Would I be able to afford it?
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Joined: Dec 2003
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From: Chicago, IL
Here's the way I look at, forget about all the advice thus far and follow mine. Get your name on your parent's credit score (assuming they have a good one), test drive the car & pretend you know what your talking about.
Buy said car and live like a king for about three months until they reposess it. Chicks will dig that you live life on the edge and don't give a toss for legality.
Then, when you have too catch the bus everywhere, have no credit and your parents disown you, be safe in the knowledge that your a rebel, NO-ONE tells you what too do!!!
Buy said car and live like a king for about three months until they reposess it. Chicks will dig that you live life on the edge and don't give a toss for legality.
Then, when you have too catch the bus everywhere, have no credit and your parents disown you, be safe in the knowledge that your a rebel, NO-ONE tells you what too do!!!
Registered User
Joined: Jul 2004
Posts: 154
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From: Atlanta Ga
if your 1 weeks check take home (1/4 of your months salary) can cover the payment + insurance. then you can afford it. if its more than that, its too hard to recover because your actually saving 2 checks to just make the 1 payment. then you have "other" expensese..
Last edited by JohnnyCham; Jan 3, 2005 at 10:30 PM.
Banned
Joined: Jan 2005
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From: Delaware
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Once agian like everyone has said if you really have to ask you probably cant comfortably afford the car.
Of course you should be looking into your future but it's hard to fathom 60yrs down the road. But if you invested approx 3k/yr in a high risk mutual from 21-28 its the same amount of money from 28-50 that you will earn.
But at the same time if you want to buy the car and you have 5 yrs to spend on teh car and after those five yrs your going to keep the car and not have a car payment anymore maybe it could work out for you. But once agian theres so many factors in this situation. We know you want the car, so just see how much you can spend on the payment then what's leftover for you to scrimp with and see if you can make it.
By the way i'm only 22 so i'm not one of these old heads...Best of luck
Of course you should be looking into your future but it's hard to fathom 60yrs down the road. But if you invested approx 3k/yr in a high risk mutual from 21-28 its the same amount of money from 28-50 that you will earn.
But at the same time if you want to buy the car and you have 5 yrs to spend on teh car and after those five yrs your going to keep the car and not have a car payment anymore maybe it could work out for you. But once agian theres so many factors in this situation. We know you want the car, so just see how much you can spend on the payment then what's leftover for you to scrimp with and see if you can make it.
By the way i'm only 22 so i'm not one of these old heads...Best of luck
i bought my coupe when i was 24 (6months out of school) ...making 45K a year...was living at home..
put around 13K down...(all my money) and pay 450 a month. was no big deal.
one year later...still 24 ..moved out and still not too big of a deal.
like most people said...you should think about your lifestyle and your own financial situation. i would say that between 45-50K and you should be okay with it considering that you have normal 24 year old expenses. (no wifey/mortgage)
put around 13K down...(all my money) and pay 450 a month. was no big deal.
one year later...still 24 ..moved out and still not too big of a deal.
like most people said...you should think about your lifestyle and your own financial situation. i would say that between 45-50K and you should be okay with it considering that you have normal 24 year old expenses. (no wifey/mortgage)
ohh yeah...dont let some of these guys discourage you....
might as well get this car when you're younger...i wont be driving a G35 when im 40...hopefully its time for the big tank of a sedan.
might as well get this car when you're younger...i wont be driving a G35 when im 40...hopefully its time for the big tank of a sedan.
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Joined: Feb 2004
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Originally Posted by axiochris
...i wont be driving a G35 when im 40...hopefully its time for the big tank of a sedan.
Registered User
Joined: Dec 2004
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Originally Posted by lkmbrd
Generally speaking, how expensive of a car can you afford with a salary around $40k?
Do one scenario with a rent payment and another without (living at home).
Thank you.
Do one scenario with a rent payment and another without (living at home).
Thank you.
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Joined: Jul 2004
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Originally Posted by neffster
You've left out way too many details. Where do you live? Alabama is cheap Seattle Washington isn't. The rent might be triple in Seattle. Some things to consider...
Medical Ins.
Dental Ins. (can't have stinky breath or yellow teeth)
Vision Ins. (for contacts/glasses)
Life Ins.
Auto Insurance
401K
Rent
Clothing
Food for the fridge
Amount spent eating out
Electric/Gas
Water
Phone
TV-Cable
Internet
Cell Phone
Expressway Tolls
Garbage Collection
hair cuts
Gasoline (how many miles a year do you travel?)
General amount of money used for leisure (don't skimp here)
movie theater
dating
beer (or partying in general)
Do you plan on modding?
General misc. items that are one time expenses...
scissors
toe nail clippers
silverware
pots/pans
microwave
toaster
coffee maker
bath towels
garbage cans
washer/dryer
iron
bed
couch / furniture
TV
DVD
VCR (showing my age)
Stereo
Then there's the unexpected or annual expenses...
Renewing the drivers license
Renewing the registration
Insurance premium increases
Insurance deductibles (incase of an accident)
New tires
New brakes
Oil Changes
Tranny/Diffy flushes
new windshield wipers
car wash products (interior and exterior)
Christmas presents (definitely include this in the budget)
I've hit about 60 to 70% of the things you should consider. Place a dollar value beside each of these items and see how quickly it adds up. THEN see how much you have left for the G. With ~$5K down your payment will be about $600/month for 5 years...
