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
07-24-07, 03:43 PM
#166
Lexus Test Driver
Join Date: Aug 2006
Location: Washington D.C.
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well since I lost my sweet .com job and joined the video game industry....half of my monthly earnings go to this black hole of a car. It's ok though I was smart enough to pay huge chunks of it off while I was making mad money. Now I need 2 more years at this game company before I start making real money.
07-24-07, 04:39 PM
#167
there is a lots of people here that make 20, 25K a month some more 
that means $300 + K a year 
can any of you prove it 
not saying that it is not possible to make that amount and drive a stock IS, but i think some of you maybe adding wrong 
bank staments, stock & bonds, 401k, tax filing, ect..
this will stop all those doubtful
members
that means $300 + K a year can any of you prove it not saying that it is not possible to make that amount and drive a stock IS, but i think some of you maybe adding wrong bank staments, stock & bonds, 401k, tax filing, ect..this will stop all those doubtful
members
08-02-07, 09:07 AM
#170
Rookie
Join Date: Jul 2007
Location: cali
Posts: 61
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My parents paid for it in full... I am a full time student...but if you take into account of how much they make it, was 1/7ish(before tax) of their yearly income
Last edited by asianfob; 08-02-07 at 09:12 AM.
08-06-07, 05:50 PM
#172
Lexus Fanatic
08-06-07, 08:26 PM
#173
Lexus Test Driver
its kind of a bad assesment, i see one guy owns a 900k house in CA in colorado i own a 4000 square foot home that here cost me 300K but in CA would be close to a couple mill for similar design home. also in CA the income is more to offset the cost of living verses colorado but the cars are almost the same price. when you factor in all the variables the data doesnt mean much.
08-06-07, 08:29 PM
#174
Lexus Test Driver
if my parents bought me a 45k car i wouldnt be bragging about that.
i am not sure if the logic in doing that is to say haha i didnt have to pay anything for my car, or that im spoiled, or that i still live with my mommy.
as for me, i make payments and i own my own business and i write off thoes payments on my taxes which is why i lease. so my car cost me none of my personal income. it does however cost my cooperation which is written off as a loss.
i am not sure if the logic in doing that is to say haha i didnt have to pay anything for my car, or that im spoiled, or that i still live with my mommy.
as for me, i make payments and i own my own business and i write off thoes payments on my taxes which is why i lease. so my car cost me none of my personal income. it does however cost my cooperation which is written off as a loss.
08-07-07, 04:47 PM
#175
Lead Lap
Join Date: May 2007
Location: Houston, Texas
Posts: 446
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If your investment does well, you can then put a down payment on a house when you graduate college, and gain the financial benefits of owning a home (i.e. tax breaks, not throwing your money away on rent, and watching the value of your home increase over time - tax free if you stay there at least 2 years, etc.).
The snowball effect of throwing away that kind of money towards a car at a young age is phenomenal. It costs you more than you think. All financial planners will tell you the same thing. Simply do the math. It will make you cry regardless of how wealthy your family is.
Carry on.
03-25-08, 06:11 AM
#178
Pole Position
Join Date: Nov 2007
Location: Lake Country, WI
Posts: 2,794
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I do a reverse car payment.
Bought the car for cash. Every few months I check the current trade-in value of my car, and then look up the purchase price of its likely replacement. The difference between those two values is the target value for my "car replacement account", a money market account I've set up to fund future car purchases. I make monthly payments to that account to keep value at or above the target.
Two cool things about doing this:
1. I can replace the car with no additional out-of-pocket costs, and pay cash, any time I like.
2. If I don't replace the car for a while, eventually the interest on the money in the account is enough to cover both the depreciation of my existing car, plus the inflation on the price of the new one, so I don't have to make any more payments.
I've been doing this since I paid off my first car, and it works out great for me.
Bought the car for cash. Every few months I check the current trade-in value of my car, and then look up the purchase price of its likely replacement. The difference between those two values is the target value for my "car replacement account", a money market account I've set up to fund future car purchases. I make monthly payments to that account to keep value at or above the target.
Two cool things about doing this:
1. I can replace the car with no additional out-of-pocket costs, and pay cash, any time I like.
2. If I don't replace the car for a while, eventually the interest on the money in the account is enough to cover both the depreciation of my existing car, plus the inflation on the price of the new one, so I don't have to make any more payments.
I've been doing this since I paid off my first car, and it works out great for me.
03-25-08, 11:17 AM
#180
7.4% 'payment' (60 month financed)
That said, it will be paid off in 18 months. I almost always finance for 4 or 5 years (depending on rates), and then pay off early. Why the longer term? Safety, in case something comes up and I need money for something else for a month or two).
That said, it will be paid off in 18 months. I almost always finance for 4 or 5 years (depending on rates), and then pay off early. Why the longer term? Safety, in case something comes up and I need money for something else for a month or two).