What percent of your monthly income is spent on your camaro/insurance? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

LongIslandCamaro · 06-28-2013, 08:17 AM

I finally got a good job and I make about $2000 a month (After taxes), im 21 and live at home because I am in school and have no expenses. (Edit: Good pay for someone still in school and only 21)

I am going to pick up my Camaro on Sunday and between insurance and monthly payments I should be paying about $500/ month.

This will be the first nice car I ever own.

My question is "Is 25% of my monthly income going towards car payments and insurance too much?" Thats the only thing Im nervous about with this decision.

MackMan · 06-28-2013, 08:19 AM

I make about $3500 a month (my wife included) with a house payment 2 new car payments and insurance and we still make it by to have money to do other things. I think you'll be fine with that just make sure you don't blow too much extra money on mods when you decide to move out and get more bills for yourself.

Spend some of that extra money you'll have to pay the car down quicker and get it paid off sooner. That's always a good option as well. Just make sure you budget, I've learned that lesson the hard way.

Austin45 · 06-28-2013, 08:20 AM

About 125%

...no but really. I'm in a similar situation, in school, this Camaro is the only thing I pay for (insurance, gas, maintenance, payments) and it's eating about 50% of my income. I really don't mind because I'm still saving a ton of money (to me) every month... and some how resisting the mod bug.

whemming · 06-28-2013, 08:22 AM

Before Taxes -
Camaro = 5.8 %
Insurance = 0.8 %

After taxes -

Camaro = 8.75 %
Insurance = 1.25%

So right at 10% after taxes! ( This is just my income not counting wifes)

25% is very high, but If your living at home its doable. But if I could go back to 21 and living at home, I would of saved every dime I could

edit: So you found a camaro for ~ 350 a month? insurance on a 21yo will be at least 150 a month?

nyrfan · 06-28-2013, 08:22 AM

Quote:

Originally Posted by LongIslandCamaro

I finally got a good job and I make about $2000 a month, im 21 and live at home because I am in school and have no expenses.

I am going to pick up my Camaro on Sunday and between insurance and monthly payments I should be paying about $500/ month.

This will be the first nice car I ever own.

My question is "Is 25% of my monthly income going towards car payments and insurance too much?" Thats the only thing Im nervous about with this decision.

Yes 25% is quite high.

I have no car payment
Insurance is 1.29% (But that for 3 cars with full coverage), the Camaro only would be .54%

This amount is after taxes.

Swacer · 06-28-2013, 08:23 AM

Quote:

Originally Posted by LongIslandCamaro

I finally got a good job and I make about $2000 a month, im 21 and live at home because I am in school and have no expenses.

I am going to pick up my Camaro on Sunday and between insurance and monthly payments I should be paying about $500/ month.

This will be the first nice car I ever own.

My question is "Is 25% of my monthly income going towards car payments and insurance too much?" Thats the only thing Im nervous about with this decision.

Well, is your $2000 POST or PRE tax? That will play a major role in this. Because it could be as high as 37% of your monthly income.

When i graduated from college, I had 2 job offers drop through (2009), and I got a job that was paying $16/hr, and I bought my Genesis coupe at $520/mo. It was uncomfortably tight, especially with school loans, and I HAD to live at home.

I then got a better job at $60K/yr, and with a car costing $520/mo and insurance at $100/mo, and rent at a low $700/mo, thats when it was finally a little easier, because then the car only accounted for ~13% POST tax.

I do better now, and the camaro is actually CHEAPER per month, insurance is cheaper, school loans until 2029 sadly, have a house, and make more. However, mod money never seems to grow fast enough

lol With my fiance and myself, the camaro drops to ~5%.

Run an excel sheet and simulate your expenditures for a few months and see where you come out. Remember to overestimate EVERYTHING. Just wait, soon you'll be kicked out of hte house and an apt and food and utilities aren't cheap. Welcome to the real world kiddo...it sucks hahaha (I'm 26...)

LongIslandCamaro · 06-28-2013, 08:32 AM

Thanks for all the answers. I make $2000 after taxes and my parents already told me they are never kicking me out, i can leave when I want (which will be when I have enough money for a condo or house) I live in NY so everything is super expensive so its not un common for kids to live at home for awhile. My 25 year old succesful friend stilll lives at home

Swacer · 06-28-2013, 08:35 AM

Quote:

Originally Posted by LongIslandCamaro

Thanks for all the answers. I make $2000 after taxes and my parents already told me they are never kicking me out, i can leave when I want (which will be when I have enough money for a condo or house) I live in NY so everything is super expensive so its not un common for kids to live at home for awhile. My 25 year old succesful friend stilll lives at home

Never really meant your parents will be like GET OUT!

But when going to the club...its not exactly awesome to pick up a girl and say...lets go back to my place...um...where my parents live

haha

whemming · 06-28-2013, 08:35 AM

Quote:

Originally Posted by LongIslandCamaro

Thanks for all the answers. I make $2000 after taxes and my parents already told me they are never kicking me out, i can leave when I want (which will be when I have enough money for a condo or house) I live in NY so everything is super expensive so its not un common for kids to live at home for awhile. My 25 year old succesful friend stilll lives at home

Yea there is a movie about that called "Failure to Launch" Just Joking couldn't resist

LongIslandCamaro · 06-28-2013, 08:38 AM

Quote:

Originally Posted by Swacer

Never really meant your parents will be like GET OUT!

