I Make 60k A Year, What Car Can I Afford? (Find Out the Kind of Cars You Can Afford!)

Last Updated on January 14, 2023 by Leepu Da Maxim

Some people believe that it is possible to spend up to 50% of annual income on a car. That’s why cars costing up to $30,000 can be purchased with an annual income of $60,000. Some of the most common options are the Nissan Altima, Ford Mustang, Chevrolet Camaro, or Toyota Camry. 

Key Takeaways

• What type of car you can afford mostly depends on your monthly income, expenses, down payment, etc.
• You should not spend more than 35% – 50% of your annual income on a car
• If your income is $60k then you should buy a car that ranges from $21,000 – $30,000

The 10 Best New Cars For 60k A Year

Cars	Price
Hyundai Veloster N	$28,800
Chevrolet Camaro	$28,090
Ford Mustang	$27,865
Subaru Outback	$27,845
Mazda MX-5 Miata	$27,525
Toyota Camry	$25,420
Honda Accord	$25,225
Mazda 6	$25,045
Kia K5	$24,455
Hyundai Ioniq	$24,195

What Car Can I Afford A 60k Salary?

There is a certain variety of rules when calculating the right car for a $60,000 annual salary. One of the rules established for this type of situation is to count on half of the annual salary to buy your next car. However, it is recommended that you do not have any current debt. 

At the same time, it is also highly recommended to keep living expenses at a very limited level. In any case, savings for the down payment or vehicle financing costs are not considered here either. So, without considering all these aspects, here we can mention the main vehicles that can be acquired with an annual salary of $60,000.

1. Hyundai Veloster N

One of the most reliable cars you can get for less than $30,000 is this particular model. It is a vehicle that can provide 275 horsepower and standard-quality performance. Either way, it is a sports car that is very efficient and versatile at the same time. Also, this front-wheel-drive car has been recognized by the best experts.

Every user here has the possibility of getting a bass exhaust sound along with an innovative chassis design. So, here the users can get a car that provides wide comfort to the passengers and the driver. Also, the double-clutch transmission is combined with 8 speeds with shift paddles.

Finally, the sports seats and boot control are highly appropriate when we talk about a sports car. The driver assistance features provide a much more comfortable and efficient level of driving. 

2. Chevrolet Camaro

Without a doubt, this is one of the most attractive and classic muscle cars that continue to exist in the market today. It is one of the main rivals of the Ford Mustang and has rear-wheel drive and unparalleled beauty. In these times, its cost is much more accessible to a wide variety of users who want to enjoy its wide range of amenities.

In principle, the six-speed manual transmission is combined with the 2.0-liter engine and a power of 275 horsepower. In turn, the turbo boost perfectly complements the mechanics of this vehicle to provide better results. On the other hand, there is also an 8-speed version with automatic transmission. 

Beyond that, the interior of this vehicle is still outstanding when it comes to obtaining a sporty design. Therefore, this is one of the classic vehicles that manage to adapt to different customer segments. 

3. Ford Mustang

Whenever the Chevrolet Camaro is found, there will also be the Ford Mustang to continue the classic competition. In this case, we must talk about the Ford Mustang in its basic form with rear-wheel drive and a 4-cylinder Turbo power. Although there are more expensive versions, this version offers versatile handling along with dizzying acceleration.

Along with the 2.3-liter engine, it also offers 350 lb-ft of torque and 310 horsepower. All these features are more than appropriate considering that this is a budget of less than $30,000. For those who want an old-fashioned operation, this vehicle can provide a six-speed manual transmission.

There is also an automatic transmission version that offers 10 speeds. On the other hand, brakes larger than other sport suspension options and other features have been included in this Ford Mustang, which has a great feeling.

4. Subaru Outback

Some people can afford this mid-size truck that can provide four-wheel drive. It’s one of the toughest and most efficient vehicles to travel on different types of roads. The butch body and long ground clearance combine to make an excellent family car.

