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  1. O

    Are there any rules of thumb for how much to spend on a vehicle purchase?

    @emmafrancis I mean it’s meant to be a max, not the recommended budget. When I was first out of college making $60k, they offered me a 6 year loan with $600 monthly payments with virtually nothing down. Rules of thumb like these are meant to dissuade kids buying themselves a new BMW and settle...
  2. O

    Are there any rules of thumb for how much to spend on a vehicle purchase?

    @emmafrancis 10% of your monthly income. So about $1150 if you make $140k annually.
  3. O

    Are there any rules of thumb for how much to spend on a vehicle purchase?

    @babyishcare I’ve heard 20/4/10 rule. That’s putting 20% down, loan length no longer than 4 years, and monthly payments no more than 10% of your (I think gross) income.
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