Curious.. Whats your income VS the cost of your car? Are you splurging? - Page 30

FlukeSS · 03-21-2023, 02:42 PM

Quote:

Originally Posted by FarmerFran

Isn't income a direct relation to where you live?

Then I'm doing it all wrong.

I'm broke af, live in a town known to be Ritzy, while wondering if I have enough gas money to make it to work next week.

FlukeSS · 03-21-2023, 02:44 PM

Quote:

Originally Posted by Need4Camaro

My income varies alot, but over the past 3 years I have ranged between $180k to $400k.

When I bought my SS I was about $75k.. ..I paid it off and not really looking to splurge on another toy yet.

I wish I had first world problems like that. I feel like I'm on welfare on these forums lol.

Need4Camaro · 03-21-2023, 03:16 PM

Quote:

Originally Posted by FlukeSS

I wish I had first world problems like that. I feel like I'm on welfare on these forums lol.

Bleh, I have problems too. Income ain't everything. Whats more important is how much you save.

Austin is a fairly expensive place to live. The reason I have pushed myself to this income group is because I needed to

Pay off my student loans
Buy a house
Pay for a $80,000 jaw surgery that neither my medical nor dental insurance is covering
Pay off my SS and get out of the loan
Buy Solar Panels (I'm single and no dependent so a $400k income pretty much devours me in taxes. I needed the tax write off.)
Buy a house full of furniture (I moved here with no furniture and was sleeping on the floor for about 2 years just starting fresh)

It just took alot of work and studying. I was studying during my shift, overnight, and got more and more certifications in my field of work until I qualified for higher paying job, then when remote work opened up I started doubling up on jobs plus doing Uber ontop of those jobs on the side between 4am and 9am weekdays and all day on weekends ... I actually don't get alot of sleep ... but for me thats the trade off ...

adamjwilson · 03-21-2023, 03:20 PM

Quote:

Originally Posted by FlukeSS

I wish I had first world problems like that. I feel like I'm on welfare on these forums lol.

I hear you!

Wy Guy · 03-21-2023, 03:40 PM

Quote:

Originally Posted by Need4Camaro

Bleh, I have problems too. Income ain't everything. Whats more important is how much you save.

Austin is a fairly expensive place to live. The reason I have pushed myself to this income group is because I needed to

Pay off my student loans
Buy a house
Pay for a $80,000 jaw surgery that neither my medical nor dental insurance is covering
Pay off my SS and get out of the loan
Buy Solar Panels (I'm single and no dependent so a $400k income pretty much devours me in taxes. I needed the tax write off.)
Buy a house full of furniture (I moved here with no furniture and was sleeping on the floor for about 2 years just starting fresh)

It just took alot of work and studying. I was studying during my shift, overnight, and got more and more certifications in my field of work until I qualified for higher paying job, then when remote work opened up I started doubling up on jobs plus doing Uber ontop of those jobs on the side between 4am and 9am weekdays and all day on weekends ... I actually don't get alot of sleep ... but for me thats the trade off ...

I hear that, Taxes are killing me as a single guy with no kids. Luckily I am getting married this year so hopefully that helps a little regarding the taxes. And I agree, saving is always important. I save about 45% of my income currently, that savings either stays in a money market account, or goes straight to a mutual fund (After maxing 401k contributions). I live like I dont get that 45%, and save it for when I might really need it/retirement. I live in the same apartment I did when I made 50k a year. Trying as hard as I can to not get used to lifestyle-inflation. My dad always says that people never think the money train will stop rolling, until it does.

Malbjey · 03-21-2023, 03:41 PM

Quote:

Originally Posted by FlukeSS

I wish I had first world problems like that. I feel like I'm on welfare on these forums lol.

Lol you aint the only one. When I see someone say they bought their 40K+ Camaro via cash I'm like wtf. I wish I had 40K in disposable income to spend on a toy.

My current car is at the top of my budget and you best believe I'm financing it for 72mo lmao. Got a 1.9% APR so I don't feel too guilt. Working to pay it off in 60month though.

