Standard financial advice says you shouldn’t spend more than 10%-15% of your monthly income on your car payment, and many experts believe that even that is too high. But if you stretch the payments long enough, just about anyone can afford just about any car — whether they can actually afford it or not.
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So the question becomes what percentage of your annual salary should cover the suggested retail price of a new vehicle, whether you pay it in cash or finance it? According to American Family Insurance, you are not allowed to spend more than 30% of your annual income on your chosen vehicle. So if you’re making $100,000 a year, that’s a $30,000 budget.
There are seven vehicles in the Ford range that fit the bill: four SUVs and crossovers, one of which is a hybrid, a standard truck, a hybrid truck and a single car – but what a car it is.
Here’s a look at them all.