My salary literally just tripled...how much Lexus should I buy?

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08-03-18, 07:55 AM

#31

EZZ

Lexus Test Driver

Join Date: Jan 2007

Location: CA

Posts: 7,460

Likes: 11

Received 228 Likes on 171 Posts

Quote:

Originally Posted by arentz07

You also have to consider, some people have multiple vehicles. With my and my wife's cars combined, I am actually spending just under 19% of my salary on their payments. I should probably be spending less, considering that doesn't include insurance. But yeah... I didn't get the best deal on the IS lease, which I wish I would have known. Should have joined CL earlier.

I thought the car purchase should be under 20% of gross pay. A $50k car should be purchased by a person who makes $250k.

08-03-18, 10:35 AM

#32

Olasek

Intermediate

Join Date: Feb 2016

Location: CA

Posts: 489

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Received 21 Likes on 17 Posts

Quote:

Originally Posted by EZZ

I thought the car purchase should be under 20% of gross pay. A $50k car should be purchased by a person who makes $250k.

This rule makes absolutely no sense, I doubt anybody adhere to such rule.
What makes sense is saying (for example) that your monthly car payment should not exceed certain percentage of your monthly take home pay.
Typical financial advisers suggest not spending more than 10-20% of your take home monthly pay on transportation costs (including car payments, gas, insurance).

08-04-18, 04:22 PM

#33

GNS

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Join Date: Aug 2017

Location: Ontario, Canada

Posts: 332

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Received 87 Likes on 72 Posts

Quote:

Originally Posted by EXE46

I wonder when this gen with end? we already have 5 model years thus far, hopefully the 2019 MY is the final year for the 3IS, which should debut next month or so. That way next fall we can see the new 4IS.

I heard 2020 MY will be the final for the 3IS. Regardless, the 4IS is what I'm waiting for because of the upcoming switch to TNGA, and hopefully they'll use the 10 speed on both RWD and AWD versions. A slim hope is for a detuned V35A-FTS to replace the 2GR-FKS V6 engine...