Originally Posted by
wahoonc
It will vary from individual to individual, based on lifestyle and location.
Average will be somewhere in the $5k range if you have to make payments on a small car.
And... lest we forget... this $5k average is with
after tax dollars. Depending on your tax bracket, you may need to earn $7K on your marginal tax rate(in the US... more in Canada) to pay for it.
The way I look at it, if I'm paying a marginal rate of 35%, every dollar I don't spend could be $1.35 that I don't need to earn.