Additionally, the excellent traction is combined with a high capacity of practicality and functionality to face different situations. The road and off-road roads can be faced as well as different adverse weather conditions. That is why a wide variety of users count on this vehicle for the comfort of the family.

Inside, we can find a 2.5 liter, four-cylinder engine of horizontal design that produces 182 horsepower. In turn, any of the versions of this vehicle includes Eyesight Driver Assist technology. So, it is also possible to obtain an excellent driving level. 

5. Mazda MX-5 Miata 

Undoubtedly, the different versions of this model are one of the most recommended for single people or couples without children. In particular, it is one of the high-performance, low-cost, low-weight sports cars. Therefore, for a large number of people, these three characteristics are usually more than enough when choosing a car.

In particular, people here can get a 2.0-liter, in-line four-cylinder engine with the capacity to produce 181 horsepower. Here, the acceleration that this vehicle can provide is convincing to many people. Combined with this, its ability to go through corners is as efficient as the rest of its features. 

In other words, it is a small vehicle that can provide great results from the first to the last day. Of course, the best part here is that it is no more and no less than a car that requires a budget of less than $30,000.

6. Toyota Camry

One of the best-selling cars in recent years in the United States is this family sedan. In particular, here people can get excellent space and comfort inside. In turn, the functionality of this car is combined with a high level of reliability. So, it’s been one of the most popular four-door mid-size cars for almost two decades.

One of the latest versions that require a budget of less than $30,000 includes 4 cylinders and 2.5 liters. Also, this engine can produce 206 horsepower for excellent performance. Despite not being such a lightweight car, some versions can offer all-wheel drive. Therefore, it is a car that can be adapted to the specific needs of a family.

7. Honda Accord

Without a doubt, another of the most reliable sedans available in the market for less than $30,000 is this model Honda. In particular, it is a mid-size car that can combine excellent refinement, efficiency, performance, and interior space. For many people, this combination is usually the ultimate in choosing this model.

However, it is necessary to mention that the engine combines a 4-cylinder turbocharger and provides 192 horsepower. Along with this, the suspension is highly refined while the structure is solid with a very attractive design. At the same time, the parts and the safety system are usually excellent and of high quality for the protection of the family. 

8. Mazda 6 

Here, we must talk about the biggest and most spacious sedan Mazda can offer. In particular, this is one of the most appropriate choices when it comes to a residential area. This vehicle is very well equipped and provides a high level of comfort and space inside. Moreover, its dynamics are very innovative and appropriate considering the budget of less than $30000. 

In particular, this vehicle has a 2.5-liter, 4-cylinder engine and the capacity to generate 187 horsepower. Besides, the manual changes and sports modes are also combined with a six-speed automatic transmission. So, this is one of the sedans that can offer some sports features in a car that is very complete.

8. Kia K5

Many users have noticed lately that Kia has just developed a sedan with excellent features. Taking into account the predecessor sedan, this model is a little wider and longer, but also lower. Also, the wheelbase has increased by 1.8 inches. Also, the space in the rear seats is greater for optimal passenger comfort.

This car has a 1.6-liter engine, turbocharged in-line four cylinders, and 180 horsepower. Combined with this, the refined design is much more enjoyable, as well as the fuel economy and torque power.

So, on the highway, you can enjoy 38 miles per gallon, while in the city you get 29 miles per gallon. Finally, lane-keeping assistance is complemented by automated emergency braking. 

9. Hyundai Loniq

To complete this list we must mention this compact hybrid sedan that offers great fuel economy. This 139-horsepower sedan delivers 59 mpg on the highway and 57 mpg in the city. Besides, there is also the all-electric model to uses only electric power.

Because of the large battery on board, you can get 29 miles of the range here, although a budget of $3000 more is required. Either way, this is a vehicle that combines practicality, efficiency, and excellent safety features. That’s why it’s one of the most popular vehicles these days. 

References:

https://www.moneyunder30.com/car-affordability-calculator

https://www.edmunds.com/calculators/affordability.html