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Posted: 2/20/2024 8:34:30 PM EST
[#1]
Are you going to ask the question or are we supposed to?
I'll start. Why not just drive the car that is worth $25K. What 3 year old car are you wanting to buy that costs $65K? |
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Posted: 2/20/2024 8:35:21 PM EST
[#2]
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Posted: 2/20/2024 8:35:53 PM EST
[#3]
Quote HistoryQuoted: And the question is? Is the debt reasonable considering my situation? |
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Posted: 2/20/2024 8:36:22 PM EST
[#4]
A 3 year old car is still worth $65k? Oh, I forgot it's clown World
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Posted: 2/20/2024 8:36:40 PM EST
[#5]
Quote HistoryQuoted: Is the debt reasonable considering my situation? Quote HistoryQuoted: Quoted: And the question is? Is the debt reasonable considering my situation? Is it a mortgage or rent? Just trying to be clear before answering. |
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Posted: 2/20/2024 8:36:45 PM EST
[#6]
Used car is going to have a high rate. Lots of incentives out there for new vehicles, which offers low rates.
In other words, the new may not be much more in the long run. |
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Posted: 2/20/2024 8:36:55 PM EST
[#7]
Troll post
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Posted: 2/20/2024 8:38:02 PM EST
[#8]
Why on earth would you finance a 3 year old 65k car?
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Posted: 2/20/2024 8:38:05 PM EST
[#9]
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Posted: 2/20/2024 8:38:49 PM EST
[#10]
Quote HistoryQuoted: Is it a mortgage or rent? Just trying to be clear before answering. Home mortgage. New car is 80-85k, used it’s worth 65k |
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Posted: 2/20/2024 8:38:55 PM EST
[#11]
Only you can answer that question. Financing $40k on a car with that income shouldn’t be a problem. Only you know what your other bills and spending habits are. If you think it could create an issue, then it most likely will.
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Posted: 2/20/2024 8:38:56 PM EST
[#12]
Quote HistoryQuoted: Is the debt reasonable considering my situation? Quote HistoryQuoted: Quoted: And the question is? Is the debt reasonable considering my situation? Why not just drive the car that is worth $25K. What 3 year old car are you wanting to buy that costs $65K? Several good vehicle choices out there for less that $65K brand new. |
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Posted: 2/20/2024 8:39:02 PM EST
[#13]
With what you provided you probably clear 5300 minimum a month after taxes and home loan.
You know you can afford it. Want to show us a pic of your dick next? |
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Posted: 2/20/2024 8:39:08 PM EST
[#14]
Plug in an interest rate and you can calculate a 3 year loan on $40k.
One of the common car buying budget strategies is the money guy's. See if your payment with whatever interest rate lands you in this. https://moneyguy.com/article/20-3-8-rule/ |
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Posted: 2/20/2024 8:39:33 PM EST
[#15]
Tell us more about the paid off car, please.
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Posted: 2/20/2024 8:41:40 PM EST
[#16]
Quote HistoryQuoted: Tell us more about the paid off car, please. It’s an 8 year old 2 door sports car. New car would be 3 year old 2 door sports car |
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Posted: 2/20/2024 8:42:46 PM EST
[#17]
lol coyote 5.0 bro
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Posted: 2/20/2024 8:43:24 PM EST
[#18]
Do you have an extra $750 a month?
If yes, then sure you can afford it. If not, then no you shouldn't. $130,000 incomes does not say what your take home is per check. For example $130K gross and you contribute $30K a year to a 401K leaves you less then if you contribute $0. https://www.calculator.net/auto-loan-calculator.html |
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Posted: 2/20/2024 8:43:25 PM EST
[#19]
Quote HistoryQuoted: Why not just drive the car that is worth $25K. What 3 year old car are you wanting to buy that costs $65K? Several good vehicle choices out there for less that $65K brand new. Quote HistoryQuoted: Quoted: Quoted: And the question is? Is the debt reasonable considering my situation? Why not just drive the car that is worth $25K. What 3 year old car are you wanting to buy that costs $65K? Several good vehicle choices out there for less that $65K brand new. Some people want a Porsche 911, not just a car that goes from A to B |
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Posted: 2/20/2024 8:44:04 PM EST
[#20]
Quoted: Annual income 130k Mortgage and taxes 1700 No other debt Daily drive a 19 year old beater with 200k miles Have another car (paid off) worth about 25k trade in Looking to purchase a 3 year old car for about 65k. Minus trade financing roughly 40k over four years But why... |
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Posted: 2/20/2024 8:44:11 PM EST
[#21]
Quote HistoryQuoted: Do you have an extra $750 a month? If yes, then sure you can afford it. If not, then no you shouldn't. $130,000 incomes does not say what your take home is per check. For example $130K gross and you contribute $30K a year to a 401K leaves you less then if you contribute $0. https://www.calculator.net/auto-loan-calculator.html Take home is about 3300 every two weeks |
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Posted: 2/20/2024 8:45:35 PM EST
[#22]
lol...
