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MyAutoCost results are planning estimates. Actual rates, taxes, fees and vehicle costs vary.

Car Affordability

How much car can I afford?

Get a realistic price range based on your income, existing obligations and the running costs most budgets forget.

Your finances
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$

Rent or mortgage

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Cards, student loans, etc.

$
Loan & running costs
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Loan term (months)
$/mo
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Check a specific car
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MyAutoCost

How much car can I afford?

Results and assumptions summary

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Planning price range

$18,257 – $22,676

Upper planning guideline: $44,770

Planning payment
$350
Based on MyAutoCost guidelines
Total monthly car cost
$660
Payment + insurance + fuel
Current DTI
30.4%
Housing + debts
Gross monthly income
$6,250

A $30,000 car

Near guideline
Monthly payment
$495
Total monthly cost
$805
Car cost / income
12.9%
Comfort ≤ 15%
DTI with this car
38.3%
Comfort ≤ 36%
Assumptions used
  • MyAutoCost planning guidelines: total car cost ≤ 15% of gross income and DTI ≤ 36%; the upper guideline uses 20% and 43%.
  • These heuristics are not universal rules, a lending approval, or a finding that a purchase is safe or unsafe.
  • The stricter of the two limits sets your maximum payment.
  • Lower end of the range assumes 75% of the comfortable payment, leaving room for savings.
  • Sales tax and fees are not included — budget for them separately or reduce the price.
  • Educational estimate only, not financial advice.

Assumptions used

  • MyAutoCost planning guidelines: total car cost ≤ 15% of gross income and DTI ≤ 36%; the upper guideline uses 20% and 43%.
  • These heuristics are not universal rules, a lending approval, or a finding that a purchase is safe or unsafe.
  • The stricter of the two limits sets your maximum payment.
  • Lower end of the range assumes 75% of the comfortable payment, leaving room for savings.
  • Sales tax and fees are not included — budget for them separately or reduce the price.
  • Educational estimate only, not financial advice.

Educational estimates only — not financial, tax or legal advice. Actual rates, taxes, fees and vehicle costs vary.

https://myautocost.com/car-affordability-calculator

How this affordability estimate works

MyAutoCost applies two planning heuristics, and the stricter estimate sets the range. They are not universal financial rules or lender underwriting criteria:

  • Car cost share: payment + insurance + fuel ≤ 15% of gross monthly income.
  • Debt-to-income: housing + other debts + car payment ≤ 36% of gross monthly income.

The maximum payment is then converted to a price using the loan formula Price = Payment × (1 − (1 + r)^−n) ÷ r + Down payment.

Example

With $75,000 income, $1,600 housing, $300 other debts and $5,000 down at 7% for 60 months, MyAutoCost's lower planning ceiling is about $22,676.

Limitations

  • Uses gross (pre-tax) income; if your take-home pay is unusually low relative to gross, be more conservative.
  • Doesn't account for savings goals, emergency funds or irregular income.

Prefer a simple rule of thumb? Check a specific car with the 20/4/10 car rule calculator.

Frequently asked questions

Educational estimates only — not financial, tax or legal advice. Results depend on the inputs you provide and simplified assumptions. Confirm rates, taxes and fees with lenders, dealers and insurers before making decisions.

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