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re: Is buying a $24k car on $50k salary dumb?
Posted on 3/10/15 at 9:09 pm to Double Oh
Posted on 3/10/15 at 9:09 pm to Double Oh
quote:Does the $75 a month difference make that much of a difference to this ridiculous board?
Very dumb. Go get a 10-15K vehicle and when your are financially stable then go for a bigger purchase.
Op, that amount should be fine. Your note will be around $375 a month, which is not bad for your income at all.
3
Posted on 3/10/15 at 9:34 pm to lsupride87
Cost of ownership should include maintenance. Go check that out. Oil changes, regular maintenance, and potential repairs. Or better yet, why not price tires. I'll bet it's got a nice Tire Pressure Monitoring System. Can't wait to see you realize all of the ridiculously expensive costs to maintain it will be.
Set yourself up for succes. Buy something around $15-20K, put your note at less than $300 and spend your money or travel, gadgets and going out or doing instead of tying up more of your discretionary income in a status symbol.
Swallow your vanity for a few years.
Set yourself up for succes. Buy something around $15-20K, put your note at less than $300 and spend your money or travel, gadgets and going out or doing instead of tying up more of your discretionary income in a status symbol.
Swallow your vanity for a few years.
Posted on 3/10/15 at 10:37 pm to lsupride87
quote:
Does the $75 a month difference make that much of a difference to this ridiculous board?
Lets say you do that and change cars every 5 years, beginning at age 25 - if you'd invested that $75 a month, instead of wasting it on a car note you absolutely could have avoided - at age 65, that's about $150k (assuming 6% yield on the invested money for 40 years).
Is $150k that big of a difference in your retirement package at age 65? Will that be the difference in being able to retire at 65 or working until 70 or beyond?
You tell me.
(And decisions like this compound - the same can be said for the guy who buys a Starbucks latte 4 times a week, etc. - about the same amount of money. If he was brewing his own coffee for a fraction of that, etc.)
This post was edited on 3/10/15 at 10:38 pm
Posted on 3/11/15 at 7:36 am to lsupride87
quote:
that amount should be fine. Your note will be around $375 a month, which is not bad for your income at all.
If zero down and five year car he would be lucky to grab a 4% loan which puts him around 425 over 60
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