I make 50K.. and also live in the second most over priced area in the country.. just try buying a house here for under 800K. I ended up finding a cheap studio while my fiance is finishing college.. so I pay $800 a month for rent, $480 for the evo, 170 for insurance.. + paying off a 7K engagement ring, which doesnt leave much else right now for anything.. luckily i made a large down payment and can pay it off in less then a year now.. which im very excited about.


The thing thats gonna kill you is the mantience... its the only downside.. sometimes I think I could have had a brand new M3 for the money I ended up spending on mods and mantience.

 

Honestly, it's not a matter of how much you make, it's how much you spend on other things. I make a decent amount of money, but it's all allocated toward things other than my car. House, savings, entertainment, "other hobbies".

I don't think there is a magic number.

 

My experience shows that you should be able to afford a car if it is equal to your yearly income or cheaper. Thats including all bills, gas, entertainment etc. Kids however are not in the equation, but you should be ok pulling down 47k each.

 

i think you should be able to afford it with the total income from you and your wife as long as you dont plan on modding it and know how to drive the car properly (no launching, power shifting, etc) :-). I probably recommend buying a used car though unless you plan to keep it for 10 years, you dont see a lot of people who do keep a sports car for that long.

 

Don't forget to budget for winter tires. The stock Advans will be deadly in winter weather.

 

A coke is like 5 bucks. Hawaii is hella expensive I lived there for awhile. My buddy qualified for 0% financing but chose to go to 72 months which ps the interest to 2.9%. He put 2200 down and took the car home for 457 a month.

 

buy a used one. I got a rally red 03 with 18k miles. I didn't put any money down, and am paying 430 a month (5years) plus 170 insurance. But then again like most everyone that replied, I'm a single guy, renting (775) without anyone else to care for. Yep, and I make 50k just lik everyone else. weird.

 

downed 12k cash. got payments of $390 + insurance of 200/mo + gas $200-$500 a month. I'm broke as ****. But i don't have a house or kids to pay for. almost done paying it off though. 1 more year.

 

very. i make that much, my gf makes about 35k. we live together, can't afford a house, rent a 1 bedroom apt for 1k, and a 450- evo payment. i really had to think whether or not it was worth it for me to sell my paid off truck to buy an evo but yeah, it's worth it.
the view from my apartment is immaculent though, and i have 2 covered parking. very rare for a 1 bedroom.
i am stuck in limbo, make enough to live comfortably, but not enough to be really happy.

 

a coke is NOT 5 bucks. but gas is going to be soon.

 

you will need aprox 800 a month...

 

I can tell you exactly how you would know. Add up all your monthly bills not including things like gas etc. I mean things that show up on your credit report, and utilities. Divide all those added up by your total monthly income i.e. $5200 or w/e and you will get a decimal. You know how to turn that into a % right? multiply by 100... This % is called you Debt To Income ratio, and if that is under 60% your good. I do this for a living so trust me 60% and under your golden!

Also refi your house get a lower payment and get cash out to buy a evo, cash.

Get an '05 if you dont want to refi your house, they got 0% financing. Talk them down to $30,000 you'll get an easy $500/m payment.

 

IMO it depends on if you want to leave it stock, or mod it. Im 22 yrs old making right at 70k, and I mod as I go, but sometimes cash is still tight.......and I live at home for free!

 

[QUOTE=akunochi]coke is like 5 bucksQUOTE]

$5 for a gram of coke?!?! haha JK i make 55k a year and i have a 1400/mo house payment. 500 month car payment. i don't pay much for insurance tho i have a beater. combined $180 month. I'm single guy which seems to be the norm here. i live comfortably. I say go for it!

 

That is Very Good income for a 22 year old. I am 39 and I make 92K per year, but I only work 15 hours per week. I pay half of the mortage and my significant other pays the other half. My money is my money and her money is her money and NEVER the twain shall mix. That is the best way to have it. She has an 05 MR2 that I maintain and I have an 05 EVO. She pays for her car and I pay for mine.

I also own an 02 Tundra and a 98 SE-R race car. The 98 SE-R is strictly for racing and is off the street, so no insurance or registration on it. I pay around $215 on both EVO and Tundra per month in insurance. The Tundra is almost paid for. I still have about 1500 on it.

Even with all my expenses and my racing, I still manage to save 30-35% of my income per year.

I do not advise anyone to buy an EVO unless they are making good money. Do not have your wife or parents or anyone lese pay a part of the EVO; they will hold it over your head forever. Who needs that!!! If you have kids, then forget about it. If you have a high maintenance wife/gf then forget about it.