A realistic figure could be -
Debt + Car = (Total gross income - Taxes - 401k) / 2
So if your gross income=100K, taxes=30K, 401K=15K and no debt -
(100K - 30K - 15K) / 2 = 55K / 2 = 27.5K
If you have a annual debt of 10K, then maximum you should spend on car = 17.5K
How's that? Of course this is plain simple generalization of a complex problem, and may not work in a few cases.
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