$83,300 Car Loan

Can I afford a $83,300 car?

Is your salary enough to buy a $83,300 vehicle? A general rule of thumb for buying a car or truck is the 20 / 4 / 10 rule.

• Make a down payment of at least 20% cash. For a $83,300 vehicle, this would mean saving up $16,660.
• Pay back the loan in 4 years or less.
• Don't spend more than 10% of your income on payments and insurance. Rough estimate: your annual income should be at least 2.5 times the purchase price. So to afford a car that costs $83,300, you would need to make at least $208,250 per year.