Im looking to get me a new car since my current car (88 5.0) is falling apart. I went over to my credit union and got approved for 25k @ 5% interest, i was surprised since im 22 and have only had a credit card for a year. I make 1200 a month (part time job), dont really have any bills besides gas money and rent. Now I've started lookin at cars, and found a 04 maxima that i really like, test drove it and im sold, but im afraid that maybe i cant afford it, its 23k. I have about 5k saved up so i wouldnt need all the money from the loan. Is there a rule of how much money you should spend from your monthly income on a car payment? Any advice would be helpful, Thanks in advance.
How much car can I afford?
- Thread starter Pasadena
- Start date
how much do you spend per month? basically, if you wanted to, what is the most you can save after all bills and expenses are paid after each month?
if you make 1200 a month, spending that much money on a car would be very .....
if you make 1200 a month, spending that much money on a car would be very .....
you're 22, live at home, and make 1200 a month?
I'd start with finding your own place to live.
even still.. you make $14k a year; and you're buying a 20k+++ car??!!!
Is this a parody of some sort???
I'd start with finding your own place to live.
even still.. you make $14k a year; and you're buying a 20k+++ car??!!!
Is this a parody of some sort???
Slappy00
Golden Member
- Jun 17, 2002
- 1,820
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there was a website to help you calculate that err i had it here somewhere i think you dont want your loan payments to be more than 20% of your monthly income i.e. $240/mo as a general rule, other than that pay what you can afford but be smart about expenses since you will now be paying for full coverage insurance, lic plates, city stickers, toll, gas, maintainence, etc.
If you only make $1200 a month how do you plan on paying rent, utilities, bills, car payments and still have money left to do stuff in your free time?
Buy a car thats a few years old for ~8-10k and only take a small loan.
Slappy00
Golden Member
- Jun 17, 2002
- 1,820
- 4
- 81
I think he doesnt live at home since he added "rent" to his bills but its all about priorities and you can afford a 20K car if you cut fat from other places (expensive food, going out, cable, high bandwidth DSL, etc) quite easily. I would personally get a 03 maxima and pocket about 5 grand but to each his own.
just buy a used 01'- current elentra and save the money. borrowing is bad. except from your parents =)
about a 8000 dollar car at max.
Its your budget though - look over the last 6 months of your statements and compare money in vs money out. General rule is never more than 20% of take home pay.
Its your budget though - look over the last 6 months of your statements and compare money in vs money out. General rule is never more than 20% of take home pay.
whatever you do, I wouldnt let your car+insurance+gas get over 1/3rd of your life or you'll feel the presure
if he's paying rent and bills on 1200 a month then either
1) he's living at home, and paying mommy rent
2) lives in like, alaska, or WAY north canada... where rent is ungodly cheap.
Dont live at home, rent includes all my utilities including food, and even then i still have change left over. Studying takes up the rest of my time, i go out maybe once a month. Youre probably right and maybe shouldnt go through with it, its just something that I fell in love with after i drove it, and wanted something with a warranty. Thanks all.
Edit: Rent is awful cheap because i live with other friends.
Edit: Rent is awful cheap because i live with other friends.
Getting a 23k car at this time from the situation that you mentioned has got to be the worst decision someone can make. Find something ALOT cheaper if you want to save yourself hassle down the road.
okay that makes more sense... roommates..
and no. you shouldnt buy it. buy a pre2000 maxima.. you can get them for under 9k easy
You could buy a 3 year old civic for less than half the price, and it would get you around just as well. You make the equivelent of a full-time employee on minimum wage. You can't afford to buy a $23k car.
civic==barf
a good friend of mine bought a 99 maxima se in PERFECT condition for 8k. Included service records, and everything.
much MUCH nicer than a civic.....
GXE- base model.. not many options
SE - Sport suspension, wider tires, lots of different options
GLE - luxury-ish. wood panel (optional? I dunno..)
Personally I'd look for a decently loaded 99 SE. 2000 was a different body style... tend to be much more $$
Holy crap, the top-of-the-line luxury midsize is better than the bargain-basement compact? OMG, NO WAY.
:roll:
- M4H
Yup.
I make well over double what you do & I spent <$3000 on my current car.
You should be looking at something in the early to mid 90's, reliability should be your biggest concern. You do NOT want to be making car payments on $1200 a month income, not to mention the comprehensive insurance that will be necessary on a financed vehicle. Even a cheap car could easily take 50% of your monthly income. Spending that much on a car is asinine.
Use half of your $5K to buy something decent, sell your 5.0 & recoup some of your savings. You could even keep the 5.0 as a fun car.
Viper GTS
Two different cars, one is way more expensive.
Im happy with my 95 civic hatchback with 55k miles for 2900, havent had to do anything but oil and gas.
Why do you want a full sized sedan?
Get a smaller car, and pocket the cash. A Mazda3, or a ScionTC is MUCH cheaper than the Maxima, and both are very nice rides.
Get a smaller car, and pocket the cash. A Mazda3, or a ScionTC is MUCH cheaper than the Maxima, and both are very nice rides.
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