours,

[mocanha]

I liked very much, important informations! Thanks 😉

[BenjaminBrowns]

Cars always involve a lot of expense, insurance, taxes and maintenance, which is why we always share the same car.

[EvansWelshs]

I will determine the purchase price of the property I am thinking of buying to analyze whether the payments are within the budget.

[DylanWatsonBrooks]

It is really important to determine how much you can afford to buy a car based on your salary. Great video.

[NomadicDuets]

Cars are so expensive :( thinking twice about owning a car because of this!

[HendersonMiller]

I would really like to buy a car, but with my financial situation it is difficult. I'll follow your suggestions to see if everything improves. Good video.🙃

[BB_ever]

Hi Ciro, I sold my car when the pandemic hit and so far I haven't been interested in buying another one "a way to avoid expenses". I will certainly be evaluating your advice when I decide to purchase another.

[SarahTorres]

I've thought about taking out a loan to buy a car, but I'm afraid. I'll consider your suggestion and see what I come up with.

[thorsrensen]

People want to look rich., so they wiill use much more on cars.

[HiroTakumi]

This is a very useful analysis! I had no idea how much my salary should dictate my car budget.

[HayesRivera]

It's essential to consider your overall financial picture, including other debts, savings goals, and monthly expenses, when determining how much you can afford on a car. Also, remember to factor other costs such as insurance, maintenance and fuel into your budget.

[AdamWilsonp]

I took out a 4 year loan to buy a car and I notice that it is depreciating quickly.