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What percentage of your take home pay should your car payment be?
08-30-2020, 05:19 PM
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#31
Originally Posted By gmenfan40⏩
Disagree. If you can make payments higher than required, monthly and invest your income in other avenues to counter the interest you're paying. You'd be much more financial stable, then just paying one lump sum for a car. Unless of course, your credit sucks and your interest rate is raping you.
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08-30-2020, 05:26 PM
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#32
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Not everyone's goal is to live well below their means and become a millionaire by age 60.
I'd imagine most of us (those that lift) would prefer to have a nice car and nice home even if that means pushing retirement back a few years
As long as you're saving some of your money each month, you can do what you want with it.
Personally, I'm leasing a bmw or benz in the next few months because I can and I really don't care if that pushes back my retirement by 1yr...
I'd imagine most of us (those that lift) would prefer to have a nice car and nice home even if that means pushing retirement back a few years
As long as you're saving some of your money each month, you can do what you want with it.
Personally, I'm leasing a bmw or benz in the next few months because I can and I really don't care if that pushes back my retirement by 1yr...
08-30-2020, 05:33 PM
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#33
08-30-2020, 05:34 PM
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#34
08-30-2020, 05:44 PM
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#35
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I would say anything over 20% and you are playing with fire.
I currently pay 19% but will refinance and drop that down to closer to 15% once a year of payments is done on my new truck.
For housing I pay 34% but thats because I just bought a new house so its higher now and will decline over time as my income increases.
Still just at the 50% though for all car and housing costs per month.
And I dont have money to travel or blow on random things, about the most I can afford every month is going out to eat once a week, gym membership, supplements and necessities. Just to give you a picture of what kind of situation 50% leaves you with.
When I was paying 10% and 25% I had money to spend a lot more and could go on a few vacations a year and go out to eat basically when I wanted, but I Was also driving a car with a limited life time and paying rent with no returns down the line and for a 1 bedroom apartment vs a house.
I currently pay 19% but will refinance and drop that down to closer to 15% once a year of payments is done on my new truck.
For housing I pay 34% but thats because I just bought a new house so its higher now and will decline over time as my income increases.
Still just at the 50% though for all car and housing costs per month.
And I dont have money to travel or blow on random things, about the most I can afford every month is going out to eat once a week, gym membership, supplements and necessities. Just to give you a picture of what kind of situation 50% leaves you with.
When I was paying 10% and 25% I had money to spend a lot more and could go on a few vacations a year and go out to eat basically when I wanted, but I Was also driving a car with a limited life time and paying rent with no returns down the line and for a 1 bedroom apartment vs a house.
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08-30-2020, 05:56 PM
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#36
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Originally Posted By sf813⏩
Looool you're crazy mate. If that were true, even well paid people in STEM/business making >six figs wouldn't be able to afford a nice place in any major city.30% limit of your monthly take-home for rent + utilities
10% limit of your monthly take-home for car payment
10% limit of your monthly take-home for car payment
08-30-2020, 05:57 PM
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#37
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DONT HAVE A CAR PAYMENT/10
Pay that **** in cash. If you do not have the money to purchase the car, you cannot afford the car.
Pay that **** in cash. If you do not have the money to purchase the car, you cannot afford the car.
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08-30-2020, 06:02 PM
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#38
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Everyone in this thread is a retard.
So you’re telling me if I want to drive a Porsche GT3RS just for fun I should save up $200,000? And If after that I want to drive an AMG I should sell my Porsche for 50% what I bought it for then save up another $100,000?
Or I could just lease it for 25% of the price, then lease three other super cars for the next 12 years, then when Im old and don’t give a chit about cars it will be done in my bucket list.
Not everyone is a dumb stock market *******. I got two friends who are invested in property wanna be millionares, they can’t even afford a mcdonalds combo because its not an asset, just L O L
So you’re telling me if I want to drive a Porsche GT3RS just for fun I should save up $200,000? And If after that I want to drive an AMG I should sell my Porsche for 50% what I bought it for then save up another $100,000?