ZPirate · 03-21-2023, 04:53 PM

There are so many factors that go into purchasing a car like a Camaro. For me it's about my priorities, my age and my responsibilities. Both my kids have graduated from college and are essentially on their own, I'm well settled in my profession and I'd rather have a toy car than many other tangible things I could spend money on. Is a car a good investment compared to something like say real estate? Probably not, but it's something I really enjoy. Life is short so you need to be able to indulge on things you enjoy as long as it doesn't put you in a bad economic situation. At least that is my philosophy.

walkerheaders · 03-21-2023, 05:04 PM

Was it smart to order and pay cash for a new SS? Nope. However, I'm at peace with it. Nuff said. In have an assortment of other stuff to ride.

Invertalon · 03-21-2023, 07:01 PM

Really hard to compare, based on salary alone. You have the COL in the area you live, retirement planning / investments, etc... Someones $100K in one area would require $350K in another.

For example, my buddy just left his ~85K engineering salary (decent where we are) where he paid $1,000/mo on his house mortgage a month in a relatively low COL area, to a $220K salary outside of San Francisco where he now has to pay $3,600/mo for just an apartment... Not to mention higher fuel prices, and everything else he now deals with at higher cost. If he buys a home, it will be shy of $1M to buy one in the area he is working now. Sure, his salary basically tripled, but everything else is far more expensive, he really is not ahead when you break it down. He also has quite a bit of student loan debt he is working off.

I make a typical engineer salary in my area, it's nothing crazy but it's good enough that with our expenses of our home, cars, multiple vacations a year, etc... I can still dump ~20% of my pay into my 401K and practically max it out every year. House will be done and paid off by the time I am 43 and both of our car payments are done in 2 years (saving a combined $1100 in car payments between the two). So that will be really nice. We never go out to eat, cooking everything we eat for the most part, so that saves us quite a bit to put away for other things (like our vacations!). Zero CC debt, no student loans, etc...

It just depends on so much at the end of the day.

JTS · 03-21-2023, 07:11 PM

It will all factor out for you young guys working hard to raise a family buy a house or save to buy one , help the kids thru college and pay for the daily essentials. For years on an off while my girls were growing up, I worked 7 days a week , with a stay home wife til the girls were in middle school . It wasn't easy , but fulfilling I did it . Fast forward to 2023 , how time flies, in my late sixty's now , I am blessed and with do diligence , was able to afford a Camaro . Never stop dreaming and working hard.

snicko · 03-21-2023, 10:57 PM

Quote:

Originally Posted by FlightSoftware

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,....

Talk nerdy to me about the airplane...

and.. is there a story behind the username?

FarmerFran · 03-22-2023, 08:08 AM

Quote:

Originally Posted by FlukeSS

Then I'm doing it all wrong.

I'm broke af, live in a town known to be Ritzy, while wondering if I have enough gas money to make it to work next week.

Generically speaking

If you make 100k in San Fran you only need 57k in Baltimore to be "the same"

arpad_m · 03-22-2023, 09:05 AM

Wow, I came in here fully expecting a dick measuring contest, but I found some good discussion instead, lovely

The only thing I will say is that a Camaro is never a smart purchase, it's a heart purchase

ctrlz · 03-22-2023, 09:08 AM

Quote:

Originally Posted by Wy Guy

Luckily I am getting married this year so hopefully that helps a little regarding the taxes.

It depends on what you are marrying into.
Marriage can help or hurt you tax-wise:
https://tpc-marriage-calculator.urban.org/

03-21-2023, 04:53 PM	#413
ZPirate Drives: 2023 Summit White Camaro ZL1 M6 Join Date: Dec 2021 Location: North Carolina Posts: 1,764	There are so many factors that go into purchasing a car like a Camaro. For me it's about my priorities, my age and my responsibilities. Both my kids have graduated from college and are essentially on their own, I'm well settled in my profession and I'd rather have a toy car than many other tangible things I could spend money on. Is a car a good investment compared to something like say real estate? Probably not, but it's something I really enjoy. Life is short so you need to be able to indulge on things you enjoy as long as it doesn't put you in a bad economic situation. At least that is my philosophy. __________________ 2023 Summit White ZL1 M6 (delivered 10/15/23) 2019 Dodge Durango R/T (daily driver) 2003 Nissan 350Z (modified) 2022 Rapid Blue 1SS 1LE M6 (delivered 2/19/22) (Sold) 2009 BMW 135i (Sold)

