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Car, transportation for 200/mo? No way.
Try 5x that amount.
Health insurance?
I currently budget
$200/month for gas (even with my truck between 10-15k miles/year.... Depending on gas prices)
$200/month for my next car/repairs.
$115/month for full coverage for my 2000 era truck (just shy of 85k on it)
-probably drop to liability soon.
By my calculations I should have more than enough set aside in my "car replacement" catagory to pay cash for another truck by the time my truck is ready to be my "farm truck"
Back when I drove $2k beaters, had liability only, and didn't drive that much, yea, $200 is doable.
$1,000.... LOL, you'd have to be driving LOOOOOTS!
Quote:
Originally Posted by ncole1
The car payment is not a cost - only the interest and depreciation portion of it.
Sure, except when you consider that's the MAJORITY of most car payments!
Car, transportation for 200/mo? No way.
Try 5x that amount.
wooah...
We have two cars, one loan, two insurances, two fuel bills, two drivers, in high insurance area.. one of them drives 25k a year with some tolls. We don't spend that amount. We splurged too... first time we bought new cars (cheaper ones.. 3 years apart). We could reduce it a lot but it is funded by a six digit income.. so we are fortunate.
If I were back to a single, driving a used econobox, cheapest insurance, with a relatively short commute, I could probably do $200/month (maybe a little over). I'd also say that cheaper japanese appliance/econobox cars of today are a bit more reliable than my Jeep of that time.
A living wage is going to be different for everyone.
For me it means a wage where one can pay their rent and utilities and can feed themselves. So, basically a wage that will afford one the necessities to live/survive. Food, shelter, clothes, utilities, etc.
What math? There were no specific numbers given (did I miss them?)
What I DO know is that cars are (by far) a depreciating asset! Care to try again?
Ok, use something reasonable then. A typical new car price of $25k, which after 10 years is worth $7k. It's $18k in depreciation in 10 years, or $150/month, plus any interest the buyer may have paid.
Or interest they might have earned on cash. Use long term CDs at a minimum. If you can get 3% then it's another $62.50/mo.
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