Curious.. Whats your income VS the cost of your car? Are you splurging?
 

Just curious to see what others are spending VS their income.. I'm pushing my boundaries a bit, but now is th time for me to do it, if I'm ever going to do it. I make a very comfortable living, but I know this is 100% a luxury.


Anyone care to share?

for me, 40k or so car. Income is about 100,000-120,000k pre taxes. (Sales)

I suppose this is a splurge, in the sense that if I just needed transport, I could get by way cheaper. What has been getting interesting reactions from various sales people is that I'm not financing. I actually saved up the money first. :)

The car is less than half a year's gross. The airplane, otoh,....

I could buy a few of them with available cash if I wanted to, but would rather finance since there's no prepayment penalty, the rates are good, and it helps your credit.

You should really be looking at your obligations and what you're able to save instead of what you make to decide if you can afford it. There's no way to justify this type of purchase unless you still able to meet your obligations - which should include saving money :)

Mine will most deff be a splurge. More so if I wasn't saving to pay a big chunk down. My area has really suffered economically the past 8 years. I could move and easily be better off fiscally. I'd rather struggle a bit and be able to watch after my father who is in poor health. Family first. I'l get my order in for MY 17 and if worst comes to worst I'l be able to pay the payment by working at mcdonalds.

Les, I thought about financing, but I couldn't find a better return on cash equiv than just paying for it outright. Even if it was zero %, I (personally) like looking at it and knowing that I'm only paying the state for the privilege of owning it rather than a bank. :)

Also, owning it lets me dictate insurance amounts and types. My credit union has no say.

:bolt:

Lol

I threw 25k into something called a structured note issued through my broker (UBS) for Morgan Stanley. No fees or anything since UBS issued it. It pays 7.75% for 1 year and is tied to the stock price, which also went after the fed increased rates and you'd still make money even if the price dips. This is just an example...there are more options like this out there apart from CD's and savings accounts.

That's a good point to consider on the insurance, but I don't think I'm going to go cheap on it during the first two years. I'd probably pay off my car within the first year unless I decide to send it to Callaway for something crazy lol.

I like your sig...I'm Greek as well :thumbup:

Damn, I must be in the minority. I'm a teacher. Cost more than my yearly salary in North Carolina.

Teacher/coach here. Car was 45k after the teacher discount and I make a few grand less. I live a very simple life, with very few other expenses.

Agreed. Wife tells me every day that this purchase is living beyond my means. Good thing she makes more than I do.

:thumb:

Single guy here. Only person I ask if it's ok with, is my dog haha.

:peep: