If you make $86K and have a mortgage + kids, is it a good idea to buy a $70K car?

[TLR Is Mental Poison]

That's a lot of money!!!!



Lets do some math

Your paycheck every 2 weeks = 86,000 * 70% left after taxes / 26 = $2315

Your car note (60 months, 0% APR, 7% tax) = $1237

Gas (15000 miles/yr/12 months * $2.5/gallon / 25 MPG ) = $125

Insurance (legally required to have full coverage with a loan, gap insurance prob a good idea) = $300-600/mo depending on where you live

Maintenance = free

So damn near a paycheck on money you should be putting away for your kids' college fund

O yea.... pocket watching? Priceless :scumbag:

Shouts to @benjamin aka the dude with 2 bei'mas under one roof for the thread

 

[Dorian Breh]

Bruh, lease that 740i for 900/ month

 

[Loose]

No

 

[Apollo Creed]

Imo a car should cost no more than 1/4th of your salary, give or take a few thousand

 

[Mirin4rmfar]

Why would I need a 70K car when a 20K Honda gets me from point A to B. I prefer simplicity. MAYBE If I was balling on 200K plus or so but anything under 100K..nope, not doing it.

 

[Keep_It_Hip_Hop_Fam]

Pfft at 14 years old I made 86'000 a year from selling newspapers.

 

[posterchild336]

that is a terrible idea

 

[beenz]

for me, I don't envision ANY scenario where buying a 70K car is a good idea. I'm not about putting that kinda money into such a depreciating asset.

 

[Formerly Black Trash]

Pfft at 14 years old I made 86'000 a year from selling newspapers.

I made $100,000 from a lemonade stand at age 6

That's chump change

 

[posterchild336]

for me, I don't envision ANY scenario where buying a 70K car is a good idea. I'm not about putting that kinda money into such a depreciating asset.

i agree, back in my less wiser days i was purchasing brand new expensive cars, but never again, i am buying any car second hand from now on, i prefer to put my money in appreciating assets it pays off in the long run.

 

[mamba]

$70k for a car.

 

[lowkey0z]

hell no

 

[benjamin]

That's a lot of money!!!!



Lets do some math

Your paycheck every 2 weeks = 86,000 * 70% left after taxes / 26 = $2315

Your car note (60 months, 0% APR, 7% tax) = $1237

Gas (15000 miles/yr/12 months * $2.5/gallon / 25 MPG ) = $125

Insurance (legally required to have full coverage with a loan, gap insurance prob a good idea) = $300-600/mo depending on where you live

Maintenance = free

So damn near a paycheck on money you should be putting away for your kids' college fund

O yea.... pocket watching? Priceless :scumbag:

Shouts to @benjamin aka the dude with 2 bei'mas under one roof for the thread

his car was only $52k msrp and his monthly car note was $600 from what he told me, not sure about his insurance but for a fact I know it wasnt more than $250 a month.

he use to swap out cars year to year so he stayed in the newest...not anymore tho

 

[plushcarpet]

if you have a mortgage + kids, then i assume you have a wife
what exactly do you need a 70k car for?

 

[Shadow King]

Hell no. The note is already over half your check. Then $500 on insurance. Where is your rent?