Or I could just lease it for 25% of the price, then lease three other super cars for the next 12 years, then when Im old and don’t give a chit about cars it will be done in my bucket list.
Not everyone is a dumb stock market *******. I got two friends who are invested in property wanna be millionares, they can’t even afford a mcdonalds combo because its not an asset, just L O L
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08-30-2020, 06:06 PM
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#39
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recently got a new car, and my payment doubled which i am not pleased about but its still only 6% of my months net income (post taxes/retirement/etc)
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08-30-2020, 06:06 PM
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#40
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Originally Posted By GordonXXX⏩
Slap yourself for writing this list srsly f4aggotthere is no rule of thumb. if you are trying to build wealth, buy the cheapest reliable used car that your ego can stomach.
The Millionaire Next Door
1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is much more important than displaying high social status.
4. They do not chase status symbols.
5. They minimize their realized (taxable) income and short-term capital gains and investment costs and they maximize their unrealized income and long-term capital gains. (Tax-Free Money Market Funds, Tax-Free Bond Funds, Tax-Efficient, Low Cost, Diversified Stock Index Mutual Funds, and Retirement Accounts).
6. They systematically “pay themselves first”.
7. They chose the right occupation.
8. Their parents do/did not provide economic outpatient care.
9. Their adult children are economically self-sufficient.
10. They are proficient in targeting marketing opportunities.
11. They buy their cars and drive them for a long time. They believe that you AREN’T what you drive.
12. They never purchase a home that requires a mortgage that is more than twice their household’s total annual realized income.
13. They are their own favorite charity.
14. They pay cash and avoid debt.
The Millionaire Next Door
1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is much more important than displaying high social status.
4. They do not chase status symbols.
5. They minimize their realized (taxable) income and short-term capital gains and investment costs and they maximize their unrealized income and long-term capital gains. (Tax-Free Money Market Funds, Tax-Free Bond Funds, Tax-Efficient, Low Cost, Diversified Stock Index Mutual Funds, and Retirement Accounts).
6. They systematically “pay themselves first”.
7. They chose the right occupation.
8. Their parents do/did not provide economic outpatient care.
9. Their adult children are economically self-sufficient.
10. They are proficient in targeting marketing opportunities.
11. They buy their cars and drive them for a long time. They believe that you AREN’T what you drive.
12. They never purchase a home that requires a mortgage that is more than twice their household’s total annual realized income.
13. They are their own favorite charity.
14. They pay cash and avoid debt.
08-30-2020, 06:17 PM
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#41
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Originally Posted By Merc009⏩
There’s some truth to this. Balance is key, and I’ll add one other thing-you shoud be mindful of other people you’re responsible for. If you have kids, or expect that your old parents may need some financial help soon, and you’re blowing money that you shouldn’t be, you’ve dun goofed. Helping my kids with tuition supersedes the Porsche or that Patek I’ve always wanted. Being able to buy something proves nothing, as these things are meant to be markers of achievement. Sacrificing your responsibilities to buy symbols of having achieved something worthwhile-thats an empty endeavor, and I doubt it will bring about any real happinessEveryone in this thread is a retard.
So you’re telling me if I want to drive a Porsche GT3RS just for fun I should save up $200,000? And If after that I want to drive an AMG I should sell my Porsche for 50% what I bought it for then save up another $100,000?
Or I could just lease it for 25% of the price, then lease three other super cars for the next 12 years, then when Im old and don’t give a chit about cars it will be done in my bucket list.
Not everyone is a dumb stock market *******. I got two friends who are invested in property wanna be millionares, they can’t even afford a mcdonalds combo because its not an asset, just L O L
So you’re telling me if I want to drive a Porsche GT3RS just for fun I should save up $200,000? And If after that I want to drive an AMG I should sell my Porsche for 50% what I bought it for then save up another $100,000?
Or I could just lease it for 25% of the price, then lease three other super cars for the next 12 years, then when Im old and don’t give a chit about cars it will be done in my bucket list.
