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Forum » How much can you comfortably afford per month for car payment
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Thread: How much can you comfortably afford per month for car payment

post 1661760463 05-23-2022, 11:40 AM
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#61
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Originally Posted By PShift5⏩
It’s a status vehicle lol? I just need it for fishing I had no idea people use it for status these days that’s interesting
Yes because they can do everything a car can including more on top of having a lot of luxury features and more safe.
post 1661760543 05-23-2022, 11:43 AM
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Originally Posted By tripod29⏩
Bruh, you are coming off as srs so I am going to put this as nicely as I can, srs vry srs. You are broke AF and have no business considering a brand new truck. It's hustle and grind time. Get the student loans paid off asap and focus on growing professionally to get your salary out of the gutter. After that, fuk car notes. Good luck.
This. OP is about to fall into the trap of thinking he deserves a brand new vehicle, a big house, etc etc. OP, you should be putting 1G per month into investments, spending as little as possible on a used vehicle, and paying down those high interest student loans.
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post 1661760593 05-23-2022, 11:44 AM
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try a 10-15k truck
post 1661760733 05-23-2022, 11:49 AM
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Originally Posted By 2020Wellness⏩
This. OP is about to fall into the trap of thinking he deserves a brand new vehicle, a big house, etc etc. OP, you should be putting 1G per month into investments, spending as little as possible on a used vehicle, and paying down those high interest student loans.
I was thinking on investments after I put a down payment on a house as I wanted to aggressively save for two years for a down payment and not risk on investments right now
post 1661760803 05-23-2022, 11:49 AM
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Originally Posted By SLapCHop⏩
try a 10-15k truck
This thread made me go from one extreme to another lol I am currently looking for beater vehicles my dad is heading over to check one out for me in 15 minutes I’m waiting in anticipation rn

10k could be considered beater I guess but I am looking in the 5k range my dad said he wants to put an offer for 3k on this 1998 tundra but I think he’s gonna get turned down if I had the money I would offer like $4500
post 1661761113 05-23-2022, 11:57 AM
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Pay off your debts before you buy a new car.
post 1661762453 05-23-2022, 12:32 PM
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Originally Posted By PShift5⏩
Yea I decided not to do it, what do you do? Sales?
I'm a software engineer.
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post 1661763443 05-23-2022, 12:51 PM
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#68
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Wife's car payment is $680/month.....she makes $74k and has no other debt outside of our mortgage, which is only $1300/month total. She wanted a new car, could afford it, gets great gas mileage and is useful on trips/lugging around kids/dogs etc. I drive a '09 F150 I paid cash for 3 years ago and I've got a '72 Skylark I'm modding on the side..... I've got no other debt outside of our mortgage and make (depending on bonus) between $97k-$105k.

If I wanted to say fuk all I could comfortably do $2k/month on a payment....but I'm not into new cars/trucks, or spending that much on a depreciating asset....I'd rather have an older cash vehicle I can wrench on or beat the chit out of and not care.

Thinking about selling the skylark and getting a early 2000's Z06 for the weekend toy.
post 1661763853 05-23-2022, 12:58 PM
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The guy wanted $6000 for the 1998 tundra and my dad walked out. We found a 2011 Tacoma with 115k miles for $268 a month 72 months I honestly don’t think there is any better deal out there right now is this reasonable

$16k total
post 1661763903 05-23-2022, 12:59 PM
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Originally Posted By Gronnie⏩
I'm a software engineer.
Awesome I just graduated with CS degree hopefully gonna get your salary one day
post 1661764033 05-23-2022, 01:02 PM
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I bought my 20 ram and 17 Gtr with cash money, the Gordonxx way srs
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post 1661764193 05-23-2022, 01:04 PM
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Originally Posted By PShift5⏩
70k salary

Student loans total $29k, $250/month during Covid emergency interest $290/month when my regular interest rate comes back.

After taxes I should be making $1018 per week and I am looking for a cheap studio for around $1200

I am looking to pull the trigger on a brand new Tacoma is that stupid? What can I comfortably afford per month in car payments? I am thinking $400 per month is the higher end of what I can comfortably afford if I want to also save for a house within the next two years.

Should I try to negotiate the longest term 60 months to get the payment as low as possible per month? I don’t care about long term interest accumulation and paying more over time.
Go watch Dave Ramsey dude. This is an abysmal financial decision you’re about to make
post 1661764253 05-23-2022, 01:05 PM
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Originally Posted By PShift5⏩
Awesome I just graduated with CS degree hopefully gonna get your salary one day
Switch jobs early and often. The biggest raises you'll get is by switching companies -- loyalty definitely doesn't pay.

