Mark asked:
I’m trying to figure out a reasonable price to pay for a family car.
I’m trying to figure out a reasonable price to pay for a family car.
I’m looking for the average monthly payment for a lease and for a new car purchase.
I’m not looking for gut feels on what someone should spend. I’m looking for what the average American does spend.
Also if there is published information from financial planners on a rule of thumb (ie, 10% of monthly income) for prudent budgeting for car expense, it would be great if someone would point to it.
If the data is available, I’m interested in large cars / trucks in addition to the average payment for any size car.
Thanks in advance! Yahoo Answers is great!
The average consumer pays 11 percent of her monthly gross income on a car payment, according to estimates from autos Web site Edmunds.com
PRUDENT RULE OF THUMB
Your monthly car payment shouldn’t exceed 8% of your monthly gross income. Less if you have other debt.
If this mean you can not by a good car at your income level. Buy a moped
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