How Much Car Can I Afford?
Savings Corner
DECEMBER 25, 2023
Edmunds recommends that a new car payment be no more than 15 percent of your monthly take-home pay. A used car payment should be no more than 10 percent, but that number varies by expert. Specifically, weigh buying in cash — and possibly eating into or wiping out your emergency fund — versus making affordable payments over time.
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