View Poll Results: Percentage of Monthly income spent on Car payment
0-10 percent
334
44.71%
10-20 percent
203
27.18%
20-30 percent
116
15.53%
30-40 percent
28
3.75%
40-50 percent
16
2.14%
50-60 percent
10
1.34%
60-70 percent
4
0.54%
70-80 percent
2
0.27%
80-90 percent
9
1.20%
my car sites in the driveway I can't afford the gas
25
3.35%
Voters: 747. You may not vote on this poll
Percentage of Gross Monthly Income spent on Car Payment
04-20-07, 09:25 AM
#136
Originally Posted by EBMCS03
2% of your gross montly income goes into your car payment and you want it paied off at the end of the year so meaning you're paying MORE than you normally would just to pay it off?
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
I'm over 25k per month and I drive an IS. Never judge what kind of money people make by the car they drive. Some of the biggest CEO's in the country drive Ford Pickup's. I would rather have all my money in a million dollar home and in investments than say a hundred thousand dollar car. Example, my boss owns a 600,000,000 dollar a year company and drives a 3 series beemer. His wife, an early 90's model Mercedes.
2% of your gross montly income goes into your car payment and you want it paied off at the end of the year so meaning you're paying MORE than you normally would just to pay it off?
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
I'm over 25k per month and I drive an IS. Never judge what kind of money people make by the car they drive. Some of the biggest CEO's in the country drive Ford Pickup's. I would rather have all my money in a million dollar home and in investments than say a hundred thousand dollar car. Example, my boss owns a 600,000,000 dollar a year company and drives a 3 series beemer. His wife, an early 90's model Mercedes.
Last edited by PhiDeltBee; 04-20-07 at 09:37 AM.
04-20-07, 11:11 AM
#137
Driver
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No matter what percentage people are paying for their IS, I think it's important that they're enjoying it. Doesn't matter how much you make in a month, but as long as you can afford the payments, that's all that matters.
04-20-07, 06:03 PM
#138
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Originally Posted by EBMCS03
2% of your gross montly income goes into your car payment and you want it paied off at the end of the year so meaning you're paying MORE than you normally would just to pay it off?
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
I'm over 25k per month and I drive an IS. Never judge what kind of money people make by the car they drive. Some of the biggest CEO's in the country drive Ford Pickup's. I would rather have all my money in a million dollar home and in investments than say a hundred thousand dollar car. Example, my boss owns a 600,000,000 dollar a year company and drives a 3 series beemer. His wife, an early 90's model Mercedes.
2% of your gross montly income goes into your car payment and you want it paied off at the end of the year so meaning you're paying MORE than you normally would just to pay it off?
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
I'm over 25k per month and I drive an IS. Never judge what kind of money people make by the car they drive. Some of the biggest CEO's in the country drive Ford Pickup's. I would rather have all my money in a million dollar home and in investments than say a hundred thousand dollar car. Example, my boss owns a 600,000,000 dollar a year company and drives a 3 series beemer. His wife, an early 90's model Mercedes.
Whos judging? I'm just saying... I would enjoy a better can than an IS if i had that money. Yes money makes moeny and money can be spent better elsewhere. Sure... invest it in a house of course... but given that you probably have one already or two or threee.... how many do you need? And I do know some of the "biggiest CEO's" drive less expensive cars... ie... Mr. Buffett with his Crown Victory? somthing like that...
But my point is once you have enough money to have the living standards you like... (yes there never can be enough money, who am i kidding) but to a point... why not enjoy a better car? cant take that money to the grave... never know when dooms day is... So if i can... I would...
BUT if you dont care about cars and just want better than a Honda Civic then fine... the IS is perfect for you. But dont say I'm judging someone of how much they make by the car they drive... I'm not, maybe you just read it that way.
04-21-07, 07:54 AM
#139
^^^^
Sorry, didn't mean to accuse you of jugding. It just boils down to different opinions on how people spend their income. Some people spend more than others on vehicles regardless of what they make. I'm sure many people on here only make 30k annually and some 300k. The 30k crowd just chose to put a higher percentage of their income into transportaion than the 300k crowd. Doesn't make it wrong or right, just different decision making. Hope you didn't take that the wrong way.
Sorry, didn't mean to accuse you of jugding. It just boils down to different opinions on how people spend their income. Some people spend more than others on vehicles regardless of what they make. I'm sure many people on here only make 30k annually and some 300k. The 30k crowd just chose to put a higher percentage of their income into transportaion than the 300k crowd. Doesn't make it wrong or right, just different decision making. Hope you didn't take that the wrong way.
Last edited by PhiDeltBee; 04-21-07 at 08:00 AM.
04-21-07, 09:49 AM
#140
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^^^^
Sorry, didn't mean to accuse you of jugding. It just boils down to different opinions on how people spend their income. Some people spend more than others on vehicles regardless of what they make. I'm sure many people on here only make 30k annually and some 300k. The 30k crowd just chose to put a higher percentage of their income into transportaion than the 300k crowd. Doesn't make it wrong or right, just different decision making. Hope you didn't take that the wrong way.
