CAMARO COST VS INCOME - Page 3 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

ZED SLED · 09-28-2012, 10:25 AM

Quote:

Originally Posted by CyberBri

$500 payment and 6400 month plus my wifes 1600... like 16%???

500/8000=0.0625*100=6.25%
Damn, beat by mere seconds

crateish · 09-28-2012, 10:42 AM

Less than 10%.

Caitlin&Caroline · 09-28-2012, 10:52 AM

No car payment for the Camaro. We were just living so far within our means (even after savings/investment deductions) that one day we were like, crap, that could buy a Camaro...

But for the exercise, if I'd put 20% down and financed the remainder: 16% net individual (just my income after taxes). When I bought the station wagon years ago, my payment was 10% of net.

But we must be cheap, our mortgage is only 12% of our combined net...

willhe64 · 09-28-2012, 10:52 AM

4.5%

CyberBri · 09-28-2012, 11:11 AM

Quote:

Originally Posted by mclark10

500/8000=0.0625*100=6.25%
Damn, beat by mere seconds

i was wonderin y it sounded a lil high lol

TSSUNAMI · 09-28-2012, 12:33 PM

OP: It's a loaded question bud.

A person's financial situation is generally as unique as their DNA.

Take a single person, no spouse, no kids. 30K annual income. They can probably afford having half their income go to their car payment if they don't already have significant debt.

Now take a person with a spouse, several children, a mortgage, a load of credit card debt on a 60K combined income. Their car budget will be much smaller than the aformentioned example.

In a nutshell, and I've said this before: If one isn't sure that they can afford to finance something do what I did.

Find your car (Or whatever else you are considering purchasing) Calculate the cost of financing into your monthly finances. Then for six to twelve months "bill yourself" Take your anticipated car payment and drop it in a savings account, jar, coffee can, whatever... save it. If, at the end of your six to twelve month period you find that you haven't needed to touch that savings without subjecting yourself to a lesser quality of life, then go make the purchase. You can even use that money you saved towards a down payment, mods, or if you're really a smart cookie, you'll keep it stashed away to cover the unexpected.

pyr0b0y · 09-28-2012, 12:38 PM

I pay about 9% of my net income on the loan. I try to pay more than the states amount every other month. When I got the car, it was about 16% before I refinanced.

Stingray · 09-28-2012, 12:42 PM

Quote:

Originally Posted by TSSUNAMI

OP: It's a loaded question bud.

A person's financial situation is generally as unique as their DNA.

Take a single person, no spouse, no kids. 30K annual income. They can probably afford having half their income go to their car payment if they don't already have significant debt.

Now take a person with a spouse, several children, a mortgage, a load of credit card debt on a 160K combined income. Their car budget will be much smaller than the aformentioned example.

In a nutshell, and I've said this before: If one isn't sure that they can afford to finance something do what I did.

Find your car (Or whatever else you are considering purchasing) Calculate the cost of financing into your monthly finances. Then for six to twelve months "bill yourself" Take your anticipated car payment and drop it in a savings account, jar, coffee can, whatever... save it. If, at the end of your six to twelve month period you find that you haven't needed to touch that savings without subjecting yourself to a lesser quality of life, then go make the purchase. You can even use that money you saved towards a down payment, mods, or if you're really a smart cookie, you'll keep it stashed away to cover the unexpected.

Good analysis. And even if the income is higher... then similar challenges.
Problem is many are just impatient... many things/priorities change over time. I think many if not all of us were guilty of that dilemma/temptation at least once in oour lifetime.

Neumatic · 09-28-2012, 12:43 PM

A little bit less then 1/3 of my income goes to my car payment. I more then double my monthly payment though, Pay $1000 a month. Almost have it paid off, I'm 21 months ahead. 3 year loan and I almost have it paid off after only one year

HumanWiki · 09-28-2012, 12:43 PM

My advice would be to take all our advice with a grain of salt and talk to an actual financial planner that knows your entire situation -- not just the bits you've provided thus far.

There's more to what you can afford than just how much you make.

horrido · 09-28-2012, 01:26 PM

Like others have said, it really all depends on your situation. I have a house payment, a child, daycare, insurance, retirement, savings plan, and child support payments. A better question would be "after all other expenses...". You should also factor in the increased cost of operation, as you are passing up other vehicles that get much higher mileage.

JujuBean · 09-28-2012, 02:01 PM

Quote:

Originally Posted by ShowSStopper

Sorry, but the majority of these threads yield no real advice since everyone either paid cash for their ZL1 or is a multi-millionaire so they are spending 1% of their income on their car and are WAY smarter than you or I.

Personally, I'm in too deep on this car payment-wise. Monthly I'm about 25% of my income on this car. However, my position is probably different than the next guy. I have no mortgage, no credit card debt, etc. So I'm not living like a caveman to afford this car.

That said, I wouldn't mind something cheaper.

Yup! I am the same way. Your other expenses are relative. I do not have a mortgage myself, and only have other small payments. So while, I'm not one of these 1% people, I'm not living outside of my means. At the end of the day you need to take into account what your car payment will be, all your other expense, play money, and money you can set aside. And, don't forget the cost of gas!! I wasnt ready for how much it would take to fill up my SS.. but, I keep my foot in her! lol Gas may not be an issue if it's not your daily driver.

WheelmanSS · 09-28-2012, 02:18 PM

Quote:

Originally Posted by CyberBri

$500 payment and 6400 month plus my wifes 1600... like 16%???

