% of income to pay for a car
In another thread, someone mentioned that Dave Ramsey says your car shouldn't cost more than 50% of your income. I was surprised as I think that is too much. The median income in this country is 46K and I don't think someone earning 46K should spend anywhere near 23K on a car. So I'm curious how much others have spent relative to their incomes.
I'd have to estimate our numbers as it's been a while. I got my car in 1998 and probably spent 14% of income. We got my wife's van in 2002 and that was about 19% of our income at the time. I realize it's been a few years, but both of those cars cost less than 23K and we earn well above median income.
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Steve
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