Am I paying to much for the car I drive?
04-19-2011, 04:57 PM
#44
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With your monthly car payments do you have the ability to move out and pay rent, or is it now going to prevent you?
If the answer is yes, then that seems like a huge problem
If the answer is yes, then that seems like a huge problem
04-19-2011, 07:35 PM
#45
So you are paying $700 month to drive a car that is worth ~12k... in 1.5 years you will have spent what the car is worth (probably lose another $1k in a year for depreciation)... that doesn't make much sense to me.
Does anybody do math before they make these kinds of decisions... just give me your money.
Does anybody do math before they make these kinds of decisions... just give me your money.
In total (payment,gas,insurance)I pay about $600 a month for the gto. My payments went up because I added a 4 year full coverage unlimited mile warranty into the payments.I just got it a month ago and it's worth about 18 not 12 and they sell really quickly here. By this time next year I'll have it paid off so I'm really not spending much. Just because someone gets a 5 year loan doesn't mean it's going to take them the full 5 years to pay it off. I paid off the Z in two years when it was on a 6 year loan. It's just nice to have a low payment.
04-20-2011, 07:27 AM
#46
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jes_96 - "My mortgage payment is $750 a month. I would never attach the same worth to my Z and my 4 bedroom ranch house on 1.5 acres. My Z payment (with insurance) is 4.1% of my income. That's exactly how much my Z is worth to me - 4.1% of my income. I suggest you look at your own overall situation and decide what your Z is worth to you. Usually, if you ask a forum, you're spending too much."
Just because that's all it's worth to you doesn't mean that's what it's worth to someone else. What does your mortgage have to do with anything? Location, credit score, interest rate and down payment amount plays a HUGE role in how much your mortgage payment is.
Referring to my original post -- "I suggest you look at your own overall situation and decide what your Z is worth to you. Usually, if you ask a forum, you're spending too much."
And, since you asked, I was making a subjective comparison between his car expenses and my housing expenses (just like he asked everyone to do). In my SUBJECTIVE opinion, I would never pay as much for my car as I do for my palace. I wasn't talking about the details of my mortgage, I was simply making a comparison with a relative value scenario. But, like you said, some people are fine living with their parents, so they are able to spend a mortgage payment's worth of money each month on their car. Just comparing for comparing's sake. To each his own.
04-20-2011, 12:17 PM
#50
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Last year i paid aprox 1600 for one year .. i just received my assurance paper and this year i pay 930$ Full coverage (77.50 / months ) almost jumped in the air lol
Im 19 No accident No fines
Im 19 No accident No fines
Last edited by danielhockey9; 04-20-2011 at 12:21 PM.
04-20-2011, 02:01 PM
#52
With a clean record at age 35, I pay almost $170 for full coverage on my Z and my wife's CRV
04-21-2011, 05:14 AM
#53
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Insurance rates vary so much from state to state, it's ridiculous! I bet if you lived in NJ or NY area you'd probably be paying around $300 as well. My insurance went up about $25 a month from moving to MO from TN. When I asked why, they said it's because of the higher risk of tornados! WTF???
With a clean record at age 35, I pay almost $170 for full coverage on my Z and my wife's CRV
With a clean record at age 35, I pay almost $170 for full coverage on my Z and my wife's CRV
Regarding the tornado malarkey, did ya mention to your insurance agent that a Z can EASILY outrun a tornado?
For what it's worth, I'm in your same age bracket, married, clean record - I pay about $240 a month for full coverage ($0 comp & $250 collision deductibles w/ maxed coverages) on an '06 Grand Cherokee Ltd Hemi, '04 Honda Sabre Cruiser, '03 350Z, '07 Subie, and a $1,000,000 liability umbrella policy (in case my Pappy's jokes ever come true and I actually crash into a bus full of nuns). To put that in perspective, I restored/flipped a Porsche 924S when I was 19 and my LIABILITY insurance was $1,800 for a 6 month premium! OUCH. But, even with 3 months insurance while I was looking for a buyer, I still came out ahead about $1,500 on the flip - not too shabby for a poor college punk.
So many variables these days w/ insurance and what-not, I guess it's all a matter of perspective.
04-21-2011, 07:56 AM
#55
I love my car, but I never would have bought it if it was going to cost me almost $400 a month in payments and another $300 in insurance. Either you have a habit of running over people in your car or you are being grossly overcharged.
04-24-2011, 04:50 AM
#56
Registered User
damnnn!
i'm going to have to go with the other guy and agree. if you love your car, and you think its worth it, then hayyyyyyyy ! go for it. keep it !
i have a 2006 and i pay 360 a month for the car, and 170 for the insurance.
i'm only 21 though, so i was pretty excited my insurance wasn't through the roof.
<3
i'm going to have to go with the other guy and agree. if you love your car, and you think its worth it, then hayyyyyyyy ! go for it. keep it !
i have a 2006 and i pay 360 a month for the car, and 170 for the insurance.
i'm only 21 though, so i was pretty excited my insurance wasn't through the roof.
<3
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