can i afford a luxury car

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People also ask


  • How much car can I afford?

  • Pretax, post-tax, annual income; these terms are enough to make a person ask: How much car can I afford? There’s no perfect formula for how much you can afford, but our short answer is that your new-car payment should be no more than 15% of your monthly take-home pay.

  • How much does it cost to lease a midsize SUV?

  • Keep in mind that these averages are high because many leased cars are luxury models (think BMW, Mercedes-Benz and the like). Since John is not looking for a luxury vehicle, he should be able to find a midsize SUV for roughly $400 a month and about $1,800 down.

  • How much does it cost to finance a new car?

  • For example, if after taxes, you make the U.S. median income of $37,773, you could shop for a car that costs up to $472 per month. This amount roughly translates to a financed vehicle between $27,000 and $30,000, assuming you put at least 10% down.

  • What’s the best monthly car payment for You?

  • Though we’ve made the case for a monthly car payment that’s 15% for a new car and 10% for used or a lease car, that is really the top of the budget. If you’ve been approved for a $500-per-month vehicle, instead consider one that costs about $400.

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