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Then there's financial rules of thumb regarding how much of your monthly income you should pay for a car, savings, living expenses, etc
\\ Post Your Car vol. Been a minute //
Then there's financial rules of thumb regarding how much of your monthly income you should pay for a car, savings, living expenses, etc
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This. The one rule I've read about was that the purchase price of a vehicle should be no more than 10% of ya annual income. That's crazy lol...I had to read it a few times because I thought I was reading that wrong. Read on a few different sites tho
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THEY MAY MEAN THE TOTAL OF MONTHLY PAYMENTS FOR THE YEAR SHOULDN'T BE MORE THAN 10% OF INCOME
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Oh word?! LOLLL! Knew something wasn't right. Makes more sense.
THEY MAY MEAN THE TOTAL OF MONTHLY PAYMENTS FOR THE YEAR SHOULDN'T BE MORE THAN 10% OF INCOME
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**** that rule
They want you to be making 500k a year to buy a 50k car? Nah fam. If I'm making 500k a year, rest assured i have at least a GT3 RS and a 911 Turbo in my garage and probably a couple more cars
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My note is actually a little under 10% of my monthly take home. I use a 55/20/25 (fixed costs/financial goals and savings/flex spending) financial system.
Car note, rent, utils, stuff like that is 55% of my take home pay. My note is $100 more than I wanted honestly. My last car had transmission and computer issues and the cost to fix far exceeded the car's value. And I still owed money on it. I basically was only able to put 2k down and had to finance the rest. The plan was to save for a year after paying off my last car to have a more manageable note but hey. Life happens and I got the car I wanted though had to compromise on some luxury features given the circumstances.
Car note, rent, utils, stuff like that is 55% of my take home pay. My note is $100 more than I wanted honestly. My last car had transmission and computer issues and the cost to fix far exceeded the car's value. And I still owed money on it. I basically was only able to put 2k down and had to finance the rest. The plan was to save for a year after paying off my last car to have a more manageable note but hey. Life happens and I got the car I wanted though had to compromise on some luxury features given the circumstances.
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Lol. I'm wit you on that!**** that rule
They want you to be making 500k a year to buy a 50k car? Nah fam. If I'm making 500k a year, rest assured i have at least a GT3 RS and a 911 Turbo in my garage and probably a couple more cars
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Really depends on each person's situation. For someone who lives on their own, i would highly recommend not making their car note a big portion of their monthly income. A car is usually a depreciating asset and when you factor in the cost of your car note, gas, maintenance, insurance, registration. I would honestly take all those things into consideration as a lump sum you have to pay. If all those costs together yearly are more than 25% of your income, probably not the best idea.
I was shopping around for a CPO 991 Turbo or Audi R8 but I'm considering buying a house and I"m waiting to hear back from my MBA School applications. I would probably be living paycheck to paycheck to pay for all those things.
As much as I love cars, I also love to travel. Travelling across the world > Cars (IMO)
Of course, not everyone is interested in buying a house or travelling. In addition, I live in one of the most expensive areas in the nation (Bay Area). If i lived in Texas with my salary, I probably could afford any one of those two easy.
I was shopping around for a CPO 991 Turbo or Audi R8 but I'm considering buying a house and I"m waiting to hear back from my MBA School applications. I would probably be living paycheck to paycheck to pay for all those things.
As much as I love cars, I also love to travel. Travelling across the world > Cars (IMO)
Of course, not everyone is interested in buying a house or travelling. In addition, I live in one of the most expensive areas in the nation (Bay Area). If i lived in Texas with my salary, I probably could afford any one of those two easy.
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**** that rule
They want you to be making 500k a year to buy a 50k car? Nah fam. If I'm making 500k a year, rest assured i have at least a GT3 RS and a 911 Turbo in my garage and probably a couple more cars
How do you endeavour to own a $250k car when your after-tax take home pay is like $300k?
HOW SWAY????
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**** that rule
They want you to be making 500k a year to buy a 50k car? Nah fam. If I'm making 500k a year, rest assured i have at least a GT3 RS and a 911 Turbo in my garage and probably a couple more cars
How do you endeavour to own a $250k car when your after-tax take home pay is like $300k?
HOW SWAY????
His car will be his home, duh.
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It just really depends on your monthly payment. I'm paying 2700 a month right now for two cars that I already don't want anymore. I think that's the slippery slope, if you plan on loving the car the rest of your life it doesn't matter, but even getting a 50k car that you'll be tired of in a year isn't a great investment either.
And I don't know why people always have to upgrade on their next car but that's just how it is, people never downgrade.