Not everyone is a dumb stock market *******. I got two friends who are invested in property wanna be millionares, they can’t even afford a mcdonalds combo because its not an asset, just L O L
08-30-2020, 06:21 PM
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#42
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Originally Posted By GordonXXX⏩
there is no rule of thumb. if you are trying to build wealth, buy the cheapest reliable used car that your ego can stomach.
The Millionaire Next Door
1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is much more important than displaying high social status.
4. They do not chase status symbols.
5. They minimize their realized (taxable) income and short-term capital gains and investment costs and they maximize their unrealized income and long-term capital gains. (Tax-Free Money Market Funds, Tax-Free Bond Funds, Tax-Efficient, Low Cost, Diversified Stock Index Mutual Funds, and Retirement Accounts).
6. They systematically “pay themselves first”.
7. They chose the right occupation.
8. Their parents do/did not provide economic outpatient care.
9. Their adult children are economically self-sufficient.
10. They are proficient in targeting marketing opportunities.
11. They buy their cars and drive them for a long time. They believe that you AREN’T what you drive.
12. They never purchase a home that requires a mortgage that is more than twice their household’s total annual realized income.
13. They are their own favorite charity.
14. They pay cash and avoid debt.
The Millionaire Next Door
1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is much more important than displaying high social status.
4. They do not chase status symbols.
5. They minimize their realized (taxable) income and short-term capital gains and investment costs and they maximize their unrealized income and long-term capital gains. (Tax-Free Money Market Funds, Tax-Free Bond Funds, Tax-Efficient, Low Cost, Diversified Stock Index Mutual Funds, and Retirement Accounts).
6. They systematically “pay themselves first”.
7. They chose the right occupation.
8. Their parents do/did not provide economic outpatient care.
9. Their adult children are economically self-sufficient.
10. They are proficient in targeting marketing opportunities.
11. They buy their cars and drive them for a long time. They believe that you AREN’T what you drive.
12. They never purchase a home that requires a mortgage that is more than twice their household’s total annual realized income.
13. They are their own favorite charity.
14. They pay cash and avoid debt.
Originally Posted By r32gojirra⏩
0%
If you can’t pay cash you can’t afford it
If you can’t pay cash you can’t afford it
Originally Posted By ScramFranklin⏩
These, good advice if you want to take it OP although I doubt you will.This is really good advice.
And for guys who think showing off moolah will get them sloots, I disagree. Once you aren't a bum, it's about looks.
If you are unattractive to them, going from 50k to 100k won't make sloots chase you.
And for guys who think showing off moolah will get them sloots, I disagree. Once you aren't a bum, it's about looks.
If you are unattractive to them, going from 50k to 100k won't make sloots chase you.
08-30-2020, 06:30 PM
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#43
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Any miscer who is telling you to pay a car in full has no idea what they are talking about. This is the same as buying new phones for full price.
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08-30-2020, 06:36 PM
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#44
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Yeah throwing huge chunks of money at a vehicle up front would be silly. I could get a used car with a loan at <4% for sure, probably <3%. I could put money into stocks right now that would return 7% in dividends.
Would take on a secured loan at a low af interest rate and do any number of other things with the cash
Would take on a secured loan at a low af interest rate and do any number of other things with the cash
08-30-2020, 06:38 PM
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#45
Originally Posted By Merc009⏩
It's more in reading between the lines. I think the cold hard approach of bezos or bust will be a chilling reminder of most people on their deathbed how they spent all their life pinching pennies to become the next richest man on earth and being so busy with that, they forgot to actually live.Everyone in this thread is a retard.
So you’re telling me if I want to drive a Porsche GT3RS just for fun I should save up $200,000? And If after that I want to drive an AMG I should sell my Porsche for 50% what I bought it for then save up another $100,000?
Or I could just lease it for 25% of the price, then lease three other super cars for the next 12 years, then when Im old and don’t give a chit about cars it will be done in my bucket list.
Not everyone is a dumb stock market *******. I got two friends who are invested in property wanna be millionares, they can’t even afford a mcdonalds combo because its not an asset, just L O L
So you’re telling me if I want to drive a Porsche GT3RS just for fun I should save up $200,000? And If after that I want to drive an AMG I should sell my Porsche for 50% what I bought it for then save up another $100,000?
