CAMARO COST VS INCOME

[Stingray]

Originally Posted by JustRaf

I have like close to 4 thousand upside down for my trade in. And the dealer finance with 5.9% even though I have good credit score and he also charged me $3500 for the extended warranty that is added to the principal loan but I cancelled it as per advice of the members from this forum however it wasn't posted yet on my loan account that they cut the check back to the bank so my official payment is till $637 a month until the bank process the check from the dealership.

Once it posts won't the bank just deduct it from your principal balance therefore your monthly payment still remains the same?

BTW don't let the upside down and higher % discourage you... have fun with your Camaro, take good care of it and stay current with your loan.

[DFWHD]

This is the first car payment I've had in over ten years. This and the mortgage are our only debt. The current car payment comes to about 6% of net take home and the mortgage is 12% of net.

The only thing I would offer is that it's taken my wife and I over 20 years of hard work and shared sacrifice to get to this point. We pay cash for most things except cars and homes or we don't buy it.

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[Camper]

Both my Challenger RT and CamaroSS total 14% of my net income. Wife doesnt work :(

[SUKXOST]

[JustRaf]

Originally Posted by Forty5th

Once it posts won't the bank just deduct it from your principal balance therefore your monthly payment still remains the same?

BTW don't let the upside down and higher % discourage you... have fun with your Camaro, take good care of it and stay current with your loan.

Yes, you are correct! Same monthly payment but lesser number of payment instead. I spoke both to the bank and GM warranty office and both stated that the finance guy didn't process the cancellation so I have to fax them my copy of the cancellation letter. This guy sucks but my salesman is alright. I am very happy with my car my life goes around her for now.

[All Star]

For the year of 2012, I have spent 207% of my net income on my Camaro.

[evergrn]

I spend about 8% of my pay each month on my car payments. I would happily up the payments to 20%, but student loan payments are over $2000 a month :(

[Jim Burke]

I live in Canada and had to pay a little (read:lot) more for my Camaro than my American counterparts. My monthly payment is just under 600 for four years. Thats with a 15k downpayment . intrest rates are ridulous as well.

That being said, if I include my wifes '11 Jeep Grand Cherokee, which by the way, was about 12k more than my Camaro , the total % spent on vehicle payments a month equates to about 4.5% of my total earnings. I dont really pay too much in taxes as I'm a contractor. On the other hand, what I take as a salary barely covers the camaro, jeep, house, bills and lifestyle expenses (trips, dinners, etc) so the camaro eats up ~ 20% of what "I" technically make

[Mr. iNCREDIBLE]

Originally Posted by SPARTAN sui

Cost of living is pretty cheap around here. It's even cheaper for me because I pay rent to my sister & brother in law, basement apartment type thing. With all your experience, it's good hearing that you think I'm right on track. Luckily I do freelance work, that is more so my fun money. I'll be building a PC, setting up digital signage, and working on a webpage in the next couple of weeks. I'll make more in about 15 hours of work doing that, than 40 hours of work at my full time job.

However, cost of living may be cheap here compared to other parts of the US, it was A LOT cheaper only a few years ago. My parents bought their house for $45,000 back in 2008. Mind you, we did not go through a recession here in ND. We're one of the few states that was not effected by that. Today, their house without any of the remodeling they have done, would bring $90,000 easy. How does property values double in 3 years? Beats the hell out of me, population hasn't changed much here. If it was 2008, I could afford to buy a small house for myself. But now, impossible.

Nothing is impossible son, it's all a matter of setting your mind to a goal and achieving it, and having the patience to see it thru. I'm guessing you are in your early 20s.. I was making similar at that age 20 years ago when the the cost of living here was about where your area is now..

My first apartment was $650/ month for a 2 bed 1 bath.. my mortgage now is the same for a 3 bd/3 bath 1800 sq. ft. house, the difference is I put a LOT down on my home, I saved for over 10 years so that I could put 50% or more as a down payment, and during that time my pay rose, not because I stay at the same company, but because as I learned and got better at what I did I moved around and into positions that utilized my skills and education..

I did and still do a lot of side work like you, but today it's more because I have had those customers for 20+ years and built relationships with them and not because I need the money..

[SSBlack]

Any vehicle is going to cost you money. Most trucks and SUV's cost just as much, if not more than our Camaros.

So, the question is "Vehicle Cost vs. Income".

Generally speaking, if you aren't paying cash, whatever amount you are financed for is considered "within your means".

[knitetrain05]

Originally Posted by evergrn

I spend about 8% of my pay each month on my car payments. I would happily up the payments to 20%, but student loan payments are over $2000 a month :(

Student loan over $2000.00 a month!!? thats got to be a typo. If it not, that is crazy

[SPARTAN sui]

Originally Posted by Mr. iNCREDIBLE

Nothing is impossible son, it's all a matter of setting your mind to a goal and achieving it, and having the patience to see it thru. I'm guessing you are in your early 20s.. I was making similar at that age 20 years ago when the the cost of living here was about where your area is now..

My first apartment was $650/ month for a 2 bed 1 bath.. my mortgage now is the same for a 3 bd/3 bath 1800 sq. ft. house, the difference is I put a LOT down on my home, I saved for over 10 years so that I could put 50% or more as a down payment, and during that time my pay rose, not because I stay at the same company, but because as I learned and got better at what I did I moved around and into positions that utilized my skills and education..

I did and still do a lot of side work like you, but today it's more because I have had those customers for 20+ years and built relationships with them and not because I need the money..

Well, impossible was probably not the right word. More difficult for sure. Yeah, I'm 23. I'm happy with where I'm at in life right now. I love my job and I can afford to have nice things like my Camaro. I have a lot going for me and I do believe I'm off to a good start. I'm excited to see what the future holds for me.

It sounds like you definitely took the right steps to further your career and made smart decisions like putting away that much money for a house. Here's hoping things work out as well for me as they have for you!

[crit719]

if i cant make my car payment in less than a week of work then it wouldnt be worth it especially since it sits in the garage most of the time

[Crazyhorse6901]

Monthly payment = < $145.00 which isn't much...2012 Camaro LT2 RS

I am a workaholic so I will not count the O.T and I believe the amount is less than 5%.