car payment / income
#31
just curious to know how crazy g35 drivers are....
what percentage of your monthly income goes to:
1. car payment - $740, all other vehicles paid off
2. insurance and gas - $250 for ins, $140 for fuel
3. mods - $5,000 annually average on all my cars, but after the G is done, that should drop to under $1,000 annually
This totals $1550 to be $1215 monthly. Income varies from $8,000-9,000 monthly. This adds up to about %19 on the high end and %13.5 on the low end. I guess I could be grouped into the %10-15 suggested.
what percentage of your monthly income goes to:
1. car payment - $740, all other vehicles paid off
2. insurance and gas - $250 for ins, $140 for fuel
3. mods - $5,000 annually average on all my cars, but after the G is done, that should drop to under $1,000 annually
This totals $1550 to be $1215 monthly. Income varies from $8,000-9,000 monthly. This adds up to about %19 on the high end and %13.5 on the low end. I guess I could be grouped into the %10-15 suggested.
#33
Interesting. Between the '05 TL and the '06 G35C as well as my beater '96 Grand Cherokee
1) 10.2%
2) 4.2%
3) 0.2%
That 10-15% rule also becomes less valid the more you make. If you're pulling down 3MM/year, if you want to spend 500K on a car, you're still left with 2.5MM to live on. I wish I had that problem.
1) 10.2%
2) 4.2%
3) 0.2%
That 10-15% rule also becomes less valid the more you make. If you're pulling down 3MM/year, if you want to spend 500K on a car, you're still left with 2.5MM to live on. I wish I had that problem.
#35
#38
#39
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Car Payment = $570.00 monthly
Insurance = $440.00 monthly 1.5K downpayment yearly. Total 6K
Life = $1000.00 monthly
Beer= $100.00 monthly
Percentage Total = Priceless
Ohh btw... 21 living with parents on $200 monthly rent basis, not bad; plenty of privacy and being near family is great.
Insurance = $440.00 monthly 1.5K downpayment yearly. Total 6K
Life = $1000.00 monthly
Beer= $100.00 monthly
Percentage Total = Priceless
Ohh btw... 21 living with parents on $200 monthly rent basis, not bad; plenty of privacy and being near family is great.
Last edited by 2Evolved; 03-04-2006 at 04:01 PM.
#40
#41
06 6MT
Car - $597 i'll be doing $1000 (12th month, gonna pay off the car. Building credit)
Insurance - $1658 1 yr Full
Mods- No plan on modding.
Gas- Varies, I drive the tegger sometimes.
I spent well over 9K on my teg a few years back. Got stolen and got nothing for it. Learned my lesson. I'll just take that 9k in double it w/ stocks.
Car - $597 i'll be doing $1000 (12th month, gonna pay off the car. Building credit)
Insurance - $1658 1 yr Full
Mods- No plan on modding.
Gas- Varies, I drive the tegger sometimes.
I spent well over 9K on my teg a few years back. Got stolen and got nothing for it. Learned my lesson. I'll just take that 9k in double it w/ stocks.
Last edited by Hanz; 03-04-2006 at 04:06 PM.
#44
Great thread. I don't own a G yet but I'm following the used market so I can pick one up when they get a little more affordable. I'm not bashing anyone as everyone's situation is different, but I can't believe the percentage most are spending on cars.
I would never finance a car unless I was in a tight spot and had no other option, so I would ask eveyone to add one more stat to the thread. Total the current value of all your autos and let us know what percentage of your yearly net income that is. I'm defining net income as Gross income minus any legaly enforced deductions (taxes, child support, etc). So if you gross 120K and net 90K and own $50K in autos your percentage would be 50K/90K = 55.6%.
Since I don't own a G yet, I'll pretend I just bought a new 6MT. In that case I would be at 41% instead of my current 7%. The general rule of thumb is that you shouldn't have more than 50% of your annual yearly income invested in cars. This is a much better indication of the load cars have on your money since it reduces a lot of the variables. Notice this works for both leases and cars owned since it is only interested in the value of the cars.
I would never finance a car unless I was in a tight spot and had no other option, so I would ask eveyone to add one more stat to the thread. Total the current value of all your autos and let us know what percentage of your yearly net income that is. I'm defining net income as Gross income minus any legaly enforced deductions (taxes, child support, etc). So if you gross 120K and net 90K and own $50K in autos your percentage would be 50K/90K = 55.6%.
Since I don't own a G yet, I'll pretend I just bought a new 6MT. In that case I would be at 41% instead of my current 7%. The general rule of thumb is that you shouldn't have more than 50% of your annual yearly income invested in cars. This is a much better indication of the load cars have on your money since it reduces a lot of the variables. Notice this works for both leases and cars owned since it is only interested in the value of the cars.
#45