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      12-09-2012, 08:45 PM   #1
RWD4Life
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What is your monthly budget?

I believe there is a rule of thumb regarding car expenses relative to one's monthly net income. 10% to 15% of that income can be allocated to car expenses, including lease/loan, insurance and gas. I was wondering how much people on the forum spend on their cars on a monthly basis.

Last edited by RWD4Life; 12-09-2012 at 09:37 PM.
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      12-09-2012, 08:53 PM   #2
Stohlen
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ALOT more than 10-15%.

Estimate based on quick math... 14.5% just on gas and insurance alone. Doesn't include mods, or repairs/maintenance. And I make about 45-50k depending on hours.

This is a fantastic topic. Props to you for coming up with it!
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      12-09-2012, 09:06 PM   #3
RWD4Life
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Quote:
Originally Posted by Stohlen View Post
ALOT more than 10-15%.

Estimate based on quick math... 14.5% just on gas and insurance alone. Doesn't include mods, or repairs/maintenance. And I make about 45-50k depending on hours.

This is a fantastic topic. Props to you for coming up with it!
Thanks for posting the first response! I think it is a great topic as well but to be honest with you I'm not expecting many answers. People tend to be sensitive when it comes to talk about money and I undertand that.
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      12-09-2012, 09:22 PM   #4
08LMB135i
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Rule of thumb for purchasing is no more than 50% of what you would gross in a year for me, and I stocked to that rule and bought a used 135i. My months expenses are around 10% of my gross income on payment and 10-15% on insurance fuel etc.
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      12-09-2012, 09:26 PM   #5
Maeiourk
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Definitely a lot more than 10-15%.
I don't even know how much I spent just in the gas alone. I always pump gas every 4 days or less, and that's with just normal driving alone. Currently in 30xxx miles, and my car isn't even a year, yet.
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      12-09-2012, 09:26 PM   #6
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Almost no one sticks to the 10-15%, it's a very old school philosophy. Many young generation BMW owners live with their parents and instead of moving out spend 500-1000$ per month to lease a BMW.
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      12-09-2012, 09:43 PM   #7
Greenkirby21
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lol it was like 80% for me.. but thats because I bought my car in college and had full ride so didn't have to pay any tuition/housing. I decided to use my work money to pay for my car. I had enough $$ saved over from my HS job to last me 6 months of no job in college, but luckily was always employed : )

however, once I do get my next car, I plan on using the 15% rule now that I have more responsibilities : )
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      12-09-2012, 09:48 PM   #8
mb135is
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I'm well below that 10-15% rule. With all told, I might get up to 10% (payment, insurance, gas, maint if needed, additional costs), but it's probably closer to 8%. I'm just not comfortable with any more than that, especially since I'm looking to purchase another home (this time with a friggin' garage!).
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      12-09-2012, 10:30 PM   #9
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My three car payments on my 09 135i, 08 Mini Cooper S, & 07 328Ii are roughly $1,400.00 a month. Thank god the 02 X5 is paid for!
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      12-09-2012, 10:43 PM   #10
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11.1%, doesn't include tires, add-on's, track days, etc.
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      12-10-2012, 06:30 AM   #11
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Had to do some math here. I was way under no payments for last three years. But just picked up both the 128 and Z4 both with short terms. Now insurance, gas, payments I am just under 10%. I included my daughters car that I maintain. Craziest part this number is more then I pay for our three houses. (One is paid for)
Thanks for having me do this math and getting upset again that I have payments. I hate payments.
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      12-10-2012, 06:41 AM   #12
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Cars are all paid for (the oner, 2010 FX35, 2007 Mini S convertible that I should sell, 2007 GMC Canyon for the kid, and 2003 GMC 2500HD for towing our boat and t-hauler)...insurance, reg, and gas is about 7%....mods as of lately out of my allowance and gifts and not included in that number.
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      12-10-2012, 07:31 AM   #13
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Track day expenses don't count. That goes in the entertainment or mental health section of the budget.
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      12-10-2012, 08:23 AM   #14
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Prob around 8%
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      12-10-2012, 08:42 AM   #15
ejm3
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Accounting / Finance guy here.

You can't judge this with a rule of thumb like you can when buying a house.
You might spend 80% of your income on your car if you live at home with your parents and have no other expenses.

But if you're already spending 50% of your income on rent then even spending 15% on your car might be too much.

In other words its different depending upon your situation and you have to spend what you're comfortable spending.
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      12-10-2012, 08:42 AM   #16
b1aze
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Individual income or can I use my wife's and be closer considering we're DINKs (dual income no kids)?

I'll do the math shortly. The sad part is my bimmer car payment is more than my PITs on my condo

Edit:
>100k/yr income gross total between us, closer to 110k.

Bimmer - 560
Tuscon - 260
Gas for both - 800/mo
Ins for both - 150
Total - 1780/mo for direct car expenses = 19% of gross income. A little high but our expenses are low otherwise.

Last edited by b1aze; 12-10-2012 at 09:20 AM.
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      12-10-2012, 08:59 AM   #17
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17%. 135 car payment, insurance, and lots of gas (long commute). Not really counting maintanence, because right now its just oil changes every 7500 miles. I also havent done any mods to the car.
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      12-10-2012, 09:29 AM   #18
Bill B.
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Also around 17% for household. payments + gas/insurance.
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      12-10-2012, 09:33 AM   #19
RWD4Life
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Quote:
Originally Posted by Pig Farmer View Post
Track day expenses don't count. That goes in the entertainment or mental health section of the budget.
+1
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      12-10-2012, 10:42 AM   #20
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I'm spending about 2% of my gross monthly income on gas, taxes, and insurance for my 128i cabrio. I bought it with cash so I have no payment or lease expense. I have a SUV too but taxes, my biggest expense, is a lot less on it. So maybe 3% of my gross for both.

Maybe I should remember this math the next time somebody wants to assume I drive a 128i because that is what I can afford.

Jim
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      12-10-2012, 10:50 AM   #21
ezeedee
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2008 135i  [3.50]
im sitting at around 50% with car payment, mods, gas, and insurance.
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      12-10-2012, 12:48 PM   #22
ilikebmxbikes
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Im at about 5% on average but several times I have spent up to 50% with large mods.
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