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
06-07-06, 10:56 AM
#61
Lexus Test Driver
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for some reason i don't believe the poll. i'm don't doubt how responsible you guys are but i have this gut feeling you a good number guys are just saying 10% to blend in, especially in todays economy and ****ty pay. haha I myself for am paying 2000/mo for my car so i can pay it off within a year out of the 5 year plan to save interest
06-07-06, 11:43 AM
#62
Pit Crew
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Originally Posted by ihkskim
for some reason i don't believe the poll. i'm don't doubt how responsible you guys are but i have this gut feeling you a good number guys are just saying 10% to blend in, especially in todays economy and ****ty pay. haha I myself for am paying 2000/mo for my car so i can pay it off within a year out of the 5 year plan to save interest
06-08-06, 08:41 AM
#63
Lexus Test Driver
Join Date: Oct 2005
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^^
I took out four mortgages on my house, sold my little sister into slavery, and sold my kidney on the black market. I work 3 jobs, 23.5 hours a day. And I STILL can't afford my car!
Lol. Jeez people, it's just a car...
I took out four mortgages on my house, sold my little sister into slavery, and sold my kidney on the black market. I work 3 jobs, 23.5 hours a day. And I STILL can't afford my car!
Lol. Jeez people, it's just a car...
06-08-06, 02:24 PM
#64
Lead Lap
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Isn't gross monthly income the amount you get BEFORE tax though? I.e. if you make $1000 a month, your gross is $1000, your net is more likely $670-ish? Therefore, you can't really put more than 60-some percent of your gross salary into the car unless you're spending more than you're making each month...
If you go by gross, I'm like, 30%... if you do net, then its higher... even moreso if you throw in saving money into 401(k), espp, etc... if you go by the money that makes it to my bank account, it looks closer to 60-70%.
If you go by gross, I'm like, 30%... if you do net, then its higher... even moreso if you throw in saving money into 401(k), espp, etc... if you go by the money that makes it to my bank account, it looks closer to 60-70%.
06-08-06, 03:43 PM
#66
Lexus Test Driver
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Originally Posted by EBMCS03
Yup... so that means everyone here makes a LOT!!! and I'm out of my legue...
07-11-06, 10:46 AM
#69
Driver School Candidate
Join Date: Jul 2006
Location: CA
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You don't have to be rich to own an IS 250
I'm 27, not married and bring home about 3K/month after taxes. And my IS is paid off cash. How?
Three years ago I bought a house in the Central Valley where values rise very quickly. I refinanced just before rates went up and cashed out enough money for a car and enough to not be able to work for 6 mo. if the need arises. Because of the high amount in my savings, I earn higher interest in my savings. Of course I do save for my future so I contribute 10% to 401K twice a month, 20%-30% in savings, and I only have one credit card (Amex, which gets paid off every month). Not bragging at all, just saying it can be done if you play your cards right a few years in advance, it's all worth the wait.
I know a lot of folks have families so money could possibly be tighter and a whole other story, but maybe those that are just living single can relate.
Three years ago I bought a house in the Central Valley where values rise very quickly. I refinanced just before rates went up and cashed out enough money for a car and enough to not be able to work for 6 mo. if the need arises. Because of the high amount in my savings, I earn higher interest in my savings. Of course I do save for my future so I contribute 10% to 401K twice a month, 20%-30% in savings, and I only have one credit card (Amex, which gets paid off every month). Not bragging at all, just saying it can be done if you play your cards right a few years in advance, it's all worth the wait.
I know a lot of folks have families so money could possibly be tighter and a whole other story, but maybe those that are just living single can relate.
07-11-06, 12:36 PM
#70
Rookie
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150% of my income goes to my payment..i don't have any money leftover for gas or insurance so it is just parked and i just stare at it, but can't drive it..once in awhile i sit in my car and put it in neutral so i can pretend i'm driving it..the grass is already starting to grow around my car, but at least i can still say i have an IS.
07-11-06, 01:24 PM
#71
Driver School Candidate
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Originally Posted by Bichon
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.
That's a good idea!
07-11-06, 04:56 PM
#72
Pole Position
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I spent between 20-30% on my car i wish it could be less but none of you rich bastards 
will offer me a job so I am stuck in the Air Force until. Please somebody hire me!!!
will offer me a job so I am stuck in the Air Force until. Please somebody hire me!!!
07-12-06, 06:36 AM
#74
Driver
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Originally Posted by Belmont
I spend about 2% on my car. I cannot fathom why anyone would spend 20% of their income on a car.
07-12-06, 10:45 AM
#75
Driver School Candidate
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I own my car outright and only spend about .0006 percent on insurance per month. (I would have liked to get the 350 instead of the 250, but it doesn't come in AWD, so I went with the smaller engine.)