Or I could just lease it for 25% of the price, then lease three other super cars for the next 12 years, then when Im old and don’t give a chit about cars it will be done in my bucket list.
Not everyone is a dumb stock market *******. I got two friends who are invested in property wanna be millionares, they can’t even afford a mcdonalds combo because its not an asset, just L O L
If you want to afford something, sacrifices need to be made in other areas of your life.
08-30-2020, 06:43 PM
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#46
08-30-2020, 06:48 PM
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#47
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0%.
Mine right now is about 10%. Lease sadly. But that is up in december and I'm buying used cash. Probably a 4-5k car and run it into the ground. Luckily my dad is in used car business now and friends with mechanics, plus has his auction license.
Cars are a scam. Unless you are loaded or have a high income, not having a car payment at all is the key to utilizing more money towards investment and your rainy day fund.
Mine right now is about 10%. Lease sadly. But that is up in december and I'm buying used cash. Probably a 4-5k car and run it into the ground. Luckily my dad is in used car business now and friends with mechanics, plus has his auction license.
Cars are a scam. Unless you are loaded or have a high income, not having a car payment at all is the key to utilizing more money towards investment and your rainy day fund.
08-30-2020, 06:53 PM
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#48
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Who cares? If you can't afford it, it'll get repossessed anyways. As long as someone has enough to cover their responsibilities, I don't care if they spend every last cent if what's left on a car they actually want.
08-30-2020, 06:56 PM
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#49
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Originally Posted By gmenfan40⏩
Everyone always looks at the interest rate, ignoring the fact that the vendors just capitalise the interest costs into the purchase price.Disagree. If you can make payments higher than required, monthly and invest your income in other avenues to counter the interest you're paying. You'd be much more financial stable, then just paying one lump sum for a car. Unless of course, your credit sucks and your interest rate is raping you.
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
08-30-2020, 07:18 PM
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#50
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Originally Posted By r32gojirra⏩
This. They know miscers will come in with this idea they will actually save money by paying in full.Everyone always looks at the interest rate, ignoring the fact that the vendors just capitalise the interest costs into the purchase price.
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
Even if you're "losing" money on the idea of making payments, the incremental loss is so low it's worth just paying it, as you cannot guarantee the longevity of the car. This can also be applied to cellular phones.
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08-30-2020, 07:25 PM
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#51
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****ing LOL @ buying cars in 2020. Who was helicopters?
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08-30-2020, 07:38 PM
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#52
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Originally Posted By iEatYellowSnow⏩
got me a decent 1 br condo to rent for 850. all I pay is electric. got lucky as hell but it came down to a last minute ordeal.average person makes 40k a year. bout 30k after tax.
dats bout 2k a month (after tax).
yours saying rent and utilities cant be more then 600$??? LOL. you cant even find a 1 bedroom apartment round here for less then 800. average price is like 950-1000 then you still have tv/phone/internet/electricity(bout another 250 for all those)
dats bout 2k a month (after tax).
yours saying rent and utilities cant be more then 600$??? LOL. you cant even find a 1 bedroom apartment round here for less then 800. average price is like 950-1000 then you still have tv/phone/internet/electricity(bout another 250 for all those)
that said I'll never get into a car payment, if i can help it. if i can't tough ****. too many factors of life by yourself. if you live with a girl, maybe if you can pay the majority of it off in a down payment.
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08-30-2020, 08:37 PM
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#53
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Originally Posted By r32gojirra⏩
Well, on my car with a sticker price of $55k, I drove out having paid exactly $40k, or $42k including taxes and registration fees, that was last June. As of today I can sell the car for $38k, and it's only that low because I put 25k miles on it in that one year. I think I did pretty well.Everyone always looks at the interest rate, ignoring the fact that the vendors just capitalise the interest costs into the purchase price.
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
08-30-2020, 08:47 PM
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#54
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Originally Posted By r32gojirra⏩
I see you're in Aus, here in America the dealership system is geared in a way that they profit from the financing and paying cash generally will not help youEveryone always looks at the interest rate, ignoring the fact that the vendors just capitalise the interest costs into the purchase price.
