car payment / income
#1
car payment / income
just curious to know how crazy g35 drivers are....
what percentage of your monthly income goes to:
1. car payment
2. insurance and gas
3. mods
what percentage of your monthly income goes to:
1. car payment
2. insurance and gas
3. mods
Oh, BTW, financial planners think 10-15 % should only go to transportation purposes but they didn't mention how much to put on 'hobbies'!
I've seen so many young drivers here that are driving this awesome car and it just suprises me how they are able to keep up with the payments. I know, I know I will get flamed for this post but I think a lot of kids today have little or no financial knowledge at all. It's like the world revolves around the car.
Oh, and I'm only in my mid 30s and I've had my share of this experience years ago when my car payment was over 50% of my income and I was scraping for everything else. It was a terrible experience and don't want to go through it again. I didn't totally enjoy having a good car then!
#6
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$514/mo car payment
$140/mo gas
$100/mo insurance
im 22 yrs old. 26% of income goes to car, however im living at home until i finish college. so i have no cost of living expenses. i sacrifice living on my own to have a nice car. easy trade off IMO.
$140/mo gas
$100/mo insurance
im 22 yrs old. 26% of income goes to car, however im living at home until i finish college. so i have no cost of living expenses. i sacrifice living on my own to have a nice car. easy trade off IMO.
Last edited by venommaxr33; 03-01-2006 at 01:56 PM.
#7
$475/mo car payment
$140/mo gas
$50/mo insurance (parents pay most of it as long as im still in school)
$XXX on mods whenever i have left over money to spend on them
I dont have to pay rent as long as i live at home and go to school, so basically all i pay for is my car and gas.
I'm 19 yrs old
-GP-
$140/mo gas
$50/mo insurance (parents pay most of it as long as im still in school)
$XXX on mods whenever i have left over money to spend on them
I dont have to pay rent as long as i live at home and go to school, so basically all i pay for is my car and gas.
I'm 19 yrs old
-GP-
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#13
Originally Posted by venommaxr33
i sacrifice living on my own to have a nice car. easy trade off IMO.
#14
Well... assuming monthly income is gross income (since I think net is terrible for comparisons sake because of 401(k)s and whatnot):
car payment: 12%
gas + insurance: ~7%
maintenance: ~1% (average cost per month)
mods: 0% (I'm completely happy stock... yes... boring old stock)
total: ~20%
for net income... it ends up being about 32%, but 401(k) retirement savings have already been taken out (10% gross).
Speaking of retirement... lets see... 10% gross into 401(k) plus ~6% into a Roth IRA. (This is about financial planning after all right?)
Right now, rent for my apartment is about 15% of my income (really good in Los Angeles given the area I live in), but I'm worried that when I move it'll go up to about 23% (a significant amount more).
car payment: 12%
gas + insurance: ~7%
maintenance: ~1% (average cost per month)
mods: 0% (I'm completely happy stock... yes... boring old stock)
total: ~20%
for net income... it ends up being about 32%, but 401(k) retirement savings have already been taken out (10% gross).
Speaking of retirement... lets see... 10% gross into 401(k) plus ~6% into a Roth IRA. (This is about financial planning after all right?)
Right now, rent for my apartment is about 15% of my income (really good in Los Angeles given the area I live in), but I'm worried that when I move it'll go up to about 23% (a significant amount more).