You make that much money and can't do math?? Lol

Mr. iNCREDIBLE · 09-28-2012, 02:23 PM

my car payment is the same as my mortage payment, but that's for a couple reasons.

first I never finance a car longer than 36 months, because frankly I never keep them longer than 36-48 months and I will NOT have negative equity on a trade..

second I put 75% down on my house and got a 10 year mortgage that will be paid off in 5 years, so my payments are rather low..

my total expenses monthly for car, mortgage, gas, insurance, and utilities is 1.75 weeks net pay.. So the other 2.25 weeks of pay is savings, retirement, etc.

I live on 30-35% of my net income, way below my means.. but that is by choice.. I do not want to end up with nothing when it comes to retirement time, Social Sercurity won't exist by the time I retire, so it will be all on me..

09-28-2012, 10:42 AM	#30
crateish Drives: 45th Anniversary 2LT/RS Coupe Join Date: Sep 2011 Location: Pennsylvania Posts: 534	Less than 10%. __________________

09-28-2012, 10:52 AM	#31
Caitlin&Caroline Drives: '11 2SS IOM/IO A6, '06 Outback Ltd Join Date: Jun 2012 Location: NEPA Posts: 233	No car payment for the Camaro. We were just living so far within our means (even after savings/investment deductions) that one day we were like, crap, that could buy a Camaro... But for the exercise, if I'd put 20% down and financed the remainder: 16% net individual (just my income after taxes). When I bought the station wagon years ago, my payment was 10% of net. But we must be cheap, our mortgage is only 12% of our combined net... __________________ My other car is a blue station wagon... no, really!

09-28-2012, 10:52 AM	#32
willhe64 Drives: 2012 45th Vert, 2011 4x4, 9sec Vega Join Date: Mar 2012 Location: Canada Posts: 2,188	4.5% __________________ I feel it only fair to warn you, I have a black belt in CAPS LOCK.

09-28-2012, 12:33 PM	#34
TSSUNAMI It was ninety nine cents! Drives: 2014 Jeep Wrangler Join Date: Jun 2010 Location: Syracuse, NY Posts: 1,714 View My Garage	OP: It's a loaded question bud. A person's financial situation is generally as unique as their DNA. Take a single person, no spouse, no kids. 30K annual income. They can probably afford having half their income go to their car payment if they don't already have significant debt. Now take a person with a spouse, several children, a mortgage, a load of credit card debt on a 60K combined income. Their car budget will be much smaller than the aformentioned example. In a nutshell, and I've said this before: If one isn't sure that they can afford to finance something do what I did. Find your car (Or whatever else you are considering purchasing) Calculate the cost of financing into your monthly finances. Then for six to twelve months "bill yourself" Take your anticipated car payment and drop it in a savings account, jar, coffee can, whatever... save it. If, at the end of your six to twelve month period you find that you haven't needed to touch that savings without subjecting yourself to a lesser quality of life, then go make the purchase. You can even use that money you saved towards a down payment, mods, or if you're really a smart cookie, you'll keep it stashed away to cover the unexpected. __________________ My Build Thread

09-28-2012, 12:38 PM	#35
pyr0b0y need....more....hp Drives: The Neighbor Hater Join Date: Dec 2010 Location: San Mateo, CA Posts: 4,091	I pay about 9% of my net income on the loan. I try to pay more than the states amount every other month. When I got the car, it was about 16% before I refinanced. __________________ BUILD THREAD BUILT AND MAINTAINED BY BLU808 Mast Motorsports Built LS3 Stroker 418, IPS GT35R Twin Turbos, Exedy GTO4XD Twin Disc Clutch, Aeromotive A1000 Eliminator Stealth Fuel Pump, AEM Meth Injection, DSS 1400hp Axels, BC Coilovers, Pfadt & BMR Suspension, Hawk HPS Pads, Drilled/Slotted Rotors, Hurst Shifter, Custom Roll Cage by Blu808, T3 Ports, 22" Custom Concave Mesh Rims

09-28-2012, 12:43 PM	#37
Neumatic Drives: 2010 Camaro 2SS M6 Join Date: Oct 2011 Location: Ohio Posts: 1,448 View My Garage	A little bit less then 1/3 of my income goes to my car payment. I more then double my monthly payment though, Pay $1000 a month. Almost have it paid off, I'm 21 months ahead. 3 year loan and I almost have it paid off after only one year

09-28-2012, 12:43 PM	#38
HumanWiki Drives: Car Join Date: Jun 2010 Location: Place Posts: 3,361	My advice would be to take all our advice with a grain of salt and talk to an actual financial planner that knows your entire situation -- not just the bits you've provided thus far. There's more to what you can afford than just how much you make.

09-28-2012, 01:26 PM	#39
horrido Drives: 2013 Camaro 1LS Join Date: Sep 2012 Location: Mpls Posts: 62	Like others have said, it really all depends on your situation. I have a house payment, a child, daycare, insurance, retirement, savings plan, and child support payments. A better question would be "after all other expenses...". You should also factor in the increased cost of operation, as you are passing up other vehicles that get much higher mileage.

09-28-2012, 02:23 PM	#42
Mr. iNCREDIBLE Drives: 2012 2SS/RS Convertible Join Date: Aug 2012 Location: SoCal Baby... Posts: 2,530	my car payment is the same as my mortage payment, but that's for a couple reasons. first I never finance a car longer than 36 months, because frankly I never keep them longer than 36-48 months and I will NOT have negative equity on a trade.. second I put 75% down on my house and got a 10 year mortgage that will be paid off in 5 years, so my payments are rather low.. my total expenses monthly for car, mortgage, gas, insurance, and utilities is 1.75 weeks net pay.. So the other 2.25 weeks of pay is savings, retirement, etc. I live on 30-35% of my net income, way below my means.. but that is by choice.. I do not want to end up with nothing when it comes to retirement time, Social Sercurity won't exist by the time I retire, so it will be all on me..