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
more info:
08-30-2020, 08:55 PM
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#55
My monthly payment is less than 5% of my takehome, on a 5 year payment with low interest it's pretty much nothing tbh.
Misc broscience is that you should always buy used but lmao
Originally Posted By Godfrd824⏩
I actually felt pretty bad for the last 2 guys I sold my @ one year old cars to, they thought they were getting a deal because they were MSRP payers, but I was barely losing anything on the sales (apart from tax,which is always annoying)Well, on my car with a sticker price of $55k, I drove out having paid exactly $40k, or $42k including taxes and registration fees, that was last June. As of today I can sell the car for $38k, and it's only that low because I put 25k miles on it in that one year. I think I did pretty well.
Misc broscience is that you should always buy used but lmao
08-30-2020, 08:57 PM
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#56
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Originally Posted By Godfrd824⏩
What make and model is this?Well, on my car with a sticker price of $55k, I drove out having paid exactly $40k, or $42k including taxes and registration fees, that was last June. As of today I can sell the car for $38k, and it's only that low because I put 25k miles on it in that one year. I think I did pretty well.
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08-30-2020, 09:17 PM
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#57
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go to your local credit union, make an account, get a car loan for 2 fukcing percent. go to honda or toyota and get a CPO civic or corolla.
dont for one second listen to any of the retards in this thread. what in the fukc are you going to do when your 2000 dollar shtbox breaks down. are you a mechanic? do you think that mechanic is going to fix your car for free? ok, lets say you spent a good 8k on a used car. how do you know its going to be reliable? you think it wont break down either? what if you put 3k down on that cpo instead, and throw the rest in ETFs?? hopefully these idiots havent made someone pull the trigger on this asinine, baseless idea.
dont for one second listen to any of the retards in this thread. what in the fukc are you going to do when your 2000 dollar shtbox breaks down. are you a mechanic? do you think that mechanic is going to fix your car for free? ok, lets say you spent a good 8k on a used car. how do you know its going to be reliable? you think it wont break down either? what if you put 3k down on that cpo instead, and throw the rest in ETFs?? hopefully these idiots havent made someone pull the trigger on this asinine, baseless idea.
08-30-2020, 09:19 PM
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#58
- umadbroski
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- umadbroski
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08-30-2020, 09:29 PM
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#59
- Destor
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- Destor
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Originally Posted By r32gojirra⏩
There are a number of factors here brah. A dealership would be able to offer a cash deduction up front purely because inflation is ~2% a year and cash in their pockets now is worth more than cash 5+ years later. If you veer into new cars with 0% loans offered by the dealerships, the waters become even muddierEveryone always looks at the interest rate, ignoring the fact that the vendors just capitalise the interest costs into the purchase price.
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
If you don’t believe me negotiate the best deal you can on finance, then asked “how much if I pay the whole thing up front”
Otherwise congratulations you just paid your entire interest bill up front
Long story short, just saying you should only buy cars in cash is overly simplistic
08-30-2020, 09:40 PM
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#60
- r32gojirra
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Originally Posted By Destor⏩
There’s no free lunches.There are a number of factors here brah. A dealership would be able to offer a cash deduction up front purely because inflation is ~2% a year and cash in their pockets now is worth more than cash 5+ years later. If you veer into new cars with 0% loans offered by the dealerships, the waters become even muddier
Long story short, just saying you should only buy cars in cash is overly simplistic
Long story short, just saying you should only buy cars in cash is overly simplistic
If they’re giving you a 0% interest loan they’re getting the interest payment elsewhere, either in the price of the car or some servicing plan or something else.
Anyway I don’t really see cars as just a form of transportation anymore. I am thinking of buying a second-hand gallardo but that’s because I have a Lexus as a daily driver and if I get the manual Lambo I can tear down and rebuilt most parts of the drivetrain (including motor) myself and won’t be worried about how I’m gonna get to work (on the rare occasions I physically turn up to the office)
Bigger concern is building the garage to accomodate all these toys...
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