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Payments and Earnings

6K views 37 replies 18 participants last post by  MP2 
MP2 said:
I didn't attend college* so I didn't have student loans to pay for. I was able to comfortably make a $10,000 down payment and finance for 4 years @ $360 per month. My income is just over $30K

*note to you youngsters, go to college! :)
Oh man we are like in the same boat except I went to college. I graduated less than a year ago though and plan on making much more either through raises or a new job in the next year or two. Like same payments and everything.

I put 12 grand down and am paying the rest off over 4 years. My payments are somewhere around $320 a month. If you live with the rents you can easily afford one depending on how much you put down. If you live on your own maybe not, it all depends.

The real killer is the insurance. I pay insurance every 3 months. Car insurance payment month is absolutely killer when you combine it with the car payment, student loans, and misc. other bills I pay.

Don't forget to factor in insurance to how much you can afford. I'm paying over 2k a year with no tickets and one accident that was my fault over 5 years ago (so I don't think it counts anymore).

*Edit: I don't regret my purchase at all, but looking back on things the "smart" thing to do would be to have just bought a used car outright for the money I put down on my G6. Problem was there are very few cars out there I can afford, that I like, with decent mileage on them.

I would suggest saving up and making a big fat down payment on the car, that will help your montly payments so much. Because I was putting down approx. half the cost I was also able to get the lowest rate possible for financing despite my lack of credit history.
 
GTPGuy82 said:
damn if I was making 52K I'd be driving something a lot more upscale than a G6...I went to college...still looking for work in my field.

1) A little over $24K
2) $287/month (smartbuy)
3) $21K
52k isn't all that much a year (even though I'd love to be making it), especially if you aren't putting a huge down payment on the car and you have no savings.

Also, like, Aardvark said, some people don't want to spend that much on their cars. I'd rather put the money in the bank for a house.

I'd probably be buying a G6 even if I made 70-80k a year.
 
Robyn P said:
I'm a saver and very tight with my money. I've gotten better since I got married b/c it used to drive my husband crazy b/c I wouldn't spend money. I used all my reported earnings to pay all my bills each month and then 4 times a year during Spring and Summer I would bartend and use that for shopping, running money, or a major appliance if I need it, which I still do that. It doesn't sound like much, but I can bartend at the horse shows that come into town and make $1500+ in 4 days. 3 of the shows are for 4 days and the last show runs 10 days, so this gave me the money that I needed to shop. I still missed out on a lot of fun during this time, but I wouldn't trade it for anything. :)
LOL. I make about 32k a year, but in the DC Metro area that is chicken scratch. I can't afford to move out of my parents place anytime soon. :(
 
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