Your job helps determine the car you can afford

Let's say you're a billing clerk at a medical office. It's a safe bet the car you can afford is decidedly less posh than the luxury vehicles your doctor co-workers drive.

Medicine not your field?

The point is, there's an auto affordability price tag associated with every job. The trick is figuring out what you can pay for without unreasonably stretching your budget.'s inaugural Car Affordability Study spelled out the three key factors in determining what you can spend.

These factors are commonly referred to as the "20/4/10" rule: a down payment of at least 20%; an auto loan that lasts no longer than four years; and principal, interest and insurance not exceeding 10% of a household's gross income.

Using these calculations, we matched some popular careers to some great vehicles someone making the median salary in that job can afford.

See if you can buy as much car as a police officer, high school teacher or your local congressman.

Photo Credits: Police officer, psychiatrist, dental hygienist: © Real Illusion/ | Chef: © Doggygraph/ | Calligraphy: © 100ker/ | Calligraphy feathers: © Ozerina Anna/ | Vintage background: © il67/ | Retro backgrounds: © alex.makarova/ | Teacher: © | Attorney and Congressman: © Rosa Puchalt/

Follow Mike Cetera on Google Plus.

Leave a Reply

Your email address will not be published. Required fields are marked *