jack829

Just curious what other people think is "too high" for a monthly payment?

I know this is way subjective as budgets vary, and income levels vary, but just curious what you consider "just way too much" for a monthly payment on a highly depreciable asset like a car.

I think anything $600 and over is when you need to shop cheaper.

Chico

Depends on the car, but my limit is $400 a month for a lease.

jack829

Yeah I wouldn't pay much more than that for a lease either, since you're just renting the car.

moonsky

I think it really depends on your income. According to a consumer report article,

As for leasing, you actually borrow money to buy the car and you repay that debt through a combination of down payment, monthly payments and selling the vehicle at lease end back to the leasing company (i.e., returning the car at the promised mileage).

ANMVQ

iTrader: (13)

I would not even go $400 under 4 is where I am, Buying or leasing.. You have to consider what you INS is gonna cost also, Than is part of the car payment IMO..

JohnEnglish

LOL you guys should come to Canada. Right now I'm paying $867/month on my G37. In Canada the G37 is a $60,000 car. Insurance runs me another $250 per month (been driving for 15 years with no accidents or tickets).

That said, it depends on my salary. Right now I wouldn't want to go over $1,500 a month for a car payment.

Ibanez540r

iTrader: (1)

John - you're nuts!

I agree with everyone else, $400 is about the limit for a lease.

smashhell

Heh thats just how things is over in another country.

Try going to Austrlia and China, our car or even BMW 3 series will run you about $90k USD. We live a good place to buy cars.

JohnEnglish

Canada is still cheap compared to living in Europe or Australia for cars.

When I was car shopping a few years ago, the best deal I got on a 335i sedan was $1,139 a month.

Car journalists always say "Oh Canadians prefer smaller cars." No, it's just that cars cost a lot more here so people tend to buy smaller (cheaper) cars. Here, a $400 a month lease will get you a Honda Civic sedan. It has nothing to do with taxes, the MSRP of cars are anywhere from 15% - 30% more in Canada.

eksigned

iTrader: (1)

For a sale, non-lease...I'm thinking anything between $800 - $900. Oh, wait...that's how much I'm paying, right now! Can't beat the 0.0% APR though...

carz

depends on the car.

I think anything over $450 for a fully loaded coupe is too much.....$400 for a sedan

jack829

My insurance is pretty cheap. It's the one area of life where it pays to be older and in the burbs.

For a g37x, my ins would be like $65 a month. Back in 2000 when I wanted an eclipse and lived in Chicago (in the actual city, not burbs), the insurance woulda been $500 a month, which is more than what my car payment was haha

Wow, i thought i was nuts with going to $550 a month - I guess if you can easily afford $800 a month, why not.

Bo2point0

This really depends on the person, regardless of income.

I know some people that could not make their vehicle payments and it was repo-ed. They are stupid.

Then there is my dad, he makes roughly 3-4 times my yearly income and drives a 5 year old base model Toyota Corolla. He spends all his money on vacations to other countries every year though with my mom.

Chico

My insurance is also cheap, by NYC standards, I pay $112 a month. The car cost me $490 a month including insurance for a lease. Gas? Less than $200 a month, not cheap.

Chico

A fully loaded coupe and a fully loaded sedan would cost the same to lease. Even tough the Coupe is about $2K more expensive, it has a higher residual value which brings the payments down. So, I wouldn't pay over $400 for either.