Probably not a good idea to post this ona site for enthusiasts, but here goes:

http://money.cnn.com/2003/10/21/pf/a...much/index.htm

Time to put down the crack pipe...2nd option is supposed to "did/does NOT."

 

Holy crap Cool. How many times are you gonna post that non-working link man!? After 3 times you should just give up.

Cut and paste since Cool can't list the link right.

 

Uhhh...click "insert link," paste link, click OK.
http://money.cnn.com/2003/10/21/pf/autos/q_spendtoomuch/index.htm
It must be my computer.


Thanks Jeff.

 

still doesn't work. you know when you put in a link there are 2 fields you fill out. One to name the link and the other for the actual link...

 

I dont have any car payments.

 

Well, don't I feel like an idiot!

http://money.cnn.com/2003/10/21/pf/a...much/index.htm

 

Never? Never ever?

 

Paid off the truck last year, but it was just $150 per month.

 

i dont spend much on my car anymore, trying to reduce my bills first.

 

bought my max with cash

 

My payment is ~6% of my monthly income. I can live with that.

 

where did you get the 11% formula?

 

I've only ever made one BIG car payment... never had a loan.

Actually that's not true... I got a loan once and paid it off the next month... had to sell stock and needed some time for the proceeds to hit.

Cash...it's the only way to finance

 

My car payment is 18% of my monthly income. I cant pay for a car in cash, I am a terrible saver.

 

i buy all my cars with cash in full

 

no loan here

 

car payment is about 170% of my monthly income

 

did you mean 170% or did you mean 17% ?

 

what if you have a 1 or 2 year loan? i'd think the 8% would be null and void in the interest of not having debt holding you down for a longer time period.

i pay about 16% and will have it paid off in 22 months (or less).

 

lol, thought someone might think I messed up, but that's right. 170%

I'm still in school, so I make most of my money during the summer. Just have a part time job now, but it's enough to hold me over. Plus those student loans come in handy.

 

I would look at it more from a common sense point of view. We all know the saying, you gotta eat. In our society you also have to have a car. Should you get something 11% of your gross? Why is that % valid? Is that at 24 or 72 months?

Just use some common sense--36 mo, 6%, $360/mo payment, one can only borrow about 12 grand. You want a BMW 325? That means 30k down. You want a Hyundai Elantra? That means about 2 grand down. Whether you are a recent grad making 55k at your first job, or have 15 years experience, use your common sense. There are so many expenses in life that the car needs to take a back seat to the former.

I'm not sure what the people who pay cash are trying to say, because it comes across a bit elitist imho. The avg. Joe is gonna put something down and borrow for 36 months. Make sure that pymt is as small as possible and the downpay is as large as possible. Cap that monthly pymt at $400 no matter how much money you make or don't make. Anything larger is extreme imho.

 

I dont have a monthly income

 

I spent a lot this month...
New HP EVO rims
Pirelli tires
and prolly new tein springs!!!!
thast all for a while though

 

right around 8%

 

Like mzmtg I don't have any payments also. Both my 02 Max and 02
S10 Crew Cab are paid off..

Mike

 

Gosh, lucky for most of you guys own it outright. I'm still paying it, just counting down how many payment left til the day I own it outright.

 

Im with him on this one. Just mailed check off for the remaining balance on the max. Now im spending too much on modding my car, I think modding my car has taken up 50% of my income so far. Well maybe not that much but ya get the feeeling. My car payment was 380 a month but thas cause of the credit card while in college monster.

 

Cars: I love 'em, I hate 'em.
They are among the most convenient, comfortable, stylish, and entertaining modes of transportation.
They are also among the most expensive...what else can drop value by 10% the minute you take possesion of it and continue to drop as you keep pumping money into it (i.e. modding)? It sucks, but I guess there isn't anyway around it.

Some of the wealthiest people I know drive run-of-the-mill cars or have driven a POS until they can afford the S-class or 7-series.

 

I agree completely. I love vehicles, but unlike Jay Leno, don't make a fortune. While my max is paid for, my '03 truck is eating 13% of my gross monthly income... The rational side says 'save, buy older' but the 20-something year old in me says 'screw that, I want the best!' Good thing I don't need/want any furniture, entertainment system, etc.! I love vehicles.