8 Cars the Upper Middle Class Can’t Afford Anymore

Graeme Fordham / Audi

Rising interest rates and automobile prices have made some cars that have typically been the hallmark of the upper middle class unaffordable for this demographic. You may be surprised to learn that those in this class can no longer afford some of these vehicles.

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Here’s what you need to know.

Also, see some of the new cars that are affordable for the upper middle class.

What Is Upper Middle Class?

According to the Social Security Administration’s wage data, the average income for someone in the upper middle class is between $80,000 and $100,000 per year. These workers make up the top 15% to 20% of earners.

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How Much Can They Afford To Spend on a Car?

Using round numbers, we’ll assume a $100,000 annual salary for an upper-middle-class worker. The net monthly income for a $100,000 salary will vary depending on where you live because of state and local taxes. A good ballpark is that a $100,000 salary will net you about $6,000 a month after taxes. Note that there may be some deductions from this for things like health insurance and retirement plan contributions, so your paycheck may be smaller, but this is still about what you’d be taking home after taxes.

If, as some experts say, you should spend no more than 10% to 15% of your take-home pay on your car payment, you could spend $600 to $900 per month on a car. If you get a 7% loan and put $5,000 down, you could finance a $30,000 car for $599 per month. A $45,000 car, also with a $5,000 down payment and 7% interest rate, would cost you $958 per month.

So, the average upper-middle-class person who makes $100,000 per year and wants to spend no more than 10% to 15% of their income on a car payment could afford a car priced at $30,000 to $45,000.

Which Cars Are Unaffordable to This Class?

Here are eight new cars that are now unaffordable for people using this guideline:

• 2024 Mercedes-Benz CLE, with a starting MSRP of $57,650

• 2024 Genesis G80, starting MSRP $55,650

• 2024 BMW i4, starting MSRP $53,195

• 2024 Cadillac CT5-V, starting MSRP $52,890

• 2024 Volvo V60 Cross Country, starting MSRP $51,495

• 2024 Audi S3, starting MSRP $48,495

• 2024 Toyota GR Supra, starting MSRP $47,535

• 2024 Acura TLX, starting MSRP $46,195

Which Cars Can You Afford on a $100,000 Salary?

If you want to know what you can afford, here are some new cars that are within the $30,000 to $45,000 price range:

• 2024 Lexus ES, starting MSRP $43,190

• 2024 Toyota Crown, starting MSRP $41,445

• 2024 Hyundai IONIQ 6, starting MSRP $38,650

• 2024 Acura Integra, starting MSRP $32,995

Some Experts Recommend Spending Less

As far as some financial gurus are concerned, this calculation is far too generous. Financial Samurai Sam Dogen said you should spend 10% or less of your gross annual income on a car. He suggested that if you earn $100,000 per year, you should buy a car for $10,000 or less.

Here are some of the cars you’d be priced out of buying using this benchmark:

• Anything new. The least expensive new car you can find is nearly double the budget, such as the Nissan Versa which starts at $16,680.

• 2012 Kia Soul, with 97,000 miles, listed for $10,998 on CarMax

• 2014 Chevy Spark with 61,000 miles, priced at $10,599 on CarMax

Here are some you could afford:

• 2013 Kia Forte LX with 107,000 miles, priced at $9,998 on CarMax

• 2012 Ford Fiesta S with 108,000 miles, priced at $8,998 on CarMax

• 2105 Mitsubishi Mirage DC with 120,000 miles, priced at $8,998 on CarMax

Consider Your Total Cost of Car Ownership

The cost of owning a car goes beyond the purchase price and monthly payments. Also consider insurance, gas, repairs and maintenance. Your car may be your second-largest monthly expense after housing, so choose carefully.

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This article originally appeared on GOBankingRates.com: 8 Cars the Upper Middle Class Can’t Afford Anymore