Well, I'm curious about what factors have to be play into your life in order for you to buy your dream car! For example, if I want to buy a Audi R8! How much do I need to make within a year and beside paying the bills, what other factors do I have to take into consideration! Note:I'm a 18 years old college student and I'm planning to invest my money! So, I don't have to worry about paying any bill for now besides buying clothes and stuff for entertainment!
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How Do You Know When You Can Finance A Car?
#2
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Posted 27 January 2008 - 10:33 AM
You know there are many loan caculators out there, etc. Other things that you must take into consideration is your credit score and how it will affect your the interest on your loan. For cars the interest rate can make you pay a few more thousand (in some cases) than the lowest rate you can get. This is especially important when it comes to buying a house for instance, where you can be paying tens of thousands more...
To live comfortably I (personally) think that you shouldn't spend more than 20% of your monthly income to pay for any car loan. Now of course this is gonna vary with people's situations, but if you expecting to pay a car loan and you live on your own, like where you have to spend 30-40% or even MORE of monthly income to pay for housing, then I wouldn't really want to be spending 20% of my monthly income to cover the car loan payments, what about gas, insurance and maintanance?
Cars tend to be BAD money investments, because they never really increase in value, as they almost always tend to lose value. Generally if you already have a car already just drive it till its dead and believe me you can save quite a bit of $$$ than buying a new car ever few years.
To live comfortably I (personally) think that you shouldn't spend more than 20% of your monthly income to pay for any car loan. Now of course this is gonna vary with people's situations, but if you expecting to pay a car loan and you live on your own, like where you have to spend 30-40% or even MORE of monthly income to pay for housing, then I wouldn't really want to be spending 20% of my monthly income to cover the car loan payments, what about gas, insurance and maintanance?
Cars tend to be BAD money investments, because they never really increase in value, as they almost always tend to lose value. Generally if you already have a car already just drive it till its dead and believe me you can save quite a bit of $$$ than buying a new car ever few years.
"Ignorance is the anesthesia that numbs the pain of stupidity..."
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Looking for a new economic car? Check out my car reviewshttp://www.soompi.com/forums/index.php?showtopic=259624.
#3
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Posted 27 January 2008 - 01:16 PM
QUOTE (BORGUSX @ Jan 27 2008, 01:29 AM) <{POST_SNAPBACK}>
Well, I'm curious about what factors have to be play into your life in order for you to buy your dream car! For example, if I want to buy a Audi R8! How much do I need to make within a year and beside paying the bills, what other factors do I have to take into consideration! Note:I'm a 18 years old college student and I'm planning to invest my money! So, I don't have to worry about paying any bill for now besides buying clothes and stuff for entertainment!
for an 18 year old to buy an Audi R8... one would need a good credit history (in good standing for years which you dont have) and proof if income of atleast 60-90K a year (which you most likely dont have). Not to mention a good size deposit since you probably dont have good credit and/or a job making a "good" amount.
If you want an R8 in the near future (7-8 years) my advice.. go to your local conutry club and find a suga momma
QUOTE (Krn_Track_Star @ Jan 13 2009, 07:01 AM) <{POST_SNAPBACK}>
also the g can already run mid 13s stock and the hks intakes adds an estimated 10 extra hp and the exhausts add like 8 so yeah it should shove off about 1.5 to 2 sec off my times
#4
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Posted 27 January 2008 - 01:52 PM
how much do you make a month?
how much of a deposit are you willing to put down?
take that and subtract the following:
1) rent
2) food
3) bills (cell, tv, internet etc)
4) then get a quote on the insurance of the car
5) get a quote from the stealership of said car on how much you would pay monthly with x amount of deposit for how many months (24, 36, 48, 60 etc)
6) then think about gas, i usually fill up once a week for ~$55
at the end of the month how much are you left with? are you happy with that amount? if not, keep ur beater and save up a few more years or until you get a better paying job.
this of course is considering if you're living on your own.... if you're still with ur parents then it's gravy lol. cross out the first 3 or maybe 4 if they'll foot the insurance for ya.
how much of a deposit are you willing to put down?
take that and subtract the following:
1) rent
2) food
3) bills (cell, tv, internet etc)
4) then get a quote on the insurance of the car
5) get a quote from the stealership of said car on how much you would pay monthly with x amount of deposit for how many months (24, 36, 48, 60 etc)
6) then think about gas, i usually fill up once a week for ~$55
at the end of the month how much are you left with? are you happy with that amount? if not, keep ur beater and save up a few more years or until you get a better paying job.
this of course is considering if you're living on your own.... if you're still with ur parents then it's gravy lol. cross out the first 3 or maybe 4 if they'll foot the insurance for ya.
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