If a car requires you to spend 75% of your income to pay for it, you obviously can't afford it correct?

[BigToque]

When I factor in the car payment, insurance and gas, I'm looking at ~70-75% of my net income going straight into this car.

Can I logically assume that this means the car is too expensive at my current salary?

EDIT:

I actually just realized I screwed up my math. Everything combined is ~50% of my net income per month.

That's still a lot though.

I'm gonna look into buying a 2004.

 

[Ika]

No, go for it!

 

[mugs]

Uh.... yeah.

What's the point of asking this? It seems like you know the answer, or at least should.

 

[compnovice]

YESSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!!!!!!!!!!!!!!!!!1

 

[Kelvrick]

Originally posted by: BigToque
When I factor in the car payment, insurance and gas, I'm looking at ~70-75% of my net income going straight into this car.

Can I logically assume that this means the car is too expensive at my current salary?

Normally yes, but if you bring in 2k a month and that 500 is going straight to savings because you live at home and mommy cooks you food every day and all that stuff, then its still not smart, but its not relaly too much car.

 

[BigToque]

No Mazda 3 for me until I can get a much larger downpayment

 

[QED]

:shocked:

Yes... unless you are living with your parents, and plan on living with your parents for the foreseeable future.

 

[gsellis]

Too MUCH!

 

[Garet Jax]

Originally posted by: BigToque
When I factor in the car payment, insurance and gas, I'm looking at ~70-75% of my net income going straight into this car.

Can I logically assume that this means the car is too expensive at my current salary?

No it doesn't. What it means is that your car is more important than a house, retirement and a family. If the car is more important, then go for it. If not, then it is too much money.

 

[nakedfrog]

Where IS Captain Obvious when you need him?

 

[mugs]

Originally posted by: BigToque
No Mazda 3 for me until I can get a much larger downpayment

No Mazda 3 for you until you get a better job. By saving up the down payment you'll still be putting a significant portion of your money toward the car.

 

[desteffy]

lol that is WAY too much of your income...

 

[BigToque]

Originally posted by: mugs

Originally posted by: BigToque
No Mazda 3 for me until I can get a much larger downpayment

No Mazda 3 for you until you get a better job. By saving up the down payment you'll still be putting a significant portion of your money toward the car.

Well, that too...

 

[Fritzo]

I hope this is a parody.

 

[BigToque]

Originally posted by: Fritzo
I hope this is a parody.

What would this be a parody of?

I just realized the car I want is too expensive at the moment.

 

[randal]

Mine is 6.8%

 

[TheSlamma]

People with car payments are slaves to the system.

 

[Staples]

That is right. That is why I drive a 95 and I probably will never buy a new car.

$150 a month vs $500 a month is a lot of money.

 

[Dacalo]

Originally posted by: Staples
That is right. That is why I drive a 95 and I probably will never buy a new car.

$150 a month vs $500 a month is a lot of money.

You are paying monthly on a car that is 11 years old?

 

[Captante]

Originally posted by: Dacalo

Originally posted by: Staples
That is right. That is why I drive a 95 and I probably will never buy a new car.

$150 a month vs $500 a month is a lot of money.

You are paying monthly on a car that is 11 years old?

I think thats just the average maintenance cost monthly on his '95 car.

 

[dullard]

I can come up with rare extreme circumstances where it is OK to do that. But those circumstances probably don't apply to you. So you are correct, it is FAR too much money for you to afford it.

The easiest path is for you to change your preferences so that you no longer want that car.

 

[Dirigible]

Originally posted by: Captante

Originally posted by: Dacalo

Originally posted by: Staples
That is right. That is why I drive a 95 and I probably will never buy a new car.

$150 a month vs $500 a month is a lot of money.

You are paying monthly on a car that is 11 years old?

I think thats just the average maintenance cost monthly on his '95 car.

Probably. Over the last 2+ years I've kept records, my '96 car has cost me ~$250/month total (including gas, insurance, repairs, registration, etc.).

Tough to beat a paid-off car.

 

[Zenmervolt]

Let me put it this way, I have 2 cars on the road right now and together they account for about 30% of my monthly income. One car that ate up 75% would not be a good idea.

ZV

 

[tfinch2]

LOL, I wish my GF's brother believed me when I told him this. About 80% of his income is going to go towards his car for the next 6 years (how long he financed it for, payment + insurance), and will perhaps keep going up if he keeps getting tickets.

And of all cars, it's a 2005 Aveo. HAHAHAHAHAHA

 

[Shawn]

Why don't you buy used?