this post was submitted on 16 Jan 2024
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[–] AnneBonny@lemmy.dbzer0.com 0 points 10 months ago (5 children)

According to an October report by Market Watch, Americans needed an annual income of at least $100,000 to afford a car, at least if they're following standard budgeting advice, which says you shouldn't spend more than 10 percent of your monthly income on car-related expenses.

This is a dumb way to determine whether someone can "afford" a car.

[–] nicetriangle@kbin.social 14 points 10 months ago (1 children)
[–] AnneBonny@lemmy.dbzer0.com 2 points 10 months ago

Comparing the amoritization of paying off a loan to the amount of debt held.

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