Car affordability
How much car can you afford? Start from your income, count everything a car costs each month, not just the payment, and see which real cars fit.
Your car budget
Cars that fit your budget
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Already own a car? See whether replacing it saves money in Keep or Switch.
How this works
- Your budget is the share of gross income you pick, covering every monthly car cost: the loan payment, insurance, fuel or charging, maintenance, repairs and registration. Running costs are averaged over the loan, up to five years.
- The price limit is the highest price where a typical car of your chosen type stays inside that budget, and where your total debt payments stay at or under 43% of gross income, a common lender ceiling.
- The loan covers the price plus sales tax and fees, minus your down payment and any trade-in equity. Money still owed on a trade-in is rolled into the loan.
- Each car in the list is priced with its own EPA fuel economy, estimated insurance and repair outlook, so two cars at the same price can cost quite different amounts per month. Prices, rates, insurance and repairs are estimates, not quotes.
- Value lost to depreciation is shown but not counted against the budget, because you do not pay it monthly. It is still a real cost when you sell.
How much of my income should go to a car?
A common guideline is to keep all car costs at or below 10% to 15% of gross income. Above 20% usually squeezes saving and other goals.
What is the 20/4/10 rule?
Put at least 20% down, finance for no more than four years, and keep total car costs under 10% of gross income. The 10% setting here uses that limit.
What debt-to-income ratio do auto lenders want?
Many lenders prefer total debt payments, including housing and the new car, at or below about 36% of gross monthly income, and few approve much above 43% to 50%.