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
05-21-06, 11:54 AM
#3
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Join Date: Apr 2006
Location: Anaheim, CA
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Originally Posted by skorpio
Its 36% for me cause I want to pay it off by the end of the year.
the next few months or so as I wanna pay off as quickly as possible
05-21-06, 01:04 PM
#5
Lead Lap
Join Date: Apr 2006
Location: CA
Posts: 673
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Its hard to say... its different for everyone. Like are you doing a car payment for 6 years just to have a smaller payment or cuz you cant afford the 3 year payment or ...
I surely could have chose to pay it off in 6 years instead of 3 and that would have changed everything... but I chose the 3 year mark to get lower interest rates. So my vote doesnt really mean much... Also I can pay it all off now but I dont want to. I like to see numbers in my bank account.
I surely could have chose to pay it off in 6 years instead of 3 and that would have changed everything... but I chose the 3 year mark to get lower interest rates. So my vote doesnt really mean much... Also I can pay it all off now but I dont want to. I like to see numbers in my bank account.
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05-21-06, 03:53 PM
#9
Super Moderator
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.
05-21-06, 04:08 PM
#10
Lead Lap
Join Date: Apr 2006
Location: CA
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I dont mean to intrude in personal business but some of these numbers dont make sense for people driving a IS. I mean if it does then **** I'm waaaaaay over my head. and Screwed.
2% of your gross montly income goes into your car payment and you want it paied off at the end of the year so meaning you're paying MORE than you normally would just to pay it off?
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
This ones worse... not even 1% of his/her's monthly income goes to his car... lets say since its on a 5 year term hes paying $300 a month for the car that means his monthly income is $40,000 I would NOT be driving a cheap Lexus... maybe a 997tt
Originally Posted by Jdmekcivic
2% for me! I want to have it paid off by the end of the year.
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
Originally Posted by unit74
.075% on a 5 year term for me......
05-21-06, 05:45 PM
#15
Liquid Bra Champion
Originally Posted by EBMCS03
2% of your gross montly income goes into your car payment and you want it paied off at the end of the year so meaning you're paying MORE than you normally would just to pay it off?
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
