How much car can I afford on a $30,000 salary? Free calculator
On a $30,000 salary you can afford a car of about $3,984, with a loan payment of up to $25 a month. Change any number below to fit your situation.
Car price you can afford on a $30,000 salary
Gross monthly income: $2,500. Assumes 7% APR, $350 a month for insurance, gas and upkeep, 7% sales tax and no other debts.
| Car budget | Down payment | 48-month loan | 60-month loan | 72-month loan |
|---|---|---|---|---|
| 10% of income ($250/mo) | $0 | $0 | $0 | $0 |
| 10% of income ($250/mo) | $3,000 | $2,804 | $2,804 | $2,804 |
| 10% of income ($250/mo) | $5,000 | $4,673 | $4,673 | $4,673 |
| 15% of income ($375/mo) | $0 | $976 | $1,180 | $1,370 |
| 15% of income ($375/mo) | $3,000 | $3,779 | $3,984 | $4,174 |
| 15% of income ($375/mo) | $5,000 | $5,649 | $5,853 | $6,043 |
The 20/4/10 rule
Put 20% down, borrow for no more than 4 years, and keep all car costs under 10% of gross income. On $30,000 that points to a car of about $0 (loan payment $0 a month, $0 down).
Monthly payment on common car prices
Payment for a loan of the full price at 7% APR, compared with the $25 a month that fits a $30,000 income.
| Loan amount | 48 months | 60 months | 72 months |
|---|---|---|---|
| $20,000 | $479 ✗ | $396 ✗ | $341 ✗ |
| $30,000 | $718 ✗ | $594 ✗ | $511 ✗ |
| $40,000 | $958 ✗ | $792 ✗ | $682 ✗ |
| $50,000 | $1,197 ✗ | $990 ✗ | $852 ✗ |
Frequently asked questions
How much car can I afford on a $30,000 salary?
About $3,984, if you spend 15% of gross income on the car (payment plus $350 a month running costs), put $3,000 down and take a 60-month loan at 7%. The cautious 20/4/10 rule gives a lower figure.
How much car can I afford on a 30k salary?
On 30k ($30,000) a year, a car of about $3,984 keeps all car costs within 15% of income. A stricter 10% budget points to a cheaper car; see the table above.
What car payment can I afford on $30,000 a year?
$30,000 is $2,500 a month before tax. With 15% for all car costs and $350 for insurance, gas and upkeep, that leaves about $25 a month for the loan payment.
Know the payment you want instead? See how much car you can afford for $200 a month, or work out a loan with the car payment calculator.
Other salaries
Guidelines only, not a lending decision. Figures use gross (pre-tax) income.