I've just bought a car so I'm a long way from replacing it, but I'm thinking about my Car Replacement category. How much should I put in there (once I'm debt free) each month?
I remember hearing a DR clip (via the iPad app) in which Dave stated that you should only spend 50% of household income on purchasing a new car. Basically, if you earn £50,000 per year, then spend no more than £25,000 on a new car. OK, that means I can set a goal for my Car Replacement category, but how long should I save for?
Does anyone know how often a car should be replaced, according to Dave Ramsey? Does Dave say it should be every 5, 10 or 15 years (or other)? Can you point me to a clip or article that states this?