Do you think... - Page 3

jravenfan · 01-30-2014, 07:10 PM

Quote:

Originally Posted by jdsblueray2013

.......oR sometimes you just got to say WTF, AND DO IT!

People that subscribe to this philosophy without thinking it through often times will regret it. if you spend 61% of your income on a car you will likely be cash strapped and the financial burden will make it hard to enjoy. Save up your money or buy a cheaper car.
there will always be nice cars around when you can afford it.

SlingShot · 01-30-2014, 07:21 PM

Guess I'm the only one that looks at this from a different angle. Lets keep the numbers simple, you make $100k per year. The car is $60k, spread out over a 5 year loan. Now instead of 60% of your annual income, you are now at 12% of a 5 year income of $500k. Doesn't look so bad now ...

OldScoolCamaro · 01-30-2014, 07:29 PM

^, but...the OP said spending 61 percent of the yearly income is on the car..one has to take that at face value without any further explanation of loans or such over time. I take that post to say the OP suggests the payment on the car is 61 percent of total income....there must be be some subsidiary to the owners income to live.

Cheveey57 · 01-30-2014, 07:37 PM

Yes or you need a better job.

trashmanssd · 01-30-2014, 07:48 PM

Quote:

Originally Posted by SlingShot

Guess I'm the only one that looks at this from a different angle. Lets keep the numbers simple, you make $100k per year. The car is $60k, spread out over a 5 year loan. Now instead of 60% of your annual income, you are now at 12% of a 5 year income of $500k. Doesn't look so bad now ...

yes its not horrible as long as its only car. Little high 40-50 thousand would be better with 10 thousand down or as trade

jshaf · 01-30-2014, 07:52 PM

23% here, I have a couple less expenses than most, so it is easily doable with plenty left over. no way I would do 40% or higher

PalmerGA · 01-30-2014, 07:55 PM

Quote:

Originally Posted by 2012-1822

do what feels good. You only live once.

I hate when people use this mindset as justification for someone to potentially dig themselves so deep in debt they can't get out. "You only live once" may be true, which is why you should live with the future in mind.

Normagene · 01-30-2014, 08:20 PM

Staying with the "Camaro owner" image, rob a bank, you already have the perfect getaway car!

slashsnake · 01-31-2014, 01:33 AM

Too much with one exception MAYBE. If you are single, in the military living on base or ship. 80% of my earnings went to alcohol and travel I bet early on. Granted as an E1 to E3 in those days that wasn't much.... Lived on ship or base. Ate on ship or base. 10% to savings, 10% to uniforms and hygiene stuff, 80% for fun.

thkfast · 01-31-2014, 02:39 AM

Quote:

Originally Posted by knitetrain05

I'm talking Number one. Johnny makes $100,000 dollars a year. Has a house ect ect. He buys a corvette for $61,000. That would mean Johnny spent 61% of his yearly gross income. This is just keeping it very general here. KISS principle here guys.

Whoops, I just screwed up big time...82% for me

Aw, what the hell.

"Live the dream and spare no expense!"

dgriddick · 01-31-2014, 05:51 AM

Quote:

Originally Posted by JTruckenbrod

Johnny made a horrible financial decision with only 100k income and buying a 61k car in cash. It's called financing. Unless you make more money than you can figure out what to do with, buying a car of that value of % is just stupid.

What scares me more is someone is making 100k a year and is asking this question.

Oh thats funny..I agree.... Guess Johnny has no home.. wife kids.. bills and lives with his mom... and thats still not good

Abomb1223 · 01-31-2014, 06:59 AM

This car is really my only expense right now so I made it work for me. I make plenty enough to spend 300 a month plus I really needed a car as my first car was dying fast. I am a big believer in buying something youll love to drive day in and day out .. this was that car for me! But if you have college loans, rent, and other expenses it may be tough.. just my opinion

DDoug · 01-31-2014, 07:38 AM

What's worse, to me, is that my Camaro is costing me, like $50 a day in depreciation and insurance ...

