04-19-2014, 05:20 PM | #1 |
Drives: 07 charger RT Join Date: Mar 2014
Location: Northwest, Indiana
Posts: 225
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Does it sound possible?
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.
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04-19-2014, 05:28 PM | #2 |
Drives: 2012 camaro Join Date: Feb 2012
Location: central VA
Posts: 3,196
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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.
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04-19-2014, 05:30 PM | #3 |
Drives: Black ZL1 Join Date: Apr 2013
Location: City of Champions, Alabama
Posts: 3,698
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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. 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.
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04-19-2014, 05:38 PM | #4 |
Drives: Really Slow Join Date: Apr 2010
Location: PA
Posts: 56,959
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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.
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04-19-2014, 05:43 PM | #5 |
Drives: 2014 camaro ss ,1967 chevelle ss, Join Date: Sep 2013
Location: loganville
Posts: 1,209
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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
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04-19-2014, 05:52 PM | #6 |
Drives: 2012 camaro Join Date: Feb 2012
Location: central VA
Posts: 3,196
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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.
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04-19-2014, 05:58 PM | #7 |
Master Chief
Drives: 2011 Camaro SS RS L99 Join Date: May 2012
Location: Shippensburg, PA
Posts: 414
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never,NEVER plan your finances around overtime. things can change quickly and suddenly you're screwed without enough to cover everything.
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04-19-2014, 06:07 PM | #8 |
Drives: Black aSS 2011 - L99 Join Date: Apr 2012
Location: Texas
Posts: 330
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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.
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Staying stock and loving it............
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04-19-2014, 06:09 PM | #9 | |
Drives: 2013 Crystal Red Tint 2LT RS Join Date: Mar 2013
Location: New York
Posts: 150
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Quote:
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.
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04-19-2014, 06:21 PM | #10 | |
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^^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.
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04-19-2014, 06:24 PM | #11 | |
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04-19-2014, 06:25 PM | #12 |
Drives: 2014 Camaro SS Join Date: Sep 2013
Location: Waco, TX
Posts: 989
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I'll sell you mine for $20,000!
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04-19-2014, 06:30 PM | #13 |
Buick 455 Fan
Drives: 1970 Buick, 2012 1SS LS3 Join Date: Jun 2010
Location: Boston MA
Posts: 5,957
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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.
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04-19-2014, 06:32 PM | #14 |
Drives: 2011 Summit White 1LT Join Date: Apr 2013
Location: North Jersey
Posts: 86
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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.
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