Deleted
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Post by Deleted on Mar 29, 2011 14:58:01 GMT -5
How much would you consider ok % for transportation cost? What would you include as part of that cost, loan, repairs, gas, what?
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Deleted
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Post by Deleted on Mar 29, 2011 15:04:11 GMT -5
Ours was at 9.6% for 2010... but DH travels plenty as a consultant.
That includes his lease, and gas, inspection, insurance, registration, maintenance, supplies, etc for two vehicles.
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cronewitch
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Post by cronewitch on Mar 29, 2011 15:08:35 GMT -5
I spend about 100 a month for gas and less than 2K a year for everything else. Depreciation is around 2K a year so maybe 5K a year total or less than 10% of my gross wages.
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Tiny
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Post by Tiny on Mar 29, 2011 15:20:28 GMT -5
I don't know that I'd shoot for a % of gross income so much as keeping my costs as low as possible. I'd include insurance, maintenance, gas, stickers/plates, and the loan if applicable. I'd also factor in the cost of public transportation (if you were driving to the trainstation for instance). If I went with a % of gross income as a measure for transportation costs I should either be driving a MUCH nicer car OR driving my 'almost a beatermobile' to work everyday (and incurring a parking expense).... I don't really want to do either of those two things - they don't add any 'value' to my life/lifestyle.
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phil5185
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Post by phil5185 on Mar 29, 2011 15:40:54 GMT -5
A pair of mid-sized cars, traded every 5 yrs, driven 15,000 miles each, will cost about $13,200/yr.
If you keep them for 200,000 miles, the cost is about $8000/yr.
So, an average $52k income household would spend between 15% and 25%.
Or, if 20% was selected, it would take $66,000 to support the 2 newer cars and $40,000 to support the 2 older cars. (Ironically, the low earners are the ones who buy 'new' and pay the 12% interest rates - the marketing is powerful).
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Deleted
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Post by Deleted on Mar 29, 2011 15:57:47 GMT -5
A pair of mid-sized cars, traded every 5 yrs, driven 15,000 miles each, will cost about $13,200/yr. If you keep them for 200,000 miles, the cost is about $8000/yr. So, an average $52k income household would spend between 15% and 25%. Or, if 20% was selected, it would take $66,000 to support the 2 newer cars and $40,000 to support the 2 older cars. (Ironically, the low earners are the ones who buy 'new' and pay the 12% interest rates - the marketing is powerful). Phil, I know how much it costs but I am trying to figure out what # I should shoot for, following your advice about putting money in mutual funds and getting a loan for the car. However, I do not want to over reach myself and that is where I feel unsure.
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