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Posted: 2/20/2024 8:45:40 PM EST
[#23]
I thought you were buying a Lexus GX.
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Posted: 2/20/2024 8:47:08 PM EST
[#24]
What will the insurance cost be on a $65k car each month.
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Posted: 2/20/2024 8:47:31 PM EST
[#25]
Quote HistoryQuoted: I thought you were buying a Lexus GX. It could be. It's got 2 doors. |
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Posted: 2/20/2024 8:47:49 PM EST
[#26]
Quote HistoryQuoted: I thought you were buying a Lexus GX. Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation |
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Posted: 2/20/2024 8:48:25 PM EST
[#27]
I’d just keep the old car, but I drive a 2012 accord, 228k miles and an oil leak.
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Posted: 2/20/2024 8:48:45 PM EST
[#28]
Quote HistoryQuoted: Troll post @apierce918 Then you see the AI accounts replying to other AI accounts about their retarded data mine posts. Exhausting. -P |
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Posted: 2/20/2024 8:48:53 PM EST
[#29]
Just get a longer term, 144 months is an option now.
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Posted: 2/20/2024 8:49:17 PM EST
[#30]
Quote HistoryQuoted: Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation Quote HistoryQuoted: Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation I don't finance my wants. I paid cash for my Vette. At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years. Quoted: Currently have a 2017 Audi RS5. Has been nothing but reliable, literally nothing has needed repair or broken over 15k miles that I’ve driven it (45,000 miles total). Yes maintenance is expensive and I take it to the dealer. Thinking about upgrading to an M4, maybe a convertible with a manual trans. Under 30k miles around $55k. Alternative is a c7 corvette. Thoughts, comments? |
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Posted: 2/20/2024 8:50:14 PM EST
[#31]
Quote HistoryQuoted: Just get a longer term, 144 months is an option now. When your insurance guy and your car dealer get together. Introducing the Term life car loan. |
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Posted: 2/20/2024 8:52:13 PM EST
[#32]
Quote HistoryQuoted: Take home is about 3300 every two weeks Sounds like you can afford a sweet weekend ride, a full tank of gas each week, and still take your boyfriend to In-N-Out for a double combo. |
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Posted: 2/20/2024 8:58:18 PM EST
[#33]
Quote HistoryQuoted: Take home is about 3300 every two weeks Pay. Yourself. First. |
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Posted: 2/20/2024 9:03:28 PM EST
[#34]
Never finance an automobile.
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Posted: 2/20/2024 9:21:15 PM EST
[#35]
You can afford it, but you told us only about your debt. You told us nothing about your assets.
My financial projections are that I'll have twice as much income in retirement as I do now. I'm twenty years out. I'm the one who should be doing the humblebrag about "hey arf, can I afford a bigger house, or a bigger truck?" But I don't have to. Because I'm on top of my game. You're not. Drive reasonable beaters that fit the need and put more into your three buckets. Stop trying to impress your boyfriends with sports cars. |
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Posted: 2/20/2024 9:24:48 PM EST
[#36]
What is the new car? Obviously this is an emotional play, so let us get emotional with you (or not).
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Posted: 2/20/2024 9:25:56 PM EST
[#37]
Quote HistoryQuoted: Used car is going to have a high rate. Lots of incentives out there for new vehicles, which offers low rates. In other words, the new may not be much more in the long run. |
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Posted: 2/20/2024 9:34:07 PM EST
[#38]
Quote HistoryQuoted: You're not contributing enough to your 401k. Stop pissing away your money. Pay. Yourself. First. Quote HistoryQuoted: Quoted: Take home is about 3300 every two weeks Pay. Yourself. First. |
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Posted: 2/20/2024 9:34:20 PM EST
[#39]
Quote HistoryQuoted: Take home is about 3300 every two weeks Quote HistoryQuoted: Quoted: Do you have an extra $750 a month? If yes, then sure you can afford it. If not, then no you shouldn't. $130,000 incomes does not say what your take home is per check. For example $130K gross and you contribute $30K a year to a 401K leaves you less then if you contribute $0. https://www.calculator.net/auto-loan-calculator.html Take home is about 3300 every two weeks Increase your 401k contributions |
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Posted: 2/20/2024 9:36:05 PM EST
[#40]
This thread sucks.
