Hey all! Planning to get a car just for the fun of it. Any quick thoughts on the average percentage of net worth people spend on cars? 🚗💰 Thanks!
AFAIK there's this 20-4-10 rule for car financing • You should have 20% for downpayment. • Loan should not exceed 4 years. • EMI should not exceed 10% of your monthly income
All post tax, in hand income.
This is helpful. Thanks
Super helpful
just for the fun of it
Maybe, don't?
Networth shouldn't be linked to car. It'll have an age component because of that. Follow the 20-4-10 rule instead.
If it’s just for fun, I won’t go with the financing option at all. All cash!