03-21-2023, 07:11 PM	#416
JTS Drives: 2023 ZL1 A10 Join Date: Nov 2021 Location: Az Posts: 624	It will all factor out for you young guys working hard to raise a family buy a house or save to buy one , help the kids thru college and pay for the daily essentials. For years on an off while my girls were growing up, I worked 7 days a week , with a stay home wife til the girls were in middle school . It wasn't easy , but fulfilling I did it . Fast forward to 2023 , how time flies, in my late sixty's now , I am blessed and with do diligence , was able to afford a Camaro . Never stop dreaming and working hard. __________________ 2023 ZL1 A10 Shadow Gray Metallic

03-22-2023, 09:05 AM	#419
arpad_m Drives: 2018 Camaro 2SS A8 Join Date: Jul 2017 Location: East Tennessee Posts: 11,627 View My Garage	Wow, I came in here fully expecting a dick measuring contest, but I found some good discussion instead, lovely The only thing I will say is that a Camaro is never a smart purchase, it's a heart purchase __________________ 2018 Camaro 2SS — G7E MX0 NPP F55 IO6 735 rwhp \| 665 rwtq Magnuson TVS 2300 80mm pulley \| Kooks 1 7/8" LT headers \| JRE smooth idle terminator cam \| LT4 FS & injectors \| TSP forged pistons & rods JMS PowerMAX \| DSX flex fuel kit \| Roto-Fab CAI \| Soler 95mm LT5 TB \| 1LE wheels \| 1LE brakes \| BMR rear cradle lockout \| JRE custom tune 1100 - 1/30/18 \| 2000 - 1/31/18 3000 - 2/06/18 TPW 2/26/18 3400 - 2/19/18 \| 3800 - 2/26/18 4300 - 2/27/18 \| 4B00 - 3/01/18 4200 - 3/05/18 \| 4800 - 3/14/18 5000 - 3/16/18 \| 6000 - 3/19/18

03-21-2023, 05:04 PM	#414
walkerheaders Drives: 2023 1SS Radiant A10 63 427 Impala Join Date: Feb 2016 Location: central Maryland Posts: 93	Was it smart to order and pay cash for a new SS? Nope. However, I'm at peace with it. Nuff said. In have an assortment of other stuff to ride.

03-21-2023, 07:01 PM	#415
Invertalon Drives: 2021 2SS Join Date: Jul 2020 Location: Cleveland Posts: 299	Really hard to compare, based on salary alone. You have the COL in the area you live, retirement planning / investments, etc... Someones $100K in one area would require $350K in another. For example, my buddy just left his ~85K engineering salary (decent where we are) where he paid $1,000/mo on his house mortgage a month in a relatively low COL area, to a $220K salary outside of San Francisco where he now has to pay $3,600/mo for just an apartment... Not to mention higher fuel prices, and everything else he now deals with at higher cost. If he buys a home, it will be shy of $1M to buy one in the area he is working now. Sure, his salary basically tripled, but everything else is far more expensive, he really is not ahead when you break it down. He also has quite a bit of student loan debt he is working off. I make a typical engineer salary in my area, it's nothing crazy but it's good enough that with our expenses of our home, cars, multiple vacations a year, etc... I can still dump ~20% of my pay into my 401K and practically max it out every year. House will be done and paid off by the time I am 43 and both of our car payments are done in 2 years (saving a combined $1100 in car payments between the two). So that will be really nice. We never go out to eat, cooking everything we eat for the most part, so that saves us quite a bit to put away for other things (like our vacations!). Zero CC debt, no student loans, etc... It just depends on so much at the end of the day.

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