You'll get there -- iirc my starting salary was about $70k.
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post 1661764373 05-23-2022, 01:06 PM
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Originally Posted By meanstringbean⏩
Go watch Dave Ramsey dude. This is an abysmal financial decision you’re about to make
Yea I decided against the new one can you what about $268 a month for a 2011 Tacoma this deal seems too good to be true and I would not have to buy a new car for the next 15 years at least
post 1661764903 05-23-2022, 01:15 PM
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#75
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10% of net income after investments is a decent figure for transportation. That includes gas, insurance, maintenance and financing.


Get a Camry and throw a roof rack on it for your fishing gear.
post 1661765533 05-23-2022, 01:26 PM
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#76
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Originally Posted By HMFIC_BROWSIN⏩
If you cant afford the car CASH, dont buy it.

But huurrrr durrrr 0% interest! Hey dumbass, theres a lot more to the cost of ownership than your 'payment'... Brakes, oil, tires, headlights, etc.... By paying cash you are buying in the correct league.
This is correct approach. Not only should you buy cash, it shouldn’t even hurt



“0% interest!” Is used by financial morons who think they are smart and know numbers. It makes you justify an absurdly higher payment. The interest doesn’t hurt you, the principal already has killed you
post 1661765733 05-23-2022, 01:31 PM
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#77
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If you are serious about getting a house then a $400 car payment is your enemy and will put quite a dent in your DTI (debt to income) ratio. Not to mention missing out on the savings. Ideally buy it flat-out but if that isn't possible get your car payment as low as you can with the best terms that avoid going under. I'd aim for under <$250 so no brand new trucks or anything nice. You need a used sedan...something cheap and reliable from Nissan or Honda. Pay it off and keep it till you're a millionaire.

I bought a car I couldn't afford before and it's nothing short of embarrassing. A few people will think you're cool but anyone with financial sense will lol @ you pulling up to an apartment in a brand new Tacoma.
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post 1661765843 05-23-2022, 01:35 PM
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Props Op for dodging a bullet. Your income is good for just starting and will grow in time. Focus on getting that student loan anchor off your net and paying extra every month if possible.


View cars and anything like that as toys. Is it really worth spending or financing 40k for a toy? Only if you’re wealthy. Otherwise, use that money on an asset that will actually appreciate in value
post 1661765873 05-23-2022, 01:35 PM
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Originally Posted By meanstringbean⏩
This is correct approach. Not only should you buy cash, it shouldn’t even hurt



“0% interest!” Is used by financial morons who think they are smart and know numbers. It makes you justify an absurdly higher payment. The interest doesn’t hurt you, the principal already has killed you
Financing under 5% is worthwhile imo. You should be able to make over 5% return with your cash in an index fund. That difference in interest is pure profit.

Plus you'd be building credit. Something OP should be thinking about if he is working up to a mortgage.

Credit is a very useful tool to the financially savvy.
post 1661765913 05-23-2022, 01:36 PM
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Originally Posted By iamdetermined⏩
If you are serious about getting a house then a $400 car payment is your enemy and will put quite a dent in your DTI (debt to income) ratio. Not to mention missing out on the savings. Ideally buy it flat-out but if that isn't possible get your car payment as low as you can with the best terms that avoid going under. I'd aim for under <$250 so no brand new trucks or anything nice. You need a used sedan...something cheap and reliable from Nissan or Honda. Pay it off and keep it till you're a millionaire.

I bought a car I couldn't afford before and it's nothing short of embarrassing. A few people will think you're cool but anyone with financial sense will lol @ you pulling up to an apartment in a brand new Tacoma.
I’m currently in talks for $268 a month for a 2011 Tacoma I think this is very doable and there will not be another deal like this as I have not seen one and have been looking for a while. What do you think?
post 1661765993 05-23-2022, 01:38 PM
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Originally Posted By VSVP84⏩
Financing under 5% is worthwhile imo. You should be able to make over 5% return with your cash in an index fund. That difference in interest is pure profit.

Plus you'd be building credit. Something OP should be thinking about if he is working up to a mortgage.

Credit is a very useful tool to the financially savvy.
What are your thoughts on financing a 2011 Tacoma for $268 a month ? Technically I have to save for a few years to buy a house anyway and I was gonna throw every bonus I get for work at the vehicle (8% bonuses) and maybe even pay overly aggressive payments while I have my grace period on the student loans
post 1661766123 05-23-2022, 01:41 PM
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Originally Posted By VSVP84⏩
Financing under 5% is worthwhile imo. You should be able to make over 5% return with your cash in an index fund. That difference in interest is pure profit.

Plus you'd be building credit. Something OP should be thinking about if he is working up to a mortgage.

