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A survey for what? Where will the information be published?
Maybe it's just a survey for his/her own peace of mind. Maybe OP is curious, or thinks that making payments is the norm. Maybe we can set him/her straight.
For survey purposes if you want to participate... let us see what everyone spends on their autos.
Mention your income (single or joint)
Car payment(s) monthly
Total car payment(s) including insurance
Loan or Lease
125k, Joint
$530
About $630
Loan
Two cars, 2012 Camry, 2010 Sienna. Paid the Sienna off in less than a year after buying it used about 18 mos ago. Will pay off Camry end of this year if my bonus covers it.
There are only extremes online. "Always pay cash, never finance anything!" to "lease a BMW, it makes sense mathematically!" I used to manage an auto finance program for a credit union. Try to stay below 12-13% of your monthly take home pay in car payments based on a 48 month loan. That is a very reasonable way to not drive a junker, but still have a nice enough car to satisfy your natural desire to have nice things. Interest gets out of hand on 60mos + Dont do it.
The reason I ask is my stats... $133k/yr with my bonus, drive 10 yr old car 2004 Toyota Corolla that I bought new in 2004 and was paid off in 2005, pay $50 for full coverage. Great on gas, has 106000 miles and I intend to drive it until 130000. So far maintenance has been very low.
I know I shouldn't care about what others think and believe me I don't but I very frequently get comments like "why are you being so cheap" etc so was just curious what people are spending relative to incomes and if I am in the minority.
Some people have even thought I must be poor as evidenced by recent comment "don't worry one day you can buy a nice car too", of course it's inconcievable to these people that one would drive a car way below their means. Oh btw, this is Southern California.. you are what you drive here, at least that is what they say!
$65k - single
payment - $460 on a 2012 Dodge Charger V6 3.6L
insurance - $100 month full coverage
Loan
I'll probably refi in the next 6 months or so.... I literally bought the car 2 days after I came out of Ch 13 and 8% is a steep interest rate. Now that I've had the car a while and built a solid payment history I'll refi at a much lower rate through my credit union.
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