redEVO

I'm trying to figure out if my income will be enough to handle the payments, as well as qualify just to finance it.

I ask if you can fill out the poll on your income, and post what you paid, including the APR% that they charged you. I'm working 2 jobs right now, wondering how long I have to work them to afford an Evo.

I know this is asking a lot, but I only need it to see how I fit in.

I make roughly 34k/year gross income from my first job, and probably about 5k/year from my PT job.

spyderx

iTrader: (17)

Hmmm, I too drive a DSM, 99 spyder GST.

It's not just how much you make. It also depends on your downpmt, interest rate, terms of payment maturity and whether you can qualify for financing at all.

On a side note, I went to Fox in Baltimore last night w/my car for a possible trade. I walked out insulted. They were offering 8k for my spyder! What a joke! But they did have decent prices on their four evos, under 29k! (2 white, 1 yellow, 1 silver).

GL

lancealott

iTrader: (10)

I think most people that purchase this car will probably fall over 40k a year. My financing with zero down, on around $30,000.00 puts my payment around 485 a month with an APR of 4.90% at 72 months. I will pay more per month when ever possible. Figure insurance (mine around 110 monthly) on top of that. Im 25 earning around 70k. Last but not least, figure money for high maintainence, and mods (if you are a mod freak). I say, be prepared to conservatively have around 800+or- to comfortably own this car, and not pay on it forever. Ofcourse, more money down means less monthly payment (duh)

jotan82

iTrader: (12)

good things come to those who wait...

i pay 570 a month for 60 months
0 down
5.99% interest

i'm 20, make 37k a year

Thwack

I dunno... 39-40k seems like stretching it for an evo... but it all depends on what your other expenses are. for example, how old are you, and hows your driving record? if you're under 25 your insurance will be pretty damn high, like mine, even worse w/ a few tickets. You're in NOVA which isnt exactly a cheap area to live in.. are you paying for rent/ mortgage and how much? all important factors.

What you need to do is sit down and make a budget. start with take home pay for month, deduct all things you spend on per month. list EVERYTHING, rent, food, how much you spend on lunch per month, phone bill, utilities, cell phone, internet acess, gym membership, going out, etc. when unsure, round toward the more expensive number. now assume at least $500 per month for car payments, and from 150-250 per month on insurance. now throw in around 100-150 bucks a month on gas.
You in the negative yet? now realize thats its a good idea to save some for rainy days, usually 10-20% of your pay is considered minimum. you have enough left over for that?

this is something you need to figure out yourself, but if it helps, i earn 50k, am single, pay (relatively)cheap rent, and i can barely afford this car... I'm not living inthe car for the sake of owning it, but I also need to watch my expenses more closely now. I bought at msrp, 7.5k down, 5% apr, and i pay just under $500 a month, plus about $220 per month in insurance, plus around $150 per month on gas (commute from silver spring to springfield every day)

if your budget tells you you'll have to significantly change your way of living for the car (only go out once a month, eat only saltines 5 days a week, sell your kidney) dont do it. the thrill of having the car will wear off soon, then you're just struggling to pay for a car that you're beginning to resent.

hope this helps, good luck.

ImportPePe

iTrader: (4)

I deliver pizzas and make $2K a month working full time. Keep in mind I still live with my parents and I'm 18, so I can very well be able to afford this vehicle.

jbrennen

iTrader: (1)

A lot depends on your down payment, your monthly rent, and any other debts (credit cards?).

Based on your income, an unaffiliated bank would like to see your total rent + loan payments kept to $1300/month or below (40% of income).

For instance, if your rent plus other loans (credit cards, etc.) adds up to $900 per month, you could probably qualify for this loan:

$10K down payment
$405/month for 60 months

That's based on a total price including taxes and fees of $31000, and a 5.9% interest rate.

If your rent + other debt is higher or lower, your mileage may vary.

Note that if you finance through the dealer, you can generally get qualified a bit easier, because the dealer is not an uninterested party. He wants you to buy the car, and will generally try anything to get you financed, as long as you're within an arm's throw of that 40% debt-income ratio. If you go that route, be extra careful to understand the proposed loan, and never never never negotiate with a dealer (or a bank) based on "how much per month can you afford" -- back in 1988 when I bought my first car, I did that, and we decided that I could do a $310/month payment. Later when I went over all the paperwork, I found out I was paying over 15%/year in interest.

Hope this has helped.

Coolguy949

iTrader: (10)

Picking up my evo probably next week.

financing 20K, paying the rest in cash.
4.99 apr
376 per month (60 months)

mayhem

iTrader: (9)

I got 5.95% w/$1000 down. Kept the payments under $600/month. Of course I knew I'll be putting another $8000 toward the principal shortly by selling my other car myself.

If you're not struggling now to get by month to month and no other obligations like...uhheemmm...wife and kids then I say go for it.

jbrennen

iTrader: (1)

Oh one more thing... Not to be discouraging or anything, but...

If you're making $39K/year, living on your own, and have no significant down payment available, I'd think real hard before jumping into an Evo.

Thwack already basically said it -- don't be a slave to the car...

I should also mention that I've owned some great automobiles over the years, including two used Porsches, a 3rd gen RX-7, and now an Evo... And the highest ratio of car-price-to-annual-income was for the RX-7, which cost me about 45% of my annual income. You're talking about spending 75% of your annual income for a car. It can be done, people do it all the time. Just think about it before you "sign your life away"...

cecilia

hey lance have you gotten your cat back in yet??? Hit me up when you do.....

redEVO

I've done the budget, actually several plans, and although I would be able to afford this with a wife and 2 kids (wife makes about 27k/yr), I don't want to be living check to check with it, although I have no CC debt.

I have a few choices I guess, either an 01/02 WRX (I like the bugeyes), or wait a year or two for the 03 Evo to depreciate. Either way, Unless I get a raise before then, I'd rather wait for the price to drop to somewhere around 25k. I only hate the thought of someone ragging out one what I'll love to have

Heggley

me and the wife - ~85k
3.9% @ 60months, 0 down
$31,800 financed (warranty etc)

payment is around 600/month ( I think. Haven't gotten the official figures yet)

Also keep in mind the insurance - these things will not be very cheap, due to the performance, and the price of the car..

Thwack

sounds like you're leaning towards the choices i'd go for, especially with a family (you never know when the kid will need braces, etc.) it seems to me like you have bigger priorites than an evo, and you know what they are... I think a wrx would prob be best choice, it seems like a better family car, esp. wagon. good luck.

jbrennen

iTrader: (1)

Let me be a voice of reason, and if I sound like an old fart, so be it.

If you have a wife and two kids and total family income of $66K in Northern Virginia, your primary concern should be saving for and buying a home, not an Evo. (If you already own a home, good for you...)

Save up, buy a home, and I promise you that within ten years, you'll be able to walk into a car dealership and pay cash for the hot new performance car. And nothing beats that feeling.

Sermon over...