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There was a Nursing aide on this forum who was making 20000 dollars and wanted to drive a Mercedes.
I am a bank teller and make 27000 Dollars similar to the other poster. What is the minimum annual amount of income that a person needs to make
First to lease either a Mercedes,BMW, Lexus etc car
and or either to buy one?
It's about priority. I have no interest in owning or buying a Mercedes even if I make $$$$$$. I would rather spend the money on something else, or invest, either in stocks or buy property.
There was a Nursing aide on this forum who was making 20000 dollars and wanted to drive a Mercedes.
I am a bank teller and make 27000 Dollars similar to the other poster. What is the minimum annual amount of income that a person needs to make
First to lease either a Mercedes,BMW, Lexus etc car
and or either to buy one?
So what is your take home each month? I'd guess probably around $1600-$1700/month?
If you do a regular 36 month lease for BMW 3 Series or Mercedes C-Class, I think the "special offers" I always see advertised are something like $400/ month with $4000 down or something fairly similar to that.
So basically $400 each month PLUS expensive insurance (full coverage + new vehicle) PLUS expensive tags PLUS heavy mileage penalties if you go over your limit. You might be close to ONE THIRD your entire monthly budget going to a vehicle. That's absolutely crazy, nobody in their right mind would tell you that you can legitimately AFFORD a luxury car. Financing will be even more expensive, no need to discuss that.
Buy something for $10K-$15K that is reliable and save the rest.
If you want to hold the cards before you shop, walk into your bank or credit union and apply for financing. Even better if the automaker is offering financing such as buy a Toyota Tundra at 0% apply first before going in.
I’ve seen way too many stupid people get to emotionally involved in the transaction and sign themselves up for 72 months of payments @$402. If you need a loan that long you can’t afford the car.
If you want to hold the cards before you shop, walk into your bank or credit union and apply for financing. Even better if the automaker is offering financing such as buy a Toyota Tundra at 0% apply first before going in.
I’ve seen way too many stupid people get to emotionally involved in the transaction and sign themselves up for 72 months of payments @$402. If you need a loan that long you can’t afford the car.
If you need a loan of over 36 months, I'd question whether or not you can really afford the vehicle. But 6 YEARS of payments is absolutely ridiculous, there is NO reason why ANYONE needs that length of a car loan!!
If you need a loan of over 36 months, I'd question whether or not you can really afford the vehicle. But 6 YEARS of payments is absolutely ridiculous, there is NO reason why ANYONE needs that length of a car loan!!
I had a 5 year car loan payment. I can afford it and pay it off, but since I was offered 1.9% financing, why not?
Buy something for $10K-$15K that is reliable and save the rest.
I agree. You can buy say a used 2005 honda civic for less than $10,000 or a brand new hyundai elantra for about $16,000. They are cheap to maintain, great gas mileage, and will last 10 years or more easily.
Who knows? I make $85k/year and drive a $23k 2011 Kia Optima EX. I personally don't want a bling car that says LOOKIE AT me. If I was a doctor or someone making $200k+, I'd probably drive a $50k car.
When I made $30k year ($15/hr), I drove used $15k cars.
Money is cheap to borrow right now. My credit union is doing a 60 month loan for a '08-'12 auto for 2.49%. 72 months for 3.24%. That's like $1,300 in interest over the 5 years on a $20,000 loan, or $20/month. Not worth worrying about.
I had a 5 year car loan payment. I can afford it and pay it off, but since I was offered 1.9% financing, why not?
Are you making more than 2% interest on your money in the bank? If you aren't, which I assume is true, then you're losing money by paying interest. Why not save up until you can pay off our vehicle in full, why anyone would want a monthly car payment is beyond me...
Are you making more than 2% interest on your money in the bank? If you aren't, which I assume is true, then you're losing money by paying interest. Why not save up until you can pay off our vehicle in full, why anyone would want a monthly car payment is beyond me...
0%, 1%, 2%, even 3% interest on a car loan is so low historically, it's nothing really. A very high level of risk of course, but you can easily make >10% returns in the stock market. Better to keep the cash lying around to invest on days when the market tanks (buy low, sell high) than to have it all tied down in a car. Think of the 2% interest as buying an option-- an option to use the money for other purposes if something else comes up (lucrative investment, or emergency funds, for example), while still having the option to pay the loan off in full at any time.
When you look at the total cost of owning, operating, and storing a vehicle, you don't ever truly "own" a car free and clear, regardless of which entity the title is held in.
But yeah, I agree that buying or leasing a brand new luxury car on a 30k income is pretty dumb.
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