What is a good car for my monthly pay?

Question

What car is good for me if i have a monthly salary of 7500 dollars?

P.S This is for a school assignment.

Answer 1

it's impossible to answer this question without knowing what your other monthly living expenses would be such as housing, food, med insurance, vehicle insurance, transportation costs etc are... if you simply mean nothing but car loan, then technically you can afford a $250,000 Lambourgini on a 5 yr loan easily....... you need to be more specific

Answer 2

A financial planner would say that you should not buy a car that costs more than 1/2 of your annual salary.

In this case, since in the example you are making $90,000 a year, anything under $45,000 and you should be fine.    

With gas prices today, I would consider a Toyota Prius.  They run between $21,000 and $28,000, depending on options.

Answer 3

a Mercedes Diesel from the 80`s. Once you spend the $3000 to purchase it you wont have anymore payments to make and thats good because interest is not your friend! when you make payments your money is NOT working for you!

Invest the car payment money (say 10%) into something else like Biodiesel production, you will get money back in dividends.

A NEW car loses 30% of its value in the first year, and 60% by the 3rd year.

a 4 year old average car sells for about $8000, but the warranty has usually expired by then,leaving you to pay for any repairs that need to be done.

a 10 year old average car will cost you $2000 and will run just as reliable as the $8000 car. Only difference is that the $8000 car is still depreciating and the $2000 car is done depreciating, so when you sell the $2000 car you can probably still get $2000 for it.

So, why the Mercedes? Free roadside service for the life of the car, no matter who owns it or how many owners it has had! The Mercedes Diesels are commercial grade and will las a million miles on regular maintenance, they are easy to repair, no computers (the check engine light on newer cars costs an average of $300 to fix each time) they are super safe, and get 30mpg City and 40 Hwy (because diesels get 2X the gas mileage as gas cars do)