Medical Ins.
Dental Ins. (can't have stinky breath or yellow teeth)
Vision Ins. (for contacts/glasses)
Life Ins.
Auto Insurance
401K
Rent
Clothing
Food for the fridge
Amount spent eating out
Electric/Gas
Water
Phone
TV-Cable
Internet
Cell Phone
Expressway Tolls
Garbage Collection
hair cuts
Gasoline (how many miles a year do you travel?)
General amount of money used for leisure (don't skimp here)
movie theater
dating
beer (or partying in general)
Do you plan on modding?
General misc. items that are one time expenses...
scissors
toe nail clippers
silverware
pots/pans
microwave
toaster
coffee maker
bath towels
garbage cans
washer/dryer
iron
bed
couch / furniture
TV
DVD
VCR (showing my age)
Stereo
Then there's the unexpected or annual expenses...
Renewing the drivers license
Renewing the registration
Insurance premium increases
Insurance deductibles (incase of an accident)
New tires
New brakes
Oil Changes
Tranny/Diffy flushes
new windshield wipers
car wash products (interior and exterior)
Christmas presents (definitely include this in the budget)
I've hit about 60 to 70% of the things you should consider. Place a dollar value beside each of these items and see how quickly it adds up. THEN see how much you have left for the G. With ~$5K down your payment will be about $600/month for 5 years...
I like the way you think!
"A thou monthly in insurance? Or you exaggerating or have you seen such quotes?"
of course it depends on what area you live in, but i've talked to some ppl who purchased either the coupe or 350z and who are 21 years old or younger. they couldn't find anyone to ensure them for under $1000. and they all had clean driving records too. from ppl on these forums, it got the lower $500 number. that's where my range came from--$500-$1000.
of course it depends on what area you live in, but i've talked to some ppl who purchased either the coupe or 350z and who are 21 years old or younger. they couldn't find anyone to ensure them for under $1000. and they all had clean driving records too. from ppl on these forums, it got the lower $500 number. that's where my range came from--$500-$1000.
Charter Member Florida G35 Club
Joined: Dec 2004
Posts: 566
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From: Miami, FL
the way i see it, keep in mind that i am a very open minded person, indulge yourself, because you never know what tommorow brings. a recent incident in my life made me realize life is too damn short to be worrying about things like this. hey, if you are comfortable living off of the remaining amount after your bills and car payment and insurance is paid, why not. im not saying NOT to worry about the future, but dont go to far off into the future. just be happy. just imo...
Registered User
Joined: Dec 2004
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Im 22 years old and I bought my g35 a month ago. I thought about all the variables commented in the previous posts. I am making around 40k/year and living away from home with a gf (pays half of bills). I did my research on how much money I would be wasting and how much I would have left. Since I have really good credit, thanks to my college loans and credit cards, I was able to get the car with 4% APR. I could have got 3% with their graduation program, but I did not apply for graduation that time (graduating may 05). I also got some insurance quotes. And State Farm gave me the best with $170/month with $250comp and $250 collision. It should lower to $150/month after I get the defensive driving certificate to go through. And this is with one at-fault accident.
But do some research and calculate your monthly expenses. Think about if you can live with the money you have left. Also think about the TAXES that come out of your paycheck.
But do some research and calculate your monthly expenses. Think about if you can live with the money you have left. Also think about the TAXES that come out of your paycheck.
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Joined: Sep 2004
Posts: 326
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From: Omahaw
here's my 2 cents:
i'm 22. just got my bachelors in may 04; fortunately i do not have any student loans to pay off. it was always my goal to finish college and buy myself a nice ride. i make exactly $40k/yr with full benefits - health, dental, life, etc. with my first paycheck from my first "real" 8-to-5 job in august 04, i put a downpayment on a used 03 6MT loaded red coupe. i havent looked back.
of course, i do live in the midwest, where cost of living is SIGNIFICANTLY cheaper than either of the coasts. i have a spotless driving record and pay $210/mo car insurance (full coverage), plus $480/mo car payment, plus $400/mo rent, plus various expenses.
but of course i havent even begun to think about marriage, retirement, equity, investments, real estate, and the like. previous replies have stressed the importance of all of these, and dont count them out. retirement is always in the back of my mind, but frankly right now i just want to have a good time for a few years.
i'm 22. just got my bachelors in may 04; fortunately i do not have any student loans to pay off. it was always my goal to finish college and buy myself a nice ride. i make exactly $40k/yr with full benefits - health, dental, life, etc. with my first paycheck from my first "real" 8-to-5 job in august 04, i put a downpayment on a used 03 6MT loaded red coupe. i havent looked back.
of course, i do live in the midwest, where cost of living is SIGNIFICANTLY cheaper than either of the coasts. i have a spotless driving record and pay $210/mo car insurance (full coverage), plus $480/mo car payment, plus $400/mo rent, plus various expenses.
but of course i havent even begun to think about marriage, retirement, equity, investments, real estate, and the like. previous replies have stressed the importance of all of these, and dont count them out. retirement is always in the back of my mind, but frankly right now i just want to have a good time for a few years.