View Poll Results: What percentage of your income is your car pymt ?
Less than 5%
21
23.33%
5-10%
27
30.00%
10-20%
18
20.00%
More than 20%
4
4.44%
No Loan - Paid Cash
20
22.22%
Voters: 90. You may not vote on this poll
Car payment as a percentage of your income
05-24-2011, 05:11 AM
#17
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Join Date: Jan 2011
Location: San Jose, CA
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05-24-2011, 08:03 AM
#18
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I financed $19.9k on my 2010 G37 about 3 weeks ago. So far I've paid $2400 on it. Originally the first payment was due 6/21, currently my next payment "due" is in December. I should have it paid off in a year or less unless all of my overtime dries up.
If I just paid the minimum each month it would be under 5% each month. Actual payments will probably be closer 15-20% though. I live well below my means.
If I just paid the minimum each month it would be under 5% each month. Actual payments will probably be closer 15-20% though. I live well below my means.
05-24-2011, 12:41 PM
#21
Registered User
05-24-2011, 12:49 PM
#22
Registered User
I am a pretty conservative financial guy....but I think you're doing the right thing at this time in your life. Plenty of time to do the investment thing in a few years. I purchased a brand new turbo charged 300ZX when I was 21...took a large chunk out of every check to make the payment. I don't regret that decision one bit....enjoyed it much! Nothing is better than driving a great car when you're young....of course I still like driving a great car when I'm not so young
05-24-2011, 05:10 PM
#24
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Join Date: Oct 2009
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No loan, paid cash. Had just sold a race car/tow vehicle/trailer and used the proceeds for a new daily driver. It was my self prescribed therapy program.
FWIW if I had to get a loan I would not go over 3.5%. Needless to say I would not be in a G37 without a huge downpayment and a term of 5yrs. I have lots of other priorities (kids, house, vacations, utilities, savings, etc)
FWIW if I had to get a loan I would not go over 3.5%. Needless to say I would not be in a G37 without a huge downpayment and a term of 5yrs. I have lots of other priorities (kids, house, vacations, utilities, savings, etc)
05-25-2011, 12:06 PM
#25
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Join Date: Feb 2011
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I enjoy vehicles. I've spent over $14k on vehicle crap this year so far (payments, insurance, maintenance, etc). I've spent about $5200 on my house, lol. But then, I have 4 vehicles and only one house.
G37 is about 10% of my income, purchased. It holds about $7500 in negative equity from my previous POS vehicle.
G37 is about 10% of my income, purchased. It holds about $7500 in negative equity from my previous POS vehicle.
05-25-2011, 12:26 PM
#26
Interesting statistics..
It looks like 45% of buyers have no to extremely low monthly payments in relation to their income - a very positve and financially sound statistic , especially considering the most common demographic of the G37 buyer - a male between 25-40.
Glad to see fellow G enthusiasts make financially and emotionally sound decisions...
Not to say that the other 65% made wrong choices, but entering the new economy, value for the dollar and maximizing savings seems to be the mantra....
On my first car , a bimmer, it costed me more than 50% of my annual income - a poor financial decision and very rewarding to me emotionally. I've learnt to be more fiscally conservative since then...
It looks like 45% of buyers have no to extremely low monthly payments in relation to their income - a very positve and financially sound statistic , especially considering the most common demographic of the G37 buyer - a male between 25-40.
Glad to see fellow G enthusiasts make financially and emotionally sound decisions...
Not to say that the other 65% made wrong choices, but entering the new economy, value for the dollar and maximizing savings seems to be the mantra....
On my first car , a bimmer, it costed me more than 50% of my annual income - a poor financial decision and very rewarding to me emotionally. I've learnt to be more fiscally conservative since then...
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