Realistically (and unfortunately), a household with only $74k annual income shouldn't be buying new vehicles in this day and age. It is just far too expensive to afford.
Going by the 20/4/10 rule:
- 20% down
- finance for no more than 4 years
- keep total vehicle expense under 10% of (monthly) gross income
$74k annual gross income means:
- $6167 monthly gross income
- 10% of above = $616.77
To make the calculations easy, let's just say the monthy payments are going to be $400/month. That means $216.77 is spent on gas and insurance, which is already kind of unrealistic.
I punched the numbers into Edmund's affordability calculator, and I'm getting:
- $4k down payment
- vehicle price range of $18k - $20k
Incidentally through the EV grapevine again, someone mentioned / leaked a bunch of estimated landed prices for the BYD line up for the N.American market (whatever that means), and they are as follows, with all figures in CDN:
Dolphin - $17.6k
Atto 3 - $21.2k
Seal - $39.57k
Sealion 7 - $40.87k
Shark 6 - $53.2k
Leopard 5 - $34k
So I guess the median Canadian household will be buying a BYD Dolphin as their next car?