It all depends on what your priorities are. luxury, practicality, or fuel efficiency?
for an electric car, the first category is simply not relevant so there are only two to choose from. if you want to maximize your vehicle's value and resell-ability for how much money you spend upfront, then the answer is to buy a good used car made by nissan. alternatively, if maximizing your gas mileage is your primary concern (as it should be), then there are mainly three types of cars that will work well for you – toyota prius prime electric hatchback or honda clarity plug-in hybrid. either of these will cost around $25000 new without any government incentives before tax credits start taking major chunks out
how much should i spend on a car if i make 80000?
don't spend the rest of your life paying off monthly car payments. buy a vehicle with a cash down payment and it will save you money in the long run.
on average, people who make 80000 a year typically expect to spend anywhere between 10-25% of their annual income on a new car. this means that most people making this salary would have to come up with about 17000 just for the down payment on an entry level model.
if those same individuals were paying off those cars over 5 years, they would be looking at 2400/month without considering interest rates or gas prices – an amount that exceeds their income significantly and can potentially lead to bankruptcy. but you say, “what gives?” well it
how much of my salary should i spend on a car?
that depends on how much you make.
the amount of money you spend on a car is an important variable in comparing the true cost of different vehicle options. cars are one of the most expensive items that most people purchase under “investment” scenarios, which is why they're classified as depreciating assets with set asset costs for individual models.
by spending more upfront money on a car initially, someone can drive it longer before the initial value decreases. the following table shows how many years it takes to break even based on initial investments made in different types of cars:
type initial investment time to break even compact car $10,000 6 years small car $15,000 6 years large sedan
how much should i spend on a car if i make 50000?
it is difficult to answer this question in numbers. you have to account for your wants, budget, and so on. it is recommended that you speak with a bank or car dealership for specifics about how much money your down payment should be.
please note that it may also be helpful to speak with professionals such as a financial advisor or accountant before deciding how much you can spend on a car purchase. a good rule of thumb though would be the total amount of money you make (pre-tax) within one year must equal at least 25% of what you expect to spend on the vehicle. for example, if someone makes $20000 annually and expects to pay $40000 at most for their next vehicle purchase they will need
