Is 1500 Enough For A Car?

How much can I spend on a car if I make 50000?

Monthly payments should be less than 10-15% of your take-home pay (after taxes) I used the neuvoo income tax calculator to figure out that a $50,000 salary means you take home $38,869.

If we calculate 15% of that take-home pay, we end up at $5,830.35 or car payments of $485.86 per month..

How much do I need to make to afford a 80k car?

How to find a car at the right priceAnnual incomeHow much you should spend on a car (15%)$40,000$6,000$60,000$9,000$80,000$12,000$100,000$15,0003 more rows•Apr 27, 2020

What kind of car can I get for $1500?

Best Used Cars Under 15002004 Nissan Sentra. While you won’t be able to get a top-of-the-line Sentra, a base model should fall within your budget. … 2002 Chevrolet Malibu. … 1997 Ford Escort. … 1991 Lincoln Town Car Signature. … 2001 Chevrolet S-10 Pickup Truck. … 1994 Volvo 940 Turbo Wagon. … 1997 Cadillac DeVille d’Elegance. … 2002 Jeep Grand Cherokee Laredo.More items…

What kind of car can I buy for $10000?

Best used cars under $10,000 in AustraliaBest sports car under $10,000 – Mazda NB MX-5.Best hatchback under $10,000 – VW Mk5 Golf GTI.Best luxury car under $10,000 – BMW E90 3 Series.Best family car under $10,000 – Subaru BM/BR Liberty/Outback.Best SUV under $10,000 – Ford Territory.Best ute under $10,000 – Toyota AN10 HiLux.

How much should I spend on a car if I make 60000?

Some financial experts recommend setting your car-buying budget at half of your annual salary. If you look at the previous example of making $5,000 monthly, that will equate to an annual salary of $60,000. Half of that is $30,000. According to this rule, you can spend up to $30,000 on your upcoming car purchase.

How much should I spend on a car vs income?

It’s simple: Spend no more than 10% of your gross annual income on the purchase price of a car. Why? Because the upfront cost of a vehicle isn’t going to be the only thing you pay for, and cutting down your base price budget is the most effective way to save money.

Can you buy a decent car for 1000?

The best car you can buy for less than $1000 is most likely to be found at one place. Yes, that $1000 Ferrari is a myth, but for $1000 or less you can often get a surprisingly nice car that has been fleet maintained, and it doesn’t have to be a police car.

How much should I spend on a car if I make $30000?

The golden rule – 50% of net annual income First and foremost, you should not have more than 50% of your net annual income tied up in things that are going down in value (cars!), things with a motor (boat), or toys (motorbike). For example, if your take home (net) annual income was $60,000 your limit is $30,000.

What kind of car can you get for 500 a month?

Audi Q3. Our pick Audi Q3 S line 35 TDI 150 S tronic. … BMW 4 Series Gran Coupe. Our pick BMW 420i M Sport automatic Gran Coupe. … Ford S-Max. Our pick Ford S-Max Titanium 2.0 EcoBlue 150 automatic. … Jaguar XF. Our pick Jaguar XF R-Sport 2.0D 180 automatic. … Mercedes GLC. … Range Rover Evoque. … Skoda Kodiaq. … VW Golf R.More items…

How much is too much for a car payment?

Whether you’re paying cash or financing, the purchase price of your car should be no more than 35% of your annual income. If you’re financing a car, the total monthly amount you spend on transportation—your car payment, gas, car insurance, and maintenance—should be no more than 10% of your gross monthly income.

What is the cheapest most reliable car?

10 Cheap Reliable CarsHonda Fit.Kia Soul.Chevrolet Sonic.Nissan Kicks.Ford Fiesta.Subaru Impreza.Toyota Corolla.Volkswagen Jetta.More items…•

How much should you have saved up for a car?

Establish a realistic timeline Multiply the total cost by 20%. This will show you what 20% of your total vehicle cost will be, and this will also give you an amount to save for your down payment. So, say your dream vehicle is $25,000. Then you should plan to save at least 20%, or $5,000, for a down payment.