Credit is a very useful tool to the financially savvy.
It depends how responsible you are. If you have 80k in your 401k and finance under 5% your new 45k car and “invest the rest” aka spend it on other dumb chit aka the above is what happens 95% of the time someone uses that logic (welcome to America) then it is math giving you a noose to hang yourself with


If you add the caveat that you CAN buy it in cash but opt to finance instead then I can agree
post 1661766163 05-23-2022, 01:42 PM
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Originally Posted By PShift5⏩
What are your thoughts on financing a 2011 Tacoma for $268 a month ? Technically I have to save for a few years to buy a house anyway and I was gonna throw every bonus I get for work at the vehicle (8% bonuses) and maybe even pay overly aggressive payments while I have my grace period on the student loans
I personally wouldn't do it, but I don't believe in financing a depreciating "asset" (cars aren't assets imo, more like a liability).

What's the acutal price of the car? How much interest are they trying to charge you?

72 months financing on an 11 year old vehicle sounds nuts.
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post 1661766423 05-23-2022, 01:49 PM
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Originally Posted By Gronnie⏩
I personally wouldn't do it, but I don't believe in financing a depreciating "asset" (cars aren't assets imo, more like a liability).

What's the acutal price of the car? How much interest are they trying to charge you?

72 months financing on an 11 year old vehicle sounds nuts.
Total cost is $16995, so around 2k in interest which is a lot IMO but my biggest thing was minimizing monthly payments on a reliable truck. I spoke to a few close friends and my dad and everyone is saying that the deal almost seems too good to be true so we were gonna go see it on Wednesday
post 1661766503 05-23-2022, 01:50 PM
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Originally Posted By PShift5⏩
Total cost is $16995, so around 2k in interest which is a lot IMO but my biggest thing was minimizing monthly payments on a convenient truck. I spoke to a few close friends and my dad and everyone is saying that the deal almost seems too good to be true so we were gonna go see it on Wednesday
I really wanted that 1998 beater tundra but the guy was a greedy **** and wouldn’t budge on $6000
post 1661766733 05-23-2022, 01:56 PM
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Originally Posted By PShift5⏩
What are your thoughts on financing a 2011 Tacoma for $268 a month ? Technically I have to save for a few years to buy a house anyway and I was gonna throw every bonus I get for work at the vehicle (8% bonuses) and maybe even pay overly aggressive payments while I have my grace period on the student loans
Financing a 10 year old vehicle sounds like a used car lot strategy to just move the vehicle and make money on the financing. I'd wait to build savings and work history before jumping into financing. Then make sure there is verifiable maintenance history.

It also depends on your priorities. How fast do you want to own a home? How fast do you want to move ahead in your career?

An ultra ambitious person would put hobbies on the back burner and use that time/money towards advancing more serious goals.
post 1661767083 05-23-2022, 02:04 PM
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Originally Posted By VSVP84⏩
Financing a 10 year old vehicle sounds like a used car lot strategy to just move the vehicle and make money on the financing. I'd wait to build savings and work history before jumping into financing. Then make sure there is verifiable maintenance history.

It also depends on your priorities. How fast do you want to own a home? How fast do you want to move ahead in your career?

An ultra ambitious person would put hobbies on the back burner and use that time/money towards advancing more serious goals.
The accident history is something we are gonna ask about before signing, here’s the thing I am not overly ambitious and not trying to finance max. I want to own a decent home and go fishing and that’s about it. Putting fishing on a back burner so that I can accumulate extra wealth is just not worth it to me, I’d go bat**** crazy when my buddies send me pics of 40lb fish and sharks while I sit at home and finance max. I’m gonna keep looking for beaters in the meantime tho
post 1661768463 05-23-2022, 02:38 PM
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Is that a 4x4 or 4x2? I think 4x2 is less than $20k new depending on options in 2011.

And 268x72= 19,296

https://pressroom.toyota.com/toyota-...-pickup-truck/
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post 1661769053 05-23-2022, 02:56 PM
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misc is weird AF to me maybe its because I dont live in NY or cali but I make 60k a year drive a nice ass truck and own a house and enjoy my life.

Fuking miserable lives some of yall may have if you think you need to make 200k a year to drive a 20k car FFS. Learn to play the game instead of being a slave to it and only enjoying life once you become 45.

I think most people would save more than their car payment if they didnt eat our/buy alcohol. Yall are over here bitching about a $300 a month car payment when i bet a lot of yall are dropping $400-500 a month on eating out and drinking and gaming.
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post 1661769183 05-23-2022, 02:59 PM
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Originally Posted By coast2coastam⏩
This. Zero monthly payment crew.
Paid off crew checking in. Only major bill is mortgage and it's a measly $1300.00 a month.
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