... stored in my garage waiting for the weather to break!

Yet ... still worth it!

sutherlacd27 · 01-31-2014, 08:31 AM

Some people want to grow old and have grandkids. Others want to party it up and die without wrinkles. To each his own.

01-30-2014, 07:21 PM	#30
SlingShot Drives: 2012 ZL1 - #670 Join Date: Jun 2009 Location: Seminole, Fl. Posts: 8,009	Guess I'm the only one that looks at this from a different angle. Lets keep the numbers simple, you make $100k per year. The car is $60k, spread out over a 5 year loan. Now instead of 60% of your annual income, you are now at 12% of a 5 year income of $500k. Doesn't look so bad now ... __________________

01-30-2014, 07:29 PM	#31
OldScoolCamaro Drives: Camaro's, always have, always will. Join Date: Oct 2010 Location: Home of the brave Posts: 4,851	^, but...the OP said spending 61 percent of the yearly income is on the car..one has to take that at face value without any further explanation of loans or such over time. I take that post to say the OP suggests the payment on the car is 61 percent of total income....there must be be some subsidiary to the owners income to live. __________________ In Scott We Trust...all others must show proof.

01-30-2014, 07:37 PM	#32
Cheveey57 Drives: 2010 Camaro 2LT RS Join Date: Sep 2012 Location: Long Island Posts: 1,425	Yes or you need a better job. __________________ If you're not living on the edge, you're taking up too much space.

01-30-2014, 07:52 PM	#34
jshaf Montani Semper Liberi Drives: 2011 Black 2SS/RS w/ IOM stripes Join Date: Feb 2010 Location: Masontown, WV Posts: 4,841	23% here, I have a couple less expenses than most, so it is easily doable with plenty left over. no way I would do 40% or higher __________________ Stainless Works 1 7/8 Long Tude Headers, Stainless Works High Flow Cats, Stainless Works Retro Chambered Catback, Z/28 Air Intake, RDP Tuned, FR41 Chrome Rims, 1100W stereo, 35% Tint

01-31-2014, 07:38 AM	#41
DDoug Drives: '13 Inferno Orange ZL1 Convertible Join Date: Jul 2013 Location: The 313 Posts: 437	What's worse, to me, is that my Camaro is costing me, like $50 a day in depreciation and insurance ... ... stored in my garage waiting for the weather to break! Yet ... still worth it! __________________

01-30-2014, 08:20 PM	#36
Normagene Drives: 2013 Ashen Gray M6 ZL1 Join Date: Sep 2012 Location: South Eastern, Mass Posts: 2,615 View My Garage	Staying with the "Camaro owner" image, rob a bank, you already have the perfect getaway car!

01-31-2014, 01:33 AM	#37
slashsnake Drives: 2011 ss Join Date: Jan 2014 Location: ft morgan Posts: 49	Too much with one exception MAYBE. If you are single, in the military living on base or ship. 80% of my earnings went to alcohol and travel I bet early on. Granted as an E1 to E3 in those days that wasn't much.... Lived on ship or base. Ate on ship or base. 10% to savings, 10% to uniforms and hygiene stuff, 80% for fun.

01-31-2014, 06:59 AM	#40
Abomb1223 Drives: 2011 Camaro Join Date: Apr 2012 Location: Ohio Posts: 1,086	This car is really my only expense right now so I made it work for me. I make plenty enough to spend 300 a month plus I really needed a car as my first car was dying fast. I am a big believer in buying something youll love to drive day in and day out .. this was that car for me! But if you have college loans, rent, and other expenses it may be tough.. just my opinion

01-31-2014, 08:31 AM	#42
sutherlacd27 Drives: 2010 Camaro SS Join Date: Jan 2014 Location: Madison, WI Posts: 82	Some people want to grow old and have grandkids. Others want to party it up and die without wrinkles. To each his own.