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Posted: 2/20/2024 9:29:06 PM EDT
Annual income 130k
Mortgage and taxes 1700

No other debt

Daily drive a 19 year old beater with 200k miles

Have another car (paid off) worth about 25k trade in

Looking to purchase a 3 year old car for about 65k. Minus trade financing roughly 40k over four years
Link Posted: 2/20/2024 9:34:30 PM EDT
[#1]
Are you going to ask the question or are we supposed to?

I'll start.  Why not just drive the car that is worth $25K.  What 3 year old car are you wanting to buy that costs $65K?

Link Posted: 2/20/2024 9:35:21 PM EDT
[#2]
Link Posted: 2/20/2024 9:35:53 PM EDT
[#3]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
And the question is?
View Quote


Is the debt reasonable considering my situation?
Link Posted: 2/20/2024 9:36:22 PM EDT
[#4]
A 3 year old car is still worth $65k? Oh, I forgot it's clown World
Link Posted: 2/20/2024 9:36:40 PM EDT
[#5]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Is the debt reasonable considering my situation?
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
And the question is?


Is the debt reasonable considering my situation?



Is it a mortgage or rent?  Just trying to be clear before answering.
Link Posted: 2/20/2024 9:36:45 PM EDT
[#6]
Used car is going to have a high rate. Lots of incentives out there for new vehicles, which offers low rates.

In other words, the new may not be much more in the long run.
Link Posted: 2/20/2024 9:36:55 PM EDT
[#7]
Troll post
Link Posted: 2/20/2024 9:38:02 PM EDT
[#8]
Why on earth would you finance a 3 year old 65k car?
Link Posted: 2/20/2024 9:38:05 PM EDT
[#9]
Link Posted: 2/20/2024 9:38:49 PM EDT
[#10]
Discussion ForumsJump to Quoted PostQuote History
Quoted:



Is it a mortgage or rent?  Just trying to be clear before answering.
View Quote


Home mortgage. New car is 80-85k, used it’s worth 65k
Link Posted: 2/20/2024 9:38:55 PM EDT
[#11]
Only you can answer that question. Financing $40k on a car with that income shouldn’t be a problem. Only you know what your other bills and spending habits are. If you think it could create an issue, then it most likely will.
Link Posted: 2/20/2024 9:38:56 PM EDT
[#12]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Is the debt reasonable considering my situation?
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
And the question is?


Is the debt reasonable considering my situation?



Why not just drive the car that is worth $25K.  What 3 year old car are you wanting to buy that costs $65K?

Several good vehicle choices out there for less that $65K brand new.
Link Posted: 2/20/2024 9:39:02 PM EDT
[#13]
With what you provided you probably clear 5300 minimum a month after taxes and home loan.

You know you can afford it. Want to show us a pic of your dick next?
Link Posted: 2/20/2024 9:39:08 PM EDT
[#14]
Plug in an interest rate and you can calculate a 3 year loan on $40k.  
One of the common car buying budget strategies is the money guy's.  See if your payment with whatever interest rate lands you in this.
https://moneyguy.com/article/20-3-8-rule/
Link Posted: 2/20/2024 9:39:33 PM EDT
[#15]
Link Posted: 2/20/2024 9:41:40 PM EDT
[#16]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Tell us more about the paid off car, please.
View Quote


It’s an 8 year old 2 door sports car. New car would be 3 year old 2 door sports car
Link Posted: 2/20/2024 9:42:46 PM EDT
[#17]
lol coyote 5.0 bro
Link Posted: 2/20/2024 9:43:24 PM EDT
[#18]
Do you have an extra $750 a month?
If yes, then sure you can afford it.
If not, then no you shouldn't.

$130,000 incomes does not say what your take home is per check.
For example $130K gross and you contribute $30K a year to a 401K leaves you less then if you contribute $0.

https://www.calculator.net/auto-loan-calculator.html

Link Posted: 2/20/2024 9:43:25 PM EDT
[#19]
Discussion ForumsJump to Quoted PostQuote History
Quoted:



Why not just drive the car that is worth $25K.  What 3 year old car are you wanting to buy that costs $65K?

Several good vehicle choices out there for less that $65K brand new.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Quoted:
And the question is?


Is the debt reasonable considering my situation?



Why not just drive the car that is worth $25K.  What 3 year old car are you wanting to buy that costs $65K?

Several good vehicle choices out there for less that $65K brand new.

Some people want a Porsche 911, not just a car that goes from A to B
Link Posted: 2/20/2024 9:44:04 PM EDT
[#20]
Quoted:
Annual income 130k
Mortgage and taxes 1700

No other debt

Daily drive a 19 year old beater with 200k miles

Have another car (paid off) worth about 25k trade in

Looking to purchase a 3 year old car for about 65k. Minus trade financing roughly 40k over four years
View Quote


But why...
Link Posted: 2/20/2024 9:44:11 PM EDT
[#21]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Do you have an extra $750 a month?
If yes, then sure you can afford it.
If not, then no you shouldn't.

