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What percentage of your gross household income is the cost (out the door) of the last automobile that you acquired? For the calculation USE the income you were making at the time of the purchase not your current income!!
I spent 24.6% of my gross income on my vehicle back in 2004. Haven't bought a new car since.
When I first bought it, probably close to 50% after insurance and performance parts I'd put in it. I was young and wanted to impress people and go fast. I could of course afford it, but of course financially not a great move. Its now paid off and rots in the street since it rarely gets driven
10%. Bought it new 2yrs ago. Plan to drive it for at least 10yrs.
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