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Remarkable_Cut3846 OP t1_iuj9mdx wrote

Reply to comment by Werewolfdad in 46% of Income on Housing and Car by Remarkable_Cut3846

True. For more context, it’s about 25/25 split with car and house expenses… savings would likely be around 20 %

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betterbub t1_iujaey5 wrote

Wait your car payment is a quarter of your income?

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Werewolfdad t1_iujbncd wrote

That’s a lot of car

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Remarkable_Cut3846 OP t1_iujc2wj wrote

You’re right, granted I haven’t pulled the trigger… just wanted a second opinion

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Werewolfdad t1_iujcit0 wrote

Locking yourself into large debt payments backs you into a corner if anything goes wrong in your life or if you need to make some of change due to an unexpected event. I’d advise tying up half your after tax income in debt payments

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trilliumsummer t1_iujc9mn wrote

I would be looking for another trigger to pull. A car is a depreciating asset. I would not be spending 25% of my income on it.

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