car payment / income
#61
What should be the income range to lease or buy a used G35 coupe?
I know this depends on life style and where you live. But what is the general range a rational person should make per year gross to lease a G35 or buy a used one for $23,000?
I am guessing atleast $50,000
Your thoughts are welcomed.....
I am guessing atleast $50,000
Your thoughts are welcomed.....
#62
What about some cars that are more difficult to value? My 3000GT according to bluebook is worth less than 10k, but I get offers of around 15k from interested enthusiasts? Then theres my '92 Plymouth Laser AWD (Mitsu Eclipse) with a **** ton of mods but is worth less than $2000 by blue book...
That said, G35 = 35k, 3kGT = ~15k, DSM = ~2K --- 52K with no bias towards a very heavily mod invested car. I made 79k last year...Thats 65% of my annual gross income. If you factored in how much mod money I've spent, Id be screwed completely
As of now, I'm telling myself that I wont spend much money on mods in the G, but time will tell if I can restrain myself!
That said, G35 = 35k, 3kGT = ~15k, DSM = ~2K --- 52K with no bias towards a very heavily mod invested car. I made 79k last year...Thats 65% of my annual gross income. If you factored in how much mod money I've spent, Id be screwed completely
As of now, I'm telling myself that I wont spend much money on mods in the G, but time will tell if I can restrain myself!
#63
#64
#65
#66
Originally Posted by Grok42
The total value of your automobiles shouldn't exceed 50% of your anual net income. So if you net 100K and have a 28K G35 and a $22 Acura, then the value of your cars is 50% of your income.
But to answer the original question:
1) $0
2) $50 ins, $80 gas
3) $0
total percentage= 0.7% of monthly gross (yes I've thought about a 997s but I believe no one should pay more than $50k for an automobile)
#67
But what is the general range a rational person should make per year gross to lease a G35...
There are so many variables, it would be tough to come up with a formula to capture them all. For example one guy who makes a $100K a year may find a $400 a month lease payment a struggle, whereas another guy who makes $50K may easily be able to afford the $400 a month lease. If the guy with the higher income is saddled with a huge mortgage and has a large family to support, the extra $400 a month could be tough to handle. On the other hand the guy making $50K could be single, own his home, have no debt of any kind, and have a $100K in the bank.
So the question is how much disposeable income does a person have at the end of the month after deducting all expenses including saving at least 5% of income for retirement. The answer to that question will help you to determine how much of a lease payment you can afford.
There are so many variables, it would be tough to come up with a formula to capture them all. For example one guy who makes a $100K a year may find a $400 a month lease payment a struggle, whereas another guy who makes $50K may easily be able to afford the $400 a month lease. If the guy with the higher income is saddled with a huge mortgage and has a large family to support, the extra $400 a month could be tough to handle. On the other hand the guy making $50K could be single, own his home, have no debt of any kind, and have a $100K in the bank.
So the question is how much disposeable income does a person have at the end of the month after deducting all expenses including saving at least 5% of income for retirement. The answer to that question will help you to determine how much of a lease payment you can afford.
Last edited by FAST1; 03-09-2006 at 08:09 AM.
#68
#69
I agree with the above statement, if you live at home vs you live on your own, there's a big difference, if you only calculate the % of income. It's not accurate.
I believe no matter how well you are doing, you gonna die just like the rest of us, you are rich and happy, it's your own business... just be happy and live your life. Dont' take things for granted
I believe no matter how well you are doing, you gonna die just like the rest of us, you are rich and happy, it's your own business... just be happy and live your life. Dont' take things for granted
#70
Originally Posted by G35MC
I agree with the above statement, if you live at home vs you live on your own, there's a big difference, if you only calculate the % of income. It's not accurate.
If your living at home you should be saving so one day you can own a home. I don't see how that would factor into the equation at all. Can you spend 90% of your income and be happy? Sure, but for how long? For some it's forever, but for most they will want to own a home someday, have a family, etc.
Originally Posted by G35MC
I believe no matter how well you are doing, you gonna die just like the rest of us, you are rich and happy, it's your own business... just be happy and live your life. Dont' take things for granted
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