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Posted: 2/20/2024 9:57:58 PM EST
[#41]
No, not reasonable. You don't make enough to warrant driving an 85k car. Trying to buy it used and having a 65k used car just shows how absurd and how much reaching you are doing.
No. Do not do it. |
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Posted: 2/20/2024 10:01:50 PM EST
[#42]
Would you describe yourself
as "plain & Tall?" Don't finance more than 1/4 of what you make a year on a vehicle. |
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Posted: 2/20/2024 10:02:09 PM EST
[#43]
You need jesus! You can't afford a new car.
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Posted: 2/20/2024 10:02:42 PM EST
[#44]
Am i missing some edits somewhere. Where the fuck is all that info posted. This thread is dumb as shit.
Quote HistoryQuoted: I don't finance my wants. I paid cash for my Vette. At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years. Quote HistoryQuoted: Quoted: Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation I don't finance my wants. I paid cash for my Vette. At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years. Quoted: Currently have a 2017 Audi RS5. Has been nothing but reliable, literally nothing has needed repair or broken over 15k miles that I’ve driven it (45,000 miles total). Yes maintenance is expensive and I take it to the dealer. Thinking about upgrading to an M4, maybe a convertible with a manual trans. Under 30k miles around $55k. Alternative is a c7 corvette. Thoughts, comments? |
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Posted: 2/20/2024 10:07:09 PM EST
[#45]
Yes you can afford it.
Some people will tell you to invest your 40k and make 8-10% back Y/Y and use that money to buy a car. But life's short and you could get hit by a garbage truck tomorrow |
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Posted: 2/20/2024 10:09:40 PM EST
[#46]
Quote HistoryQuoted: Is the debt reasonable considering my situation? Quote HistoryQuoted: Quoted: And the question is? Is the debt reasonable considering my situation? $40k in vehicle debt with 130k income is unreasonable to me, but likely typical these days. It is MORE unreasonable to me that you are purchasing a 3 year old USED vehicle for $65k. That "feels" like someone wants something they can't really afford. That said..... $40k borrowed over 4 years is over a $900 per month payment. Have you been paying yourself $900 into a car savings fund since your vehicles were last paid off? If not, why not? Dave Ramsey's rule of thumb is that the total of all your "stuff" with a motor in it should not have a value over half your annual income. That means the total of all your engine stuff (boats, motorcycles, cars, RV's) should generally be less than $65k in your case. If you are buying a $65k car, and all your other stuff with motors is worth zero, your are right at the max of what you can afford. Personally, we pay cash for cars. The last ones we bought was in 2014. We bought a used 2011 Honda Pilot for $22k, and a 2007 F150 for $16k. That was 10 years ago, and we are still driving them. However, we started making a car payment to ourselves for $500 per month back then, and now have $60,000 in the "car fund". Wife is ready to get something new, so we will likely buy another Honda Pilot or a Grand Highlander this summer, for cash. I'll keep driving my 17 year old beater F150, with 200k miles.  |
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Posted: 2/20/2024 10:10:20 PM EST
[#47]
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Posted: 2/20/2024 10:12:39 PM EST
[#48]
Quote HistoryQuoted: Am i missing some edits somewhere. Where the fuck is all that info posted. This thread is dumb as shit. Quote HistoryQuoted: Am i missing some edits somewhere. Where the fuck is all that info posted. This thread is dumb as shit. Quoted: Quoted: Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation I don't finance my wants. I paid cash for my Vette. At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years. Quoted: Currently have a 2017 Audi RS5. Has been nothing but reliable, literally nothing has needed repair or broken over 15k miles that I’ve driven it (45,000 miles total). Yes maintenance is expensive and I take it to the dealer. Thinking about upgrading to an M4, maybe a convertible with a manual trans. Under 30k miles around $55k. Alternative is a c7 corvette. Thoughts, comments? That came from another thread that OP started about buying a new vehicle.  Attached File |
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Posted: 2/20/2024 10:13:25 PM EST
[#49]
Quote HistoryQuoted: I don't finance my wants. I paid cash for my Vette. At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years. This. OP, with your income and mortgage, your house should be paid off early and you should be paying cash for a $65,000 car. Take a good look at your spending habits. |
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Posted: 2/20/2024 10:15:28 PM EST
[#50]
Hard pass. Your mortgage combined with car payment would be too high for your income.
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