2012 Toyota Camry: How Much Car Can You Afford?
May 08, 2012
I was playing around with the affordability calculator on Edmunds. I put in how much I was willing to pay monthly, how much I could put down up front, how many years I wanted to spread it out, and took a guess at a financing rate. I just wanted to see what it would spit out.
When testing the long-term fleet, we get to drive a lot of cars above our means. You start to lose a sense of reality for pricing, at least I do. Our calculator said I should look for something in the Toyota Camry range. Huh? I'm a professional woman.
Now maybe I put in numbers that were way too low. I didn't put in how much I could afford but how much I was willing to pay. I can't see having an enormous car payment when I don't own a home. But this got me to thinking about how much people put into their cars. Are we all living above our means in the U.S.? Can you really afford that car you're driving?
Donna DeRosa, Managing Editor @ 8,266 miles