How high a car payment would you go?
07-16-2006, 06:14 AM
#1
Racer
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How high a car payment would you go?
I know a lot is dependent upon income. I am blessed with a great job. My car payment is $1135/month. Bought my 06 convertible with nothing down. Anyone's higher?
07-16-2006, 08:32 AM
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Originally Posted by ucla81
I know a lot is dependent upon income. I am blessed with a great job. My car payment is $1135/month. Bought my 06 convertible with nothing down. Anyone's higher?
unbelievable .....can you say "up-side down"?
07-16-2006, 08:43 AM
#9
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$1100 a month ?? for a Corvette ??? 
Pay CASH or dont buy a Corvette.
The only thing to buy nothing down is income property that turns a profit.
Great looking grass roof
Last edited by AU N EGL; 07-16-2006 at 08:46 AM.
07-16-2006, 08:49 AM
#10
Racer
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I tend to agree with the pay cash crowd--that's what I did--but would say that if you are asking me for what boundary I would set for monthly payments, then the answer is perhaps half of what you are spending.
07-16-2006, 08:53 AM
#11
Team Owner
In Answer To Your Original Question...
I haven't heard of a higher one!!!If you can afford that payment,mor power to you!!I'm at my limit and i'm a few hundred less than you.
Enjoy your vette!
Enjoy your vette!
07-16-2006, 09:03 AM
#12
I have purchased many cars and I always paid cash with only one exception. Audi offered a two year 1.9% interest rate in 2002, so I decided to take advantage of it since the Credit Union was paying me around 3.5% at that time. As we all know cars are horrible investments, so why compound the loss by adding a high interest rate for a loan.
07-16-2006, 09:18 AM
#14
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Mine's $825, but the money was 4.25% through AAA. I pay $1,000/month to get the balance down faster. After 18 months, I'm about "even" vs. the value of the car. 
07-16-2006, 09:46 AM
#15
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The way I look at is that your monthly payment isn't that important. How much interest you are willing to pay is. I will be paying between 2 and 3k/ month. Do I have to, no. But it keeps the interest down. I need a car now and I don't have the cash handy.
07-16-2006, 10:21 AM
#17
Le Mans Master
I don't leave $60,000 available to buy cars. The money I do have, earns money. It is a balance for me: Will it cost more to take the money from an investment to buy the car, or cost more for the interest on a loan. It also depends on your Accountant/CPA. Me, I'm married to mine so I just ask how I should pay, and she lets me know.
Being married to an accountant has benefits. However, having said that, if I ever signed a pay check or even a personal check, I think I would be arrested for forgery.
The only thing I really do know about money: HOW TO SPEND IT!!!
Enjoy the car!!
Being married to an accountant has benefits. However, having said that, if I ever signed a pay check or even a personal check, I think I would be arrested for forgery.
The only thing I really do know about money: HOW TO SPEND IT!!!
Enjoy the car!!
07-16-2006, 10:36 AM
#20
Safety Car
I say the best way to go is to buy the car outright - afterall, why pay more money (cost of car plus interest) than what you bought the car for? I guess it depends whether or not you have your money in a place where it earns more interest than the interest rate on the car. It is still nicer to not get a monthly statement IMHO.