Would I be able to afford it?
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Would I be able to afford it?
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.
there are so many variables here that it's not even worth calculating without knowing the details. not only does it depend on renting or owning a house/apt., but also where you live, your lifestyle, your age to account for insurance costs......the list can go on and on.
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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.
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...
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From: Las Vegas, NV
i don't understand why you don't just sit down and figure out how much money you have left each month after paying all your bills and such. from there, go on the capitol one auto loan website and see how much you can afford according to interest rate and the term of the loan.
you are obviously either in high school or college. therefore, if you really want a nice car like the g35 coupe, go on ahead and get it. just eat ramen noodles all the time: ) if you want to eat regularly, then get a honda civic.
or, eat nice and get the coupe but live out of the coupe so you don't have rent to pay.
you are obviously either in high school or college. therefore, if you really want a nice car like the g35 coupe, go on ahead and get it. just eat ramen noodles all the time: ) if you want to eat regularly, then get a honda civic.
or, eat nice and get the coupe but live out of the coupe so you don't have rent to pay.
You'll impress your friends perhaps but you may be hoping they pick up the check... If you live in a big city anyway. If you haven't bought real estate you have little wiggle room to squander your most powerful earnings (read: dollars compunding earliest in the Present Value formula for your retirement portfolio's value) on cars. Cars are disposabale and while often attributed to one's inferred status, offer little actual economic gain, rather a big loss overall. Take a look at your budget and if TOTAL car costs come to more than say 25-35% of your overall budget, punt.
Compare auto cost to your savings as a % of your budget and think about where you want to be after you work for 50 years. I waited until I was in my 30's to buy what now are considered barely entry lux cars. The need to buy a better more powerful car will infiltrate your soul for the rest of your life if you have the taste for a G...but you'll have 20 cars in your lifetime and you'll always have that need for more. If you wait (delayed gratification is a never used term these days) you can have an Aston Martin or Bugatti collection and really discover why car enthusiasts enjoy driving and owning a piece of art. Balance that with something workable for where you need to be when you're 80 and feel good about your decision to buy the best value ever in car history..now or in a few years. Buy a 120k duplex with 8 grand and it will finance your car in 5 years with excess cash flow from the rental income. PS I may not practice what I preach..
Compare auto cost to your savings as a % of your budget and think about where you want to be after you work for 50 years. I waited until I was in my 30's to buy what now are considered barely entry lux cars. The need to buy a better more powerful car will infiltrate your soul for the rest of your life if you have the taste for a G...but you'll have 20 cars in your lifetime and you'll always have that need for more. If you wait (delayed gratification is a never used term these days) you can have an Aston Martin or Bugatti collection and really discover why car enthusiasts enjoy driving and owning a piece of art. Balance that with something workable for where you need to be when you're 80 and feel good about your decision to buy the best value ever in car history..now or in a few years. Buy a 120k duplex with 8 grand and it will finance your car in 5 years with excess cash flow from the rental income. PS I may not practice what I preach..
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Originally Posted by Blitzjb
If you have to ask, you cant afford it!
LOL, my thoughts exactly...unless you live at home and are under daddy's/mommy's insurance plan through his work assuming your not older than 23 and have no school loan and bills.
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From: Big Smoke
Originally Posted by SixFive
You'll impress your friends perhaps but you may be hoping they pick up the check... If you live in a big city anyway. If you haven't bought real estate you have little wiggle room to squander your most powerful earnings (read: dollars compunding earliest in the Present Value formula for your retirement portfolio's value) on cars. Cars are disposabale and while often attributed to one's inferred status, offer little actual economic gain, rather a big loss overall. Take a look at your budget and if TOTAL car costs come to more than say 25-35% of your overall budget, punt.
Compare auto cost to your savings as a % of your budget and think about where you want to be after you work for 50 years. I waited until I was in my 30's to buy what now are considered barely entry lux cars. The need to buy a better more powerful car will infiltrate your soul for the rest of your life if you have the taste for a G...but you'll have 20 cars in your lifetime and you'll always have that need for more. If you wait (delayed gratification is a never used term these days) you can have an Aston Martin or Bugatti collection and really discover why car enthusiasts enjoy driving and owning a piece of art. Balance that with something workable for where you need to be when you're 80 and feel good about your decision to buy the best value ever in car history..now or in a few years. Buy a 120k duplex with 8 grand and it will finance your car in 5 years with excess cash flow from the rental income. PS I may not practice what I preach..
Compare auto cost to your savings as a % of your budget and think about where you want to be after you work for 50 years. I waited until I was in my 30's to buy what now are considered barely entry lux cars. The need to buy a better more powerful car will infiltrate your soul for the rest of your life if you have the taste for a G...but you'll have 20 cars in your lifetime and you'll always have that need for more. If you wait (delayed gratification is a never used term these days) you can have an Aston Martin or Bugatti collection and really discover why car enthusiasts enjoy driving and owning a piece of art. Balance that with something workable for where you need to be when you're 80 and feel good about your decision to buy the best value ever in car history..now or in a few years. Buy a 120k duplex with 8 grand and it will finance your car in 5 years with excess cash flow from the rental income. PS I may not practice what I preach..
These is some very good advice in the above post. A car is great but, its a depreciating asset and thus, should always be purchased with disposable money. Meaning left over $$ that wont impact your daily neccessities. If you can afford to go above the mainstream vehicle (say a camry) it should be done with $$ that wont have you eating Kraft dinner and living in a shoebox. Of course if you're a young single guy, then you'll probably disregard everything I just said and buy the G, cause camry's dont get chicks.
cheers,
by the way, if you're under 24 years old, expect to pay anywhere from $500 to $1000 per month for insurance. so........i wouldn't count on being able to afford a coupe with that budget. of course, that's if you were even planning on getting the coupe.
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From: Big Smoke
Originally Posted by Z2G
by the way, if you're under 24 years old, expect to pay anywhere from $500 to $1000 per month for insurance. so........i wouldn't count on being able to afford a coupe with that budget. of course, that's if you were even planning on getting the coupe.