I just hired an accountant this year and he's been telling me all the things I've been messing up on (buying instead of leasing under my company), mortgage interest rates etc. hopefully if he can straighten things out for me I'll have a lot more financial comfort. He's telling me to dump my cars like yesterday, and lease newer models but it ain't that easy.
And I don't know why people always have to upgrade on their next car but that's just how it is, people never downgrade.
I just hired an accountant this year and he's been telling me all the things I've been messing up on (buying instead of leasing under my company), mortgage interest rates etc. hopefully if he can straighten things out for me I'll have a lot more financial comfort. He's telling me to dump my cars like yesterday, and lease newer models but it ain't that easy.
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2700 a month on car notes. bruh thats my 2 week pay after taxes [emoji]128563[/emoji]. Get that money playa.
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You can live in a car but you can't drive a houseHis car will be his home, duh.How do you endeavour to own a $250k car when your after-tax take home pay is like $300k?**** that rule
They want you to be making 500k a year to buy a 50k car? Nah fam. If I'm making 500k a year, rest assured i have at least a GT3 RS and a 911 Turbo in my garage and probably a couple more cars
HOW SWAY????
On a real note you don't pay cash for it. Take home 300k, put 150 down on GT3 RS, loan 100k, payments wouldn't be hard to make if you're taking home that kind of money
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I'm still broke though I just look super flourishin [emoji]128526[/emoji] Lol jk
You can live in a car but you can't drive a house
On a real note you don't pay cash for it. Take home 300k, put 150 down on GT3 RS, loan 100k, payments wouldn't be hard to make if you're taking home that kind of money
150k down! Woah. If you can lock down 0.9% APR I would just finance the whole car. 20k down max.
One word of advice, never use your own money to buy anything. Work smarter, not harder! If a bank is willing to give you money for cheap, take it.
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...and you'll probably be selling it shortly after for a flash tune (APR/Uni/GIAC, etc)Probably copping the Burgermotorsports JB1 for the GTI soon. That way I'm grandfathered into the Jb4 update when it comes out in December
+80hp and +80 ft lbs torque on a plug and play unit with no hardware requirements
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Ben Baller said Lease all cars under $150k, over $150k, cash out on them
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I paid cash for my 997 because a) I would never finance a used car, b) I would never finance a new car (generally speaking; there are exceptions), c) I really didn't want a $2k/month payment for an M6GC lease (or something comparable), and d) there's something to be said about having no debt/obligations. I do agree, however, that if money is cheap you can certainly use this to your advantage.
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I'm still broke though I just look super flourishin [emoji]128526[/emoji] Lol jk
You can live in a car but you can't drive a house
On a real note you don't pay cash for it. Take home 300k, put 150 down on GT3 RS, loan 100k, payments wouldn't be hard to make if you're taking home that kind of money
150k down! Woah. If you can lock down 0.9% APR I would just finance the whole car. 20k down max.
One word of advice, never use your own money to buy anything. Work smarter, not harder! If a bank is willing to give you money for cheap, take it.
THAT'S GREAT BUT SOME PEOPLE NEED THAT MONEY DOWN TO GET THE PRINCIPAL LOW ENOUGH TO EVEN MAKE THE PAYMENTS IN THE FIRST PLACE.
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All good knowledge. Just striking up convo tho. Like I said I was curious.
Yo 2700 for cars a month?! That's crazy but if you got it, get it how ya live. I ain't mad...
yea that Bay Area living is no joke. I stay 45mins from the bay and it's still somewhat expensive where I'm at...i contemplated moving outta Cali but jus can't do it...
There's always the finance vs lease argument lol. Situation vs situation when you really look at it tho...
Yo 2700 for cars a month?! That's crazy but if you got it, get it how ya live. I ain't mad...
yea that Bay Area living is no joke. I stay 45mins from the bay and it's still somewhat expensive where I'm at...i contemplated moving outta Cali but jus can't do it...
There's always the finance vs lease argument lol. Situation vs situation when you really look at it tho...
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Probably not. Not messing with tunes because I don't want to mess with the warranty. Jb4 providing stage 1 power while maintaining the warranty>>>>>
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You live in Antioch/Brentwood like me? [emoji]128514[/emoji] I work in berkely thank goodness i get out early enough to not get traffic
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Your 997 is an exception. My friend carmaxed his pdk 997.2 c2 for 41k two years ago and it looks like the prices are still the same. I don't think you'll be losing your cash anytime soon. the m6gc would've been a horrible purchase at 2k, residuals are horrible on them.
One thing biting me is that I can get out of my 911 and into an i8 lease for less money per month and on top of that get it under my corporation.
But i8s aren't that cool.
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I paid a lot more than 41k (I'm in Canada--inventory is non-existent) but I don't anticipate losing much.
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