$130,000 incomes does not say what your take home is per check.
For example $130K gross and you contribute $30K a year to a 401K leaves you less then if you contribute $0.

https://www.calculator.net/auto-loan-calculator.html

View Quote


Take home is about 3300 every two weeks
Link Posted: 2/20/2024 9:45:35 PM EDT
[#22]
lol...
Link Posted: 2/20/2024 9:45:40 PM EDT
[#23]
I thought you were buying a Lexus GX.
Link Posted: 2/20/2024 9:47:08 PM EDT
[#24]
What will the insurance cost be on a $65k car each month.
Link Posted: 2/20/2024 9:47:31 PM EDT
[#25]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I thought you were buying a Lexus GX.
View Quote

It could be.  It's got 2 doors.
Link Posted: 2/20/2024 9:47:49 PM EDT
[#26]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I thought you were buying a Lexus GX.
View Quote


Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation
Link Posted: 2/20/2024 9:48:25 PM EDT
[#27]
Link Posted: 2/20/2024 9:48:45 PM EDT
[#28]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Troll post
View Quote


@apierce918

Then you see the AI accounts replying to other AI accounts about their retarded data mine posts.

Exhausting.

-P
Link Posted: 2/20/2024 9:48:53 PM EDT
[#29]
Just get a longer term, 144 months is an option now.
Link Posted: 2/20/2024 9:49:17 PM EDT
[#30]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation


I don't finance my wants.  I paid cash for my Vette.

At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years.

Quoted:
Currently have a 2017 Audi RS5. Has been nothing but reliable, literally nothing has needed repair or broken over 15k miles that I’ve driven it (45,000 miles total). Yes maintenance is expensive and I take it to the dealer.

Thinking about upgrading to an M4, maybe a convertible with a manual trans. Under 30k miles around $55k. Alternative is a c7 corvette. Thoughts, comments?

Link Posted: 2/20/2024 9:50:14 PM EDT
[#31]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Just get a longer term, 144 months is an option now.
View Quote

When your insurance guy and your car dealer get together.  Introducing the Term life car loan.
Link Posted: 2/20/2024 9:52:13 PM EDT
[#32]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Take home is about 3300 every two weeks
View Quote



Sounds like you can afford a sweet weekend ride, a full tank of gas each week, and still take your boyfriend to In-N-Out for a double combo.
Link Posted: 2/20/2024 9:58:18 PM EDT
[#33]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Take home is about 3300 every two weeks
View Quote
You're not contributing enough to your 401k. Stop pissing away your money.

Pay.  Yourself.  First.
Link Posted: 2/20/2024 10:03:28 PM EDT
[#34]
Never finance an automobile.
Link Posted: 2/20/2024 10:21:15 PM EDT
[#35]
You can afford it, but you told us only about your debt.  You told us nothing about your assets.

My financial projections are that I'll have twice as much income in retirement as I do now.  I'm twenty years out.  I'm the one who should be doing the humblebrag about "hey arf, can I afford a bigger house, or a bigger truck?"  But I don't have to.  Because I'm on top of my game.  You're not.

Drive reasonable beaters that fit the need and put more into your three buckets.  Stop trying to impress your boyfriends with sports cars.
Link Posted: 2/20/2024 10:24:48 PM EDT
[#36]
What is the new car? Obviously this is an emotional play, so let us get emotional with you (or not).
Link Posted: 2/20/2024 10:25:56 PM EDT
[#37]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Used car is going to have a high rate. Lots of incentives out there for new vehicles, which offers low rates.

In other words, the new may not be much more in the long run.
View Quote

Link Posted: 2/20/2024 10:34:07 PM EDT
[#38]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
You're not contributing enough to your 401k. Stop pissing away your money.

Pay.  Yourself.  First.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:


Take home is about 3300 every two weeks
You're not contributing enough to your 401k. Stop pissing away your money.

Pay.  Yourself.  First.
Bitcoin
Link Posted: 2/20/2024 10:34:20 PM EDT
[#39]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Take home is about 3300 every two weeks
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Do you have an extra $750 a month?
If yes, then sure you can afford it.
If not, then no you shouldn't.

