How much do you have to make to comfortably afford a brand new Toyota GR86?

How much do you have to make to comfortably afford a Toyota86? The 20/4/10 rule is a guideline for budgeting when purchasing a car. Here’s what each number represents: - 20% down payment: Ideally, you should aim to make a down payment of at least 20% of the car’s purchase price. This helps reduce the amount financed and can lower your monthly payments and overall interest costs. - 4-year loan term (or less): Try to finance the car with a loan term of no more than four years. Shorter loan terms typically result in lower interest rates and less interest paid over the life of the loan. It also ensures that you pay off the car more quickly, reducing the risk of owing more than the car is worth. ***Note that I use 5 years because a majority of you stressed that this is the most common lease time. - 10% (or less) of monthly income for car-related expenses: Your total monthly car expenses, including loan payments, insurance, fuel, maintenance, and repairs, should not exceed 10% of your gross monthly income. Keeping these expenses within this limit helps ensure that you can comfortably afford your car without sacrificing other financial goals or stretching your budget too thin. Following the 20/4/10 rule can help you make a more informed and financially responsible decision when buying a car, ensuring that you choose a vehicle that fits your budget and lifestyle while minimizing financial strain. #toyota #toyota86 #toyotagr86 #budgetingtips