resonsible spending
well its lke someone said if you first pay all your bills and also save some money
if you have something left after this that x amount of money you can use to pay a car. so it all depends on what you pay and whats left on your wallet
if you have something left after this that x amount of money you can use to pay a car. so it all depends on what you pay and whats left on your wallet
Evolving Member
Joined: Aug 2008
Posts: 225
Likes: 0
From: Southern CA
If you live at home and have no bills and bring home 2k a month then you can afford a evo x. Say you finance for 6 years or even 5 with a few k down. then your payments would be 500-600 bucks. 100 for insurance and 300 for gas thats a thousand or so for the car a month. another couple hundred for credit or phone bill and you still have 800 or so a month to save or spend on weekends. I think thats reasonable if you want the car and are in that situation.
yeah but how many people that make 20+K a year live at home and plan on doing so for the next 5-6 years. Also this doesnt even include unforseen expenses. As far as median average salary, yes this may be 50K but middle-upper middle class makes much more then this. There is a lot more people between lower middle and lower class, then middle-upper middle class people in this country.
Newbie
Joined: Aug 2008
Posts: 35
Likes: 0
From: Sacramento, CA
I always heard you should pay no more than 20% of your monthy income on a car payment. So if you make 1000 a month (all after taxs) thats 200 a month you should spend. This is excluding insurance.
So if you buy a Evo X at 34k out the door say 10k down payment so finance 24k at say 72 months at a rate of 5% (all made up for numbers sake).. That would be $386.52 a month. So the minimum you should make a month after tax should be about $1,933.00.
Thats not a fact or anything but just something I always heard about a good scale to go by. But always be careful try to not base a sale on monthly cost or they will have you in a car with a 1000000 month loan haha. Go in knowing a head of time what you want to pay with the interest rate and down payment. Most banks on their website have a loan calculator. I work for a bank and feel free to use it if need be. https://www.safecu.org/financial_cal...w.safecu.org_1
So if you buy a Evo X at 34k out the door say 10k down payment so finance 24k at say 72 months at a rate of 5% (all made up for numbers sake).. That would be $386.52 a month. So the minimum you should make a month after tax should be about $1,933.00.
Thats not a fact or anything but just something I always heard about a good scale to go by. But always be careful try to not base a sale on monthly cost or they will have you in a car with a 1000000 month loan haha. Go in knowing a head of time what you want to pay with the interest rate and down payment. Most banks on their website have a loan calculator. I work for a bank and feel free to use it if need be. https://www.safecu.org/financial_cal...w.safecu.org_1
Evolved Member
Joined: Apr 2008
Posts: 1,235
Likes: 4
From: PA
my advice would be finding a payment you can live with and not for like 10 years either but if you really want that car then get it if the payment is right. you can always unload it for something else once you build some equity in it.
Evolving Member
Joined: Aug 2008
Posts: 109
Likes: 0
From: The Mountains
I always heard you should pay no more than 20% of your monthy income on a car payment. So if you make 1000 a month (all after taxs) thats 200 a month you should spend. This is excluding insurance.
So if you buy a Evo X at 34k out the door say 10k down payment so finance 24k at say 72 months at a rate of 5% (all made up for numbers sake).. That would be $386.52 a month. So the minimum you should make a month after tax should be about $1,933.00.
Thats not a fact or anything but just something I always heard about a good scale to go by. But always be careful try to not base a sale on monthly cost or they will have you in a car with a 1000000 month loan haha. Go in knowing a head of time what you want to pay with the interest rate and down payment. Most banks on their website have a loan calculator. I work for a bank and feel free to use it if need be. https://www.safecu.org/financial_cal...w.safecu.org_1
So if you buy a Evo X at 34k out the door say 10k down payment so finance 24k at say 72 months at a rate of 5% (all made up for numbers sake).. That would be $386.52 a month. So the minimum you should make a month after tax should be about $1,933.00.
Thats not a fact or anything but just something I always heard about a good scale to go by. But always be careful try to not base a sale on monthly cost or they will have you in a car with a 1000000 month loan haha. Go in knowing a head of time what you want to pay with the interest rate and down payment. Most banks on their website have a loan calculator. I work for a bank and feel free to use it if need be. https://www.safecu.org/financial_cal...w.safecu.org_1
I limit myself to $450/car of our take home and no more then 60 months financing for two cars (mine and my wife). It is well below 15% and forces me to save money for down payment.
I bring home about 3000 a month, rent a room in cali, commute far, and will probably not be employed by the end of the year...
But I am young, plan on going to med school, have no other expenses, and really want an EVO X.
So all that isn't going to stop me, I am just waiting for a good deal on a GSR to jump on one, and wont put down any money even though I have more than 12 grand saved up. It all depends on the person and their priorities.
But I am young, plan on going to med school, have no other expenses, and really want an EVO X.
So all that isn't going to stop me, I am just waiting for a good deal on a GSR to jump on one, and wont put down any money even though I have more than 12 grand saved up. It all depends on the person and their priorities.
Likely the person quoting 100-200k was assuming 2 working parents and living in NYC... where most salaries are likely almost double most places in the country due to living expenses. If Household income everywhere else is 50k-100k with 1-2 working adults I bet that would be pretty close to realistic for the US.