$130,000 incomes does not say what your take home is per check.
For example $130K gross and you contribute $30K a year to a 401K leaves you less then if you contribute $0.

https://www.calculator.net/auto-loan-calculator.html



Take home is about 3300 every two weeks


Increase your 401k contributions
Link Posted: 2/20/2024 10:36:05 PM EDT
[#40]
This thread sucks.
Link Posted: 2/20/2024 10:57:58 PM EDT
[#41]
No, not reasonable. You don't make enough to warrant driving an 85k car. Trying to buy it used and having a 65k used car just shows how absurd and how much reaching you are doing.

No. Do not do it.
Link Posted: 2/20/2024 11:01:50 PM EDT
[#42]
Would you describe yourself
as "plain & Tall?"

Don't finance more than 1/4 of what you make a year on a vehicle.
Link Posted: 2/20/2024 11:02:09 PM EDT
[#43]
You need jesus! You can't afford a new car.
Link Posted: 2/20/2024 11:02:42 PM EDT
[#44]
Am i missing some edits somewhere. Where the fuck is all that info posted. This thread is dumb as shit.




Discussion ForumsJump to Quoted PostQuote History
Quoted:


I don't finance my wants.  I paid cash for my Vette.

At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years.


View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:


Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation


I don't finance my wants.  I paid cash for my Vette.

At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years.

Quoted:
Currently have a 2017 Audi RS5. Has been nothing but reliable, literally nothing has needed repair or broken over 15k miles that I’ve driven it (45,000 miles total). Yes maintenance is expensive and I take it to the dealer.

Thinking about upgrading to an M4, maybe a convertible with a manual trans. Under 30k miles around $55k. Alternative is a c7 corvette. Thoughts, comments?


Link Posted: 2/20/2024 11:07:09 PM EDT
[#45]
Yes you can afford it.

Some people will tell you to invest your 40k and make 8-10% back Y/Y  and use that money to buy a car.

But life's short and you could get hit by a garbage truck tomorrow
Link Posted: 2/20/2024 11:09:40 PM EDT
[#46]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Is the debt reasonable considering my situation?
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
And the question is?


Is the debt reasonable considering my situation?


$40k in vehicle debt with 130k income is unreasonable to me, but likely typical these days.  It is MORE unreasonable to me that you are purchasing a 3 year old USED vehicle for $65k.  That "feels" like someone wants something they can't really afford.

That said..... $40k borrowed over 4 years is over a $900 per month payment.  Have you been paying yourself $900 into a car savings fund since your vehicles were last paid off?  If not, why not?

Dave Ramsey's rule of thumb is that the total of all your "stuff" with a motor in it should not have a value over half your annual income.

That means the total of all your engine stuff (boats, motorcycles, cars, RV's) should generally be less than $65k in your case.  If you are buying a $65k car, and all your other stuff with motors is worth zero, your are right at the max of what you can afford.


Personally, we pay cash for cars.  The last ones we bought was in 2014.  We bought a used 2011 Honda Pilot for $22k, and a 2007 F150 for $16k.  That was 10 years ago, and we are still driving them.  However, we started making a car payment to ourselves for $500 per month back then, and now have $60,000 in the "car fund".  Wife is ready to get something new, so we will likely buy another Honda Pilot or a Grand Highlander this summer, for cash.

I'll keep driving my 17 year old beater F150, with 200k miles.  

Link Posted: 2/20/2024 11:10:20 PM EDT
[#47]

Link Posted: 2/20/2024 11:12:39 PM EDT
[#48]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

Am i missing some edits somewhere. Where the fuck is all that info posted. This thread is dumb as shit.





View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:

Am i missing some edits somewhere. Where the fuck is all that info posted. This thread is dumb as shit.




Quoted:
Quoted:


Wide range of options lol. Was considering consolidating to one car but I’d rather keep my DD and have a loan on a weekend car. That way I don’t have debt on regular transportation


I don't finance my wants.  I paid cash for my Vette.

At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years.

Quoted:
Currently have a 2017 Audi RS5. Has been nothing but reliable, literally nothing has needed repair or broken over 15k miles that I’ve driven it (45,000 miles total). Yes maintenance is expensive and I take it to the dealer.

Thinking about upgrading to an M4, maybe a convertible with a manual trans. Under 30k miles around $55k. Alternative is a c7 corvette. Thoughts, comments?




That came from another thread that OP started about buying a new vehicle.

Attachment Attached File
Link Posted: 2/20/2024 11:13:25 PM EDT
[#49]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I don't finance my wants.  I paid cash for my Vette.

At $130K/year and only a mortgage to pay and driving a beater, one would think that you would have been able to save a considerable amount of money over the years.

View Quote


This.  OP, with your income and mortgage, your house should be paid off early and you should be paying cash for a $65,000 car.
Take a good look at your spending habits.
Link Posted: 2/20/2024 11:15:28 PM EDT
[#50]
Hard pass.  Your mortgage combined with car payment would be too high for your income.

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