Does it sound possible?

[mcp1990]

This is a question for all you older folk or people on your own. I would like to purchase a 2SS/RS in any year for no more than 32,000. My monthy mortgage is 650 a month. I'm still on my parents cellphone plan, my charger is paid I pad 200 a month for it. My cable and internet is 180 a month. Insurance with my charger and Camaro would be 218 a month. I make 17.85 an hour with a hefty yearly raise. In 3 years I'll be at 32/hr MINIMUM I make anywhere from 600-800 a week right now after overtime. Never had a check below 550. If I wanted to buy a Camaro this summer will I be able to swing a larger car payment? I'm not so good at figuring this kind of stuff out. And I'm too anxious to know before I see an advisor.

The reason I'm asking the older crowd is because they're more experienced.

FYI I am 24 insurance will drop in a year also.

[jd10013]

only you know if you can afford it. only advice I can offer is, based on you claims of what you'll make down the road...............wait till you get there. don't start spending money you don't have. that will get you in more trouble faster than anything else.

[2012-1822]

I see red flags in your language a little. Like that you make so much right now after over time. Is that because your company is busy? Can you really count on it? Basically if you want financial freedom then I personally believe you need to aim for no payments on stuff like a car, and since that's not always possible then finance as little as possible. So my question would be how much can you put down, and therefore how can you get that payment as low as possible. Then maybe you don't have to stress over whether you can afford a larger payment. That's my take.

Just don't get yourself too deep is all. Good luck.

Originally Posted by jd10013

only you know if you can afford it. only advice I can offer is, based on you claims of what you'll make down the road...............wait till you get there. don't start spending money you don't have. that will get you in more trouble faster than anything else.

I like this idea too, wait for that raise, take a couple months worth of the extra money and put into a down payment maybe.

[PoorMansCamaro]

well, I always say go with the lower amount, when trying to figure out your budget. so worse case, you make 550 a week. That puts you at about 2200 a month.

2200
-650 for rent
-218 for insurance
-180 for cable and internet

= 1152

for a 32k loan for 5 years at 0% interest, you are looking at about $533 a month for 5 years. being young, you probably won't get 0%. That will all depend on your credit. so lets just say you can get a 4.9% rate. That would put you at about $560 a month.

That will put you at about $592 left. you still need to eat and pay for gas. doesn't leave you much room for anything else. So my advice, no.

[wayne watson]

it may be a little tight, worst case you say you bring home 2200 per month. take away insurance ( which sounds high to me ), rent , food, gas, etc.. i dont know, dont put yourself in a bind cause bad credit will haunt you for a long time

[jd10013]

overextending yourself like that can hurt your credit too. your credit is effected by what % of your income is devoted to debt payment, and what % of your available credit your currently using.

[alanhurst]

never,NEVER plan your finances around overtime. things can change quickly and suddenly you're screwed without enough to cover everything.

[05SilverStreak]

Did you grow up in an orphanage without parents? Get better at life before you start buying more things. The Phrase "Im not real good at this stuff" tells me you have a lot to learn. If your still hellbent on getting a Camaro SS I will sell you mine. Its black with NOS and well you get the picture.

[CrtRS13]

Originally Posted by mcp1990

. In 3 years I'll be at 32/hr MINIMUM I make anywhere from 600-800 a week right now after overtime. Never had a check below 550.

The reason I'm asking the older crowd is because they're more experienced.

Not to rain on anyone's parade, but never count on what you might be getting in the future, unless you work for the government, you might not be working in the same job.
And like alanhurst said, never rely on overtime.

[batman53201]

Originally Posted by alanhurst

never,NEVER plan your finances around overtime. things can change quickly and suddenly you're screwed without enough to cover everything.

^^this

My daughter plans her whole finances with overtime included. She is finding out the hard way that this wasnt the best idea. Just bought a new mustang and STI.

[batman53201]

Originally Posted by mcp1990

This is a question for all you older folk or people on your own. I would like to purchase a 2SS/RS in any year for no more than 32,000. My monthy mortgage is 650 a month. I'm still on my parents cellphone plan, my charger is paid I pad 200 a month for it. My cable and internet is 180 a month. Insurance with my charger and Camaro would be 218 a month. I make 17.85 an hour with a hefty yearly raise. In 3 years I'll be at 32/hr MINIMUM I make anywhere from 600-800 a week right now after overtime. Never had a check below 550. If I wanted to buy a Camaro this summer will I be able to swing a larger car payment? I'm not so good at figuring this kind of stuff out. And I'm too anxious to know before I see an advisor.

The reason I'm asking the older crowd is because they're more experienced.

FYI I am 24 insurance will drop in a year also.

and the cost of living will be higher

[Dfault]

I'll sell you mine for $20,000!

[ChrisBlair]

You're betting on the job and getting the money. If you've already decided you're going to do this, save like hell and have a big down payment next year so that if things go bad re: your financial picture, you can still swing it.

If you haven't decided, think carefully about doing it. You're rolling the dice.

[NJCamaro21]

I'm 22 and a banker and based on what you're finances are, I would say no. Take into account unforeseen expenses and you will be in big trouble. Two cars at this point in your life doesn't make much sense financially. Save your money. Think of the future.