Sorry, didn't mean to accuse you of jugding. It just boils down to different opinions on how people spend their income. Some people spend more than others on vehicles regardless of what they make. I'm sure many people on here only make 30k annually and some 300k. The 30k crowd just chose to put a higher percentage of their income into transportaion than the 300k crowd. Doesn't make it wrong or right, just different decision making. Hope you didn't take that the wrong way.
Yes exactlly. People chose to spend money differntly... some enjoy seeing the numbers grow in their accounts and that tickles them... while me... as long as I have "Enough in my accounts" (* per my definition *) I would like to enjoy a fun car to drive... And thats what tickle me LOL so yes... you only live once... enjoy it the way you want to.
04-21-07, 10:40 AM
#141
Don't judge a book by its cover. Most Docs I work with buy used cars. Nice european cars but 2 to 3 years used. They get the best deals buying used ones. Some ppl have their own priorities. Car vs house vs lifestyle.
04-21-07, 01:50 PM
#142
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Didnt we all just come to that conlusion? thanks for the repetition...
05-24-07, 10:52 AM
#145
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Join Date: May 2007
Location: Houston, Texas
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Originally Posted by EBMCS03
2% of your gross montly income goes into your car payment and you want it paied off at the end of the year so meaning you're paying MORE than you normally would just to pay it off?
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
I'm over 25k per month and I drive an IS. Never judge what kind of money people make by the car they drive. Some of the biggest CEO's in the country drive Ford Pickup's. I would rather have all my money in a million dollar home and in investments than say a hundred thousand dollar car. Example, my boss owns a 600,000,000 dollar a year company and drives a 3 series beemer. His wife, an early 90's model Mercedes.
2% of your gross montly income goes into your car payment and you want it paied off at the end of the year so meaning you're paying MORE than you normally would just to pay it off?
So just using $500 a month as a base payment that means you make $25,000 a month? If I made that kind of money I would NOT be driving just a IS.
I'm over 25k per month and I drive an IS. Never judge what kind of money people make by the car they drive. Some of the biggest CEO's in the country drive Ford Pickup's. I would rather have all my money in a million dollar home and in investments than say a hundred thousand dollar car. Example, my boss owns a 600,000,000 dollar a year company and drives a 3 series beemer. His wife, an early 90's model Mercedes.
My wife drives a pricey, high end 2005 Toyota Sienna minivan with all the bells and whistles. Those things run over $40K. We considered other more pricey SUVs from Lexus, BMW, etc., but the dual power sliding doors, and power liftgate in the minivan were hard to pass up, especially with newborn twins at the time.
We could easily buy our share of Bentleys, Corvettes, etc., but we decided early on that we would always plow money into a nice home, or jewelry...things that retain their value better than cars.
05-24-07, 02:20 PM
#147
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Join Date: Jan 2004
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Here's an easy formula that I use on budgeting my NET income. NEVER do your budgeting on GROSS income!!!
50% should go towards fixed expenses (rent/mortgage/car/utilities)
25% should go towards variable expenses (food/entertainment/vacation/car mods)
25% should go towards savings
If you live at home, then obviously you can spend a lot more on cars, and vice versa. The bottomline is what compromises you're willing to make to have the car you want. Just keep in mind that a car is depreciating asset so the less you spend on it the wiser, unless you're load with cash already!
50% should go towards fixed expenses (rent/mortgage/car/utilities)
25% should go towards variable expenses (food/entertainment/vacation/car mods)
25% should go towards savings
If you live at home, then obviously you can spend a lot more on cars, and vice versa. The bottomline is what compromises you're willing to make to have the car you want. Just keep in mind that a car is depreciating asset so the less you spend on it the wiser, unless you're load with cash already!
Last edited by neova; 05-24-07 at 02:51 PM.
05-24-07, 03:04 PM
#148
Rookie
Join Date: Apr 2007
Location: MA
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I want to know who the 9 people are that are paying 80-90% of their monthly income on their car. Are they sleeping in their car and showering in a homeless shelter? Do you eat cat food?
80-90%? That can't possibly be serious.
80-90%? That can't possibly be serious.
05-24-07, 06:18 PM
#149
Lexus Champion
They are younger people that live at home still.
05-24-07, 08:18 PM
#150
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Join Date: Sep 2006
Location: ca
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Here's an easy formula that I use on budgeting my NET income. NEVER do your budgeting on GROSS income!!!
50% should go towards fixed expenses (rent/mortgage/car/utilities)
25% should go towards variable expenses (food/entertainment/vacation/car mods)
25% should go towards savings
If you live at home, then obviously you can spend a lot more on cars, and vice versa. The bottomline is what compromises you're willing to make to have the car you want. Just keep in mind that a car is depreciating asset so the less you spend on it the wiser, unless you're load with cash already!
50% should go towards fixed expenses (rent/mortgage/car/utilities)
25% should go towards variable expenses (food/entertainment/vacation/car mods)
25% should go towards savings
If you live at home, then obviously you can spend a lot more on cars, and vice versa. The bottomline is what compromises you're willing to make to have the car you want. Just keep in mind that a car is depreciating asset so the less you spend on it the wiser, unless you're load with cash already!