what would be the min salary you have to make in order to comfortably own the next Z
09-02-2008, 10:52 AM
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what would be the min salary you have to make in order to comfortably own the next Z
what would be the min salary you have to make in order to comfortably own the next Z.
Given that you are 26 years old, single, living in nyc and paying 1000 a month on rent
Given that you are 26 years old, single, living in nyc and paying 1000 a month on rent
09-02-2008, 11:30 AM
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This is my situation almost exactly, except for the NYC part (I live in south jersey). Fresh out of school, bought my Z for 24,000 with 8.9% financing (crap credit cause of student loans debt/credit ratio), paying 500 a month for 5 years. I live comfortable, but not luxuriously at $58,000 a year. Keep in mind I save $240 a month for now, until the company will match my 401k, pay $100 /m in benefits, $215/m for car insurance, $200/m to pay off CC debt racked up during college, and about $150 for other monthly expenses. I have about 400-600 s month in spending money. But keep in mind I also do freelance webdesign, so that spending money fluctuates a lot.
09-02-2008, 11:48 AM
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Originally Posted by cooperunionstud
what would be the min salary you have to make in order to comfortably own the next Z.
Given that you are 26 years old, single, living in nyc and paying 1000 a month on rent
Given that you are 26 years old, single, living in nyc and paying 1000 a month on rent
nowaday? owning a z is easy:
https://my350z.com/forum/6240863-post1.html
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09-02-2008, 12:05 PM
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Originally Posted by Motormouth
what kind of terrible question is this?
LOL, let me look into my crystal ball and understand your financial situation. I say 300k.
LOL, let me look into my crystal ball and understand your financial situation. I say 300k.
+1
This site is going to
09-02-2008, 12:54 PM
#10
Originally Posted by Motormouth
what kind of terrible question is this?
LOL, let me look into my crystal ball and understand your financial situation. I say 300k.
LOL, let me look into my crystal ball and understand your financial situation. I say 300k.
09-02-2008, 01:03 PM
#11
I don't mean to be rude but before you buy a car you need to sit down and figure out your monthly expenses (round high for things like gas, groceries cause prices are bound to go up.., give yourself slack), how much extra money a month you'd like to have for piddle-away **** like entertainment, drinks , dining out.., and whether or not you are comfortable with commiting to a 3-7 year loan and not having those funds available to you..
we can't make that decision for you. you need to do the numbers yourself.
if it helps at all, I make 30k/year and I am comfortable in a 440$/mo car payment, I got a used 04 40k miles 350z for about 17.8 and I was upside down in my mistake-of-an-accord so I transferred the balance to the new loan. After all the other living expenses (my rents like 550, about half of yours..), I still have a couple hundred to play with each paycheck for emergencies and entertainment, or about 500$/mo extra.
we can't make that decision for you. you need to do the numbers yourself.
if it helps at all, I make 30k/year and I am comfortable in a 440$/mo car payment, I got a used 04 40k miles 350z for about 17.8 and I was upside down in my mistake-of-an-accord so I transferred the balance to the new loan. After all the other living expenses (my rents like 550, about half of yours..), I still have a couple hundred to play with each paycheck for emergencies and entertainment, or about 500$/mo extra.
09-02-2008, 02:08 PM
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Based on bank guidelines, you need to be at about 17% payment-to-income. most financial advisors say spend 20% of your income each month on a car tops. So, if you take a typical enthusiast Z you buy for $29,750+tax, put $3000 down to cover taxes and registration, you have a $654 car payment at 6.99 APR for 60 months. If you must go longer than 60 months to fit your budget, you cannot afford the car. Then, let's say insurance costs $125/month, and you need 4 $95 fillups each month and you buy a Nissan service contract for 1895 and need to do $1500 in tires and brakes during the loan period.
The bank will require you to have 3850 in gross income to get the 60 month loan. However, you will be tapped by taxes, rent and other expenses in this scenario and go bankrupt or move back in with mom. The financial advise would be to have 654 + 380 + 125 be no more than 20% of gross. This means you would need at least $6817 in gross income to afford the 30k car and its related expenses.
The bank will require you to have 3850 in gross income to get the 60 month loan. However, you will be tapped by taxes, rent and other expenses in this scenario and go bankrupt or move back in with mom. The financial advise would be to have 654 + 380 + 125 be no more than 20% of gross. This means you would need at least $6817 in gross income to afford the 30k car and its related expenses.