But when going to the club...its not exactly awesome to pick up a girl and say...lets go back to my place...um...where my parents live

haha

haha yea thats what sucks but when im drunk and horny i would probably end up taking her home and trying to hide her lmao

Swacer · 06-28-2013, 08:38 AM

Quote:

Originally Posted by LongIslandCamaro

haha yea thats what sucks but when im drunk and horny i would probably end up taking her home and trying to hide her lmao

Well that escalated quickly

BaylorCamaro · 06-28-2013, 08:46 AM

Probably about 15% for me.

xXSilencerXx · 06-28-2013, 08:52 AM

Car is paid off and insurance is $100, so roughly 2%, add in gas and it's about 4%

When I was in college though it was sucking up about 35% between making double payments and gas and insurance.

Elementkng20 · 06-28-2013, 08:53 AM

For me, I got my 2012 Camaro around $365/mo two weeks ago, but I refinanced it down to $341/mo, insurance is $101/mo here in Texas (50/100/50) and I'm 27.

I bring home around $2,900/mo after taxes. It's been pretty crazy though. We just bought a house and two cars about two months after the house.

My fiance pays her own car though, but I pay the mortgage.

06-28-2013, 08:17 AM	#1
LongIslandCamaro Drives: Camaro Join Date: Jun 2013 Location: Long Island Posts: 25	What percent of your monthly income is spent on your camaro/insurance? I finally got a good job and I make about $2000 a month (After taxes), im 21 and live at home because I am in school and have no expenses. (Edit: Good pay for someone still in school and only 21) I am going to pick up my Camaro on Sunday and between insurance and monthly payments I should be paying about $500/ month. This will be the first nice car I ever own. My question is "Is 25% of my monthly income going towards car payments and insurance too much?" Thats the only thing Im nervous about with this decision.

06-28-2013, 08:20 AM	#3
Austin45 The Logistician Drives: 2012 LFX 45th Anniversary Join Date: Aug 2012 Location: Jonesboro, AR Posts: 864 View My Garage	About 125% ...no but really. I'm in a similar situation, in school, this Camaro is the only thing I pay for (insurance, gas, maintenance, payments) and it's eating about 50% of my income. I really don't mind because I'm still saving a ton of money (to me) every month... and some how resisting the mod bug. __________________

06-28-2013, 08:22 AM	#4
whemming Drives: 2010 1SS/RS Join Date: Jul 2012 Location: Raleigh, NC Posts: 273 View My Garage	Before Taxes - Camaro = 5.8 % Insurance = 0.8 % After taxes - Camaro = 8.75 % Insurance = 1.25% So right at 10% after taxes! ( This is just my income not counting wifes) 25% is very high, but If your living at home its doable. But if I could go back to 21 and living at home, I would of saved every dime I could edit: So you found a camaro for ~ 350 a month? insurance on a 21yo will be at least 150 a month? __________________

06-28-2013, 08:46 AM	#12
BaylorCamaro Track > 1/4 Mile Drives: 2016 C7 Z51 Join Date: Sep 2009 Location: League City, TX Posts: 6,072 View My Garage	Probably about 15% for me. __________________ Automotive YouTube Channel / Texas World Speedway / MSR Houston

06-28-2013, 08:52 AM	#13
xXSilencerXx Butter Bar! Drives: 2011 SS, 1998 Trans Am Join Date: Dec 2010 Location: Patrick AFB, FL Posts: 1,364	Car is paid off and insurance is $100, so roughly 2%, add in gas and it's about 4% When I was in college though it was sucking up about 35% between making double payments and gas and insurance. __________________ 2011 Camaro SS, White/Orange, LSR Short Throw, CAI 1998 Trans Am, Red, H/C/I, 3200 CircleD Stall, full suspension 2004 GSXR 1k, Matt Mladin Edition

06-28-2013, 08:19 AM	#2
MackMan Camaro CRAZY Drives: 2019 OC 1SS/1LE Join Date: Apr 2011 Location: Winchester, KY Posts: 3,202 View My Garage	I make about $3500 a month (my wife included) with a house payment 2 new car payments and insurance and we still make it by to have money to do other things. I think you'll be fine with that just make sure you don't blow too much extra money on mods when you decide to move out and get more bills for yourself. Spend some of that extra money you'll have to pay the car down quicker and get it paid off sooner. That's always a good option as well. Just make sure you budget, I've learned that lesson the hard way.

06-28-2013, 08:32 AM	#7
LongIslandCamaro Drives: Camaro Join Date: Jun 2013 Location: Long Island Posts: 25	Thanks for all the answers. I make $2000 after taxes and my parents already told me they are never kicking me out, i can leave when I want (which will be when I have enough money for a condo or house) I live in NY so everything is super expensive so its not un common for kids to live at home for awhile. My 25 year old succesful friend stilll lives at home

06-28-2013, 08:53 AM	#14
Elementkng20 HTCC: canthonyIOM27 Drives: 2012 IOM 1LT/V6/A6 Join Date: Jun 2013 Location: Richmond, Texas Posts: 299	For me, I got my 2012 Camaro around $365/mo two weeks ago, but I refinanced it down to $341/mo, insurance is $101/mo here in Texas (50/100/50) and I'm 27. I bring home around $2,900/mo after taxes. It's been pretty crazy though. We just bought a house and two cars about two months after the house. My fiance pays her own car though, but I pay the mortgage.