View Poll Results: Percentage of Monthly income spent on Car payment
0-10 percent
334
44.71%
10-20 percent
203
27.18%
20-30 percent
116
15.53%
30-40 percent
28
3.75%
40-50 percent
16
2.14%
50-60 percent
10
1.34%
60-70 percent
4
0.54%
70-80 percent
2
0.27%
80-90 percent
9
1.20%
my car sites in the driveway I can't afford the gas
25
3.35%
Voters: 747. You may not vote on this poll
Percentage of Gross Monthly Income spent on Car Payment
05-23-06, 11:32 AM
#47
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Originally Posted by james6290
who was the person who said that his/her car payment was 80-90% of their income?
First, was it a joke?
Second, If not, why?
First, was it a joke?
Second, If not, why?
Personally? I do about 30-40% of my gross salary, more if you do net of course. Why? Because I want to go back to school for a MBA at some point so I won't always have the money flowing in that I have now. Yes, I live at home w/ my parents. I'm 21, graduated college, working full-time for over a year, like 4TehNguyen, as an engineer.
Why do I live at home?
a.) I work in Silicon Valley.
b.) my mom works at the same company (albeit making several times my salary).
c.) I already have a gf, no need to have my own place to impress women
05-23-06, 11:38 AM
#48
Lexus Champion
Originally Posted by AznJason
It's possible that it's not a joke. Why? Because maybe they live at home and they want to pay off their car real fast.
Personally? I do about 30-40% of my gross salary, more if you do net of course. Why? Because I want to go back to school for a MBA at some point so I won't always have the money flowing in that I have now. Yes, I live at home w/ my parents. I'm 21, graduated college, working full-time for over a year, like 4TehNguyen, as an engineer.
Why do I live at home?
a.) I work in Silicon Valley.
b.) my mom works at the same company (albeit making several times my salary).
c.) I already have a gf, no need to have my own place to impress women
05-23-06, 12:08 PM
#49
Pole Position
My monthly IS payments work out to about 10% of my gross salery. Not too bad considering I am putting about 25% into my retirement portfolio. I own my own home, not married, no children, and the IS is my only vehicle. I live in an area where the cost of living is lower than the national average, so my salery is lower almost in proportion. However the price I paid for my IS was near normal retail prices I have seen from across the US.
05-23-06, 12:12 PM
#50
Originally Posted by tgara
HAHA!!!! Dude, unless you're in high school, that's nothing to brag about.
Mine is quite low (<3%) because my gross monthly income is high. If you factor taxes out, the percentage goes up of course. Then again, I pay more in taxes per year than many of you make as a total annual salary. But don't get me started on that.... it won't be pretty.
Mine is quite low (<3%) because my gross monthly income is high. If you factor taxes out, the percentage goes up of course. Then again, I pay more in taxes per year than many of you make as a total annual salary. But don't get me started on that.... it won't be pretty.
05-23-06, 01:09 PM
#51
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Originally Posted by kensteele
Certainly not his only car. Probably one a dozen.
05-23-06, 03:16 PM
#53
Zero!
I always pay cash for my cars. In my early 20's, I was "car poor" all the time, spending 10% or more on cars and trading every couple of years. This left very little spare money for savings. Fortunately, I turned this around and with the help of my companies savings plan I was able to invest 7% of my gross salary and they would match 50% of my contributions. Over the years, this has grown into a considerable nest egg. I can now afford to pay cash for most any car I want, but find it difficult to waste money. I still shop for value - what car best meets my needs and desires at the right price. I no longer need (or want) to impress my neighbors and friends with the size of my home nor the price of the car I drive. I am a Lexus owner because for me they represent the best overall value.
Steve
I always pay cash for my cars. In my early 20's, I was "car poor" all the time, spending 10% or more on cars and trading every couple of years. This left very little spare money for savings. Fortunately, I turned this around and with the help of my companies savings plan I was able to invest 7% of my gross salary and they would match 50% of my contributions. Over the years, this has grown into a considerable nest egg. I can now afford to pay cash for most any car I want, but find it difficult to waste money. I still shop for value - what car best meets my needs and desires at the right price. I no longer need (or want) to impress my neighbors and friends with the size of my home nor the price of the car I drive. I am a Lexus owner because for me they represent the best overall value.
Steve
05-24-06, 01:28 AM
#55
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I think it comes down to the simple quote.... "To each his own"
Everyone has a different thought process or strategy for their finances and financial situation. Some people are more fortunate than others. As far as I'm concerned, it really doesn't matter how much money you make. If you are happy with what you have, then that is that. My boss makes 350-400k per year and drives a GX470. Us employees harass him constantly and tell him he should get what he really wants which is an AMG 55 since he can more than afford it. Ya know why he doesn't.... 2 kids and a baby, a new 2 Mil.$ house, and a wife that says no! Everyone has their reasons for what they choose to drive and if someone else thinks its dumb or weird, fine. They simply don't know the other person.
That being said, I think that this thread was started to simply get an idea of what people spend out of their monthly checks on their cars, not to rant and rip on people who make too much or not enough money.
Let's get back to our *****in' cars and I'll just shut up now.
Everyone has a different thought process or strategy for their finances and financial situation. Some people are more fortunate than others. As far as I'm concerned, it really doesn't matter how much money you make. If you are happy with what you have, then that is that. My boss makes 350-400k per year and drives a GX470. Us employees harass him constantly and tell him he should get what he really wants which is an AMG 55 since he can more than afford it. Ya know why he doesn't.... 2 kids and a baby, a new 2 Mil.$ house, and a wife that says no! Everyone has their reasons for what they choose to drive and if someone else thinks its dumb or weird, fine. They simply don't know the other person.
That being said, I think that this thread was started to simply get an idea of what people spend out of their monthly checks on their cars, not to rant and rip on people who make too much or not enough money.
Let's get back to our *****in' cars and I'll just shut up now.
05-24-06, 04:24 AM
#56
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Originally Posted by ocdavid
I think that this thread was started to simply get an idea of what people spend out of their monthly checks on their cars, not to rant and rip on people who make too much or not enough money.
06-04-06, 02:20 AM
#58
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Originally Posted by james6290
who was the person who said that his/her car payment was 80-90% of their income?
First, was it a joke?
Second, If not, why?
First, was it a joke?
Second, If not, why?
06-04-06, 06:40 PM
#59
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Originally Posted by goober007
I have a friend who got a tsx and after carpayments + insurance + gas comes out to +60% of his takehome income and i think he's really regretting it....
06-07-06, 08:18 AM
#60
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Originally Posted by hashs99
Why is 25k a month soooo unbelievable?? I own 5 restaurants and take home an average of 15 - 20k / month. Upwards of 30k during the good months. Heck I only drive a 250!!!
I think the IS is plenty of luxury for me and at 40k it has everything most expensive cars have plus more (technology wise). Eventually though I do plan on getting a Ferrari!!!! Can't imagine how much my insurance would be though, maybe I'll wait 5 years to reach 30 and be married.
months. Heck I only drive a 250!!! I think the IS is plenty of luxury for me and at 40k it has everything most expensive cars have plus more (technology wise). Eventually though I do plan on getting a Ferrari!!!! Can't imagine how much my insurance would be though, maybe I'll wait 5 years to reach 30 and be married.