View Poll Results: income?
0-10k/y
2
3.51%
11-20k/y
4
7.02%
21-30k/y
3
5.26%
31-40k/y
10
17.54%
41+k/y
38
66.67%
Voters: 57. You may not vote on this poll
Purchasing requirements
Evolving Member
Joined: Sep 2002
Posts: 456
Likes: 0
From: Kansas City, MO
Double the bottom two ranges and you'll be closer in my opinion.
I wouldn't buy this car making less than $60k. My general rule is the most you can spend on a car if you are very liquid and very solid (and if you want to make it that much of a priority in your life) is 50% of your annual income.
And even then, on $60k this is a stretch.
Living your life in debt isn't worth it. Break the cycle. Build up equity, buy the car when you can afford it.
I wouldn't buy this car making less than $60k. My general rule is the most you can spend on a car if you are very liquid and very solid (and if you want to make it that much of a priority in your life) is 50% of your annual income.
And even then, on $60k this is a stretch.
Living your life in debt isn't worth it. Break the cycle. Build up equity, buy the car when you can afford it.
I would have to agree with jbrennan. very good advice. number two is if you own a home for more than two years. and never miss a payment on any of your responsibilities your credit options are pretty good. you can go over the net and probably qualify for the best interest rate around. plus, save about 10.5 - 15% for the down payment in that time. also the evo will be cheaper by then the hype will be over. patients in this situation will pay off and probably in the thousands!!!!!!!!!!!!! 
Evolving Member
Joined: Dec 2002
Posts: 487
Likes: 0
From: Minnesota
Re: Purchasing requirements
Originally posted by redEVO
I'm trying to figure out if my income will be enough to handle the payments, as well as qualify just to finance it.
I make roughly 34k/year gross income from my first job, and probably about 5k/year from my PT job.
I'm trying to figure out if my income will be enough to handle the payments, as well as qualify just to finance it.
I make roughly 34k/year gross income from my first job, and probably about 5k/year from my PT job.
the rule is they will approve you to a payment not to exceed 18% of your gross monthly income. So if your pre-tax monthly income is $3,000 you could be approved up to $540/mo.
Newbie
Joined: Jun 2003
Posts: 44
Likes: 0
From: Beaverton, Oregon
Ok, my 2 cents worth. I make good money but I won't disclose that. I look at the Evo like a toy for me. I'm 40+ years old and am still trying to justify if I should purchase one? I own a home and do OK but I also want to retire someday. I keep thinking that if I put the $30K towards some real estate, the investment would likely appreciate, where the car will not. You will probably loose $5K driving it off the lot so you are immediately upside-down on the loan balance. I'm maybe too practical? Yup. I've always purchased used cars that aren't popular models, drive them for years, and have a really low cost-per-mile and cheap insurance. The Evo has to cost a lot to insure by what others are posting.
I would refrain from buying one right now. There will always be a cool car when your finances are more sound. I would think a young Guy like you would rather have the money to spend on going out on dates, partying, etc. If it takes an Evo to impress the Girl, it's the wrong Girl anyway. I would find a nice used car, sporty if you like, but not be "car poor". Do I sound like your Dad? Sorry for the lecture but you might thank me for it down the road.... Not in a new Evo.
I would refrain from buying one right now. There will always be a cool car when your finances are more sound. I would think a young Guy like you would rather have the money to spend on going out on dates, partying, etc. If it takes an Evo to impress the Girl, it's the wrong Girl anyway. I would find a nice used car, sporty if you like, but not be "car poor". Do I sound like your Dad? Sorry for the lecture but you might thank me for it down the road.... Not in a new Evo.
Evolving Member
Joined: Sep 2002
Posts: 416
Likes: 0
From: North America, North East.
A car payment shouldent be more 18% of your gross monthly income so in your case....
You make $3,250 a month gross income, 18% of that is $585, so you can afford a $585 monthly car payment.
The thing is an Evo is only about $4,000 more than a new WRX, I bought a new WRX while making $35,500 a year and I was making double payments on it with flying colors. Only thing I would put into consideration is closer intervals for service, and if you live up in my neck of the woods, you will probably need to buy a set of good sport winter tires and wheels.
You make $3,250 a month gross income, 18% of that is $585, so you can afford a $585 monthly car payment.
The thing is an Evo is only about $4,000 more than a new WRX, I bought a new WRX while making $35,500 a year and I was making double payments on it with flying colors. Only thing I would put into consideration is closer intervals for service, and if you live up in my neck of the woods, you will probably need to buy a set of good sport winter tires and wheels.
Newbie
Joined: Mar 2003
Posts: 74
Likes: 0
Originally posted by ImportPePe
I deliver pizzas and make $2K a month working full time. Keep in mind I still live with my parents and I'm 18, so I can very well be able to afford this vehicle.
I deliver pizzas and make $2K a month working full time. Keep in mind I still live with my parents and I'm 18, so I can very well be able to afford this vehicle.
Newbie
Joined: May 2003
Posts: 24
Likes: 0
From: NJ
Originally posted by kitra
To Kuusoo, do you want to live with your Folks forever? Just think about it. Youi might be OK with the Evo? Don't strap yourself.
To Kuusoo, do you want to live with your Folks forever? Just think about it. Youi might be OK with the Evo? Don't strap yourself.
not planning on living with them forever...but it is nice to have both my cars garaged all the time and no rent or bills to pay, hehe...Can't say I'm totally serious about an Evo purchase...just entertaining the idea at this point...
Although I can't help but think how fun a car it would be!