09-02-2008, 02:16 PM
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Originally Posted by sethgood
Based on bank guidelines, you need to be at about 17% payment-to-income. most financial advisors say spend 20% of your income each month on a car tops. So, if you take a typical enthusiast Z you buy for $29,750+tax, put $3000 down to cover taxes and registration, you have a $654 car payment at 6.99 APR for 60 months. If you must go longer than 60 months to fit your budget, you cannot afford the car. Then, let's say insurance costs $125/month, and you need 4 $95 fillups each month and you buy a Nissan service contract for 1895 and need to do $1500 in tires and brakes during the loan period.
The bank will require you to have 3850 in gross income to get the 60 month loan. However, you will be tapped by taxes, rent and other expenses in this scenario and go bankrupt or move back in with mom. The financial advise would be to have 654 + 380 + 125 be no more than 20% of gross. This means you would need at least $6817 in gross income to afford the 30k car and its related expenses.
The bank will require you to have 3850 in gross income to get the 60 month loan. However, you will be tapped by taxes, rent and other expenses in this scenario and go bankrupt or move back in with mom. The financial advise would be to have 654 + 380 + 125 be no more than 20% of gross. This means you would need at least $6817 in gross income to afford the 30k car and its related expenses.
09-02-2008, 06:39 PM
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Originally Posted by cooperunionstud
what would be the min salary you have to make in order to comfortably own the next Z.
Given that you are 26 years old, single, living in nyc and paying 1000 a month on rent
Given that you are 26 years old, single, living in nyc and paying 1000 a month on rent
Here's my situation...
I'm 21 and a 3rd year (1st professional year) student at Rutgers Pharmacy. I am also an Officer Candidate in the NJ Army National Guard which means the next 4 years of Rutgers is tuition-free so I'm paying next to nothing for school. Since it is my first professional year, on the FAFSA, you are considered an independent so you can use all of your alloted $8500 per year in subsidized Stafford Loans which have 0% interest until after you graduate.
Since I'm paying nothing in tuition because of the state law ("NJ Guard Tuition Waiver"), I receive a check with I use to pay various expenses and this upcoming car.
However I'm also receiving income from being in the Guard and it amounts to anywhere from $5000-8000 per year based on MUTA5 drills and a 2 week AT period. If and when I go away for active duty training, I will be paid a lot more as an officer (2LT). I also commute to school so I don't have to pay anything for housing. Because I'm in the Guard, I've also saved my family a LOT of money especially on car insurance through USAA. State Farm quoted me $4800 a year for coverage on 3 cars. USAA gave me even better coverage for only $2600 per year on the same 3 cars. Needless to say, we switched to USAA.
As long as get through pharmacy, I have no concerns with paying any loans back in a very short time. I plan to work a lot. With a Doctorate of Pharmacy, it shouldn't be too hard to find an industry job (big pharma) that pays a min of 80k and since they don't usually require you to work that many hours (like investment banking) I plan to work a lot of part-time as a pharmacist. The going rate out here is about min $45 an hour and in many busy locations, maybe more. Another 30-40 hours a week would really allow me to make bank for a 25 year old. All in all, as long as I make it through pharmacy (fingers crossed), I'm not too worried at all.
09-02-2008, 06:50 PM
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You should never buy a car based upon future aspirations. It may sound good in the planning stage, but very few people see there life story play out accordingly.
The "when i graduate and make $80k/yr" mind frame won't save you if in the near future unfortunate events happen and for whatever reason your Z is suddenly a financial burden.
I'm only 23 and make 40k, but i saved like crazy and now have a paid off 03 track. Its not new, but at $19,500 i only borrowed 6k on a loan and am now free and clear.
The "when i graduate and make $80k/yr" mind frame won't save you if in the near future unfortunate events happen and for whatever reason your Z is suddenly a financial burden.
I'm only 23 and make 40k, but i saved like crazy and now have a paid off 03 track. Its not new, but at $19,500 i only borrowed 6k on a loan and am now free and clear.
09-02-2008, 07:01 PM
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Originally Posted by Polo08816
With a Doctorate of Pharmacy, it shouldn't be too hard to find an industry job (big pharma) that pays a min of 80k and since they don't usually require you to work that many hours (like investment banking) I plan to work a lot of part-time as a pharmacist.
