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Find your maximum monthly payment and total car budget based on income and debts.
Car payment affordability is determined by how much of your monthly income can be safely allocated to vehicle costs. Financial experts recommend keeping total car expenses (payment + insurance + fuel) below 15–20% of gross monthly income.
| Annual Salary | Conservative | Moderate |
|---|---|---|
| $40,000 | $333 | $500 |
| $50,000 | $417 | $625 |
| $60,000 | $500 | $750 |
| $75,000 | $625 | $938 |
| $100,000 | $833 | $1,250 |
| $125,000 | $1,042 | $1,563 |
Formula
Max Monthly Payment = Gross Monthly Income × 0.10 to 0.200.10 = conservative threshold (10% of gross income)
0.15 = moderate threshold (15% of gross income)
0.20 = maximum threshold (20% of gross income)
Worked Example
$6,000/month gross income, $400/month existing debts
Did you know? The average new car payment in the US reached $735/month in 2024, according to Experian — more than double the 20/4/10 guideline for median US household incomes.
Sources
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