Monkeykungphu

I'm seriously considering purchasing a new X. I've read that your monthly note should be < 20% of your monthly income. If my monthly note is $600 a month, that's ~17.6% of my monthly income. So, I guess I'll be in decent shape if I buy an X.

My other big payments are $780 a month for my portion of the home mortgage, $400 a month on college loan payments (I still owe $9k) & then everything else I need to spend each month to live (cell phone, gas, insurance, water, elect., food, entertainment, etc etc etc.). My current car, 2000 prelude, is paid for. Still debating on whether or not to keep it as a DD or use it for down payment.

I'm trying to get an idea of the impact that another $600 a month note will have on my lifestyle and how my standing would fair with the average buyer of the X to see if I'm being unrealistic or reasonable when getting this car. I realize everyone lives at different means & has different habits. Just trying to get a ball-park idea.

Please answer:

* How much is you monthly X note:

* % of your monthly income you pay on your X note:

* Any other info. you want to volunteer (other big payments you have, or don't have... mortgage? other debt?)

Thanks!

EvoBroMA

my IX is only about 18% of my monthly income but you have to consider that there is much more uptake involved with an Evo, than your monthly note, more so than almost any other car. You have to consider maintenance costs to get a true idea on how much it will impact your lifestyle.

Tires
Breaks
Fluids
Clutches

Trojan man

iTrader: (10)

i'm paying about 460 on a IX, which is about 16% of take home. I have a little lower debt load than you, but i live in a more expensive city (boston?) so it probably evens out. I can swing it ok, but sometimes money gets tight for planning vacations and things.

Resist the syst

650 a month here, 35% of my monthly income

BoostEEd

iTrader: (19)

There isn't a magic number. 20% may work for you but may not work for someone else. You just have to sit down and look at your budget to see what you can afford. Taking into account insurance, registration, maintenance and fuel. Personally I think 20% is waaaaaaaay too much of my monthly income to devote to a car payment. But then again I enjoy owning a house and knowing one day I'll be able to retire. Plus I like having money left over to dump into performance parts and never having to worry about where the money is going to come from to pay the bill.

Only you can answer your question. Personally I think $600 a month is a lot of money for a car. But thats just my oppinion.

EvoG8r

iTrader: (31)

$455

Mine is 8.8% of my take home income (after deductions). I can't see how someone can live with 35% of their income going to their car.

I have my wife's '05 TL at $445, but my wife makes money so I don't count it against my income. My mortgage is only $1100 w/taxes and ins., gotta love cheap Texas homes.

The Evo is not such an expensive car to own if you don't mod or race, but if you do forget it... tires, brakes, fluids, parts... My return on investment is the stupid grin on my face every time I drive it.

pltek

iTrader: (33)

so what do you do to be making 125K + per year?

BoostEEd

iTrader: (19)

I like your return on investment!

You might want to check your math or the number of months on your calendar.

lemmonhead

there is no magic #. For some people the car can be %50 of their month pay because they have no other bills. For others it can be no more than %5.0 because of high expenses of living.
some people dont go out to eat or no activities at all outside of work. they just sit on their *** and watch TV which cost nothing. But hey they have no life but they got a car

no sense telling the world what you make and all yoru personal info. just sit down and make a budget. Very easy to do.

Monkeykungphu

Check your math, I don't make anywhere near that.

MrBonus

iTrader: (4)

If anyone is spending 50% of their income on a car and presumably living at home, they've got some severely skewed priorities.

sspaladin28

iTrader: (25)

8.5% of gross and 15.6% of net

628

iTrader: (1)

5.95%

lemmonhead

not in all cases, shoot I was spending around 40% of my income during college/hs days on a new car. I didn't have rich parents and needed a car that would last for 10 years, which it did. my priorites was not skewed at all, #1 priority was graduating college, #2 was getting to and from school/work and having a car after graduation. and my new car was dirt cheap striped down and no air conditioning.

stryderlis

iTrader: (17)

The dude makes like 41k. (600 / .176) * 12 = 40909. You should be fine if you're single and do not have a lot of scrubs around you asking for money when you go out. That's assuming that's how much you bring home because I bring home about that much after Uncle same + ins + 401k takes 20% of my salary each year.