want coupe bad

[rpxcoupe]

you guys think i can afford a 2.5 coupe w/ a moonroof n convenience package base on a 13 an hr salary?i dnt pay any other bills.it would be just the car n insurance payment if ever. i have great credit score and im planning to put down 3000 for down payment. i hope the answer is yes.

[SHIFT_CR]

i think 13 an hour would be more then enough since you do not have any other bills

[bembol]

Definitely. The $3,000 is Down Payment makes the difference.

Just keep the Maintenance in mind and I guess Insurance isn't an issue.

Congrats!

[GV]

Here is a sample calculation:MSRP with convenience and moonroof: $23845title and documetnary fees : $250-$300sales tax (depends on where you live..ill take ~7%): 2000You pay: $26145Downpayment = $3000Remainder=$23145

Finance at 6% for 60 months : $441.46/monthAlso, if you work 40 hrs a week at $13/hr you get $480 per month.

So, if you get the car at msrp it will be close.Get the price down as close to invoice just to be safe

Sorry if the numbers dont look ok but i tried my best with em...Good luck!!

Oh, the banks will probly not be able to give you a low finance rate.. lowest around nowdays is 6%

If you talk to the dealer he will be able to get you a 5-5.5% rate because they get a reward from the bank for setting financing. be careful with this though...dont let em get you a really long term loan...

There i think i said enuf???

[rpxcoupe]

hey thanks for the positive response guys! it's all set then. im gonna have either white frost, dark slate, or radiant silver coupe! one more question tho. when u say to get it as close as possible to the invoice price, what do you mean by that? and the apr? sorry this is my 1st time buying a car so im clueless. but thx again tho.

[mikemart]

It could be done. (40hrs*4wks)*$13/hr = 160hrs/mo * $13/hr = $2,080 BTCF

Depending on deductions and taxes, plan on getting jacked for 20-30% of that right away. (Is that about right for most people?)

So: $2,080 * .75 = $1,560.00 ATCF

I just woke up, but I think thats right. Is this number close to your Net take home every month? If it is, then subtract the amount used in the calculation by GV to see what you'll be left with after making a car pmt. These are just simple ways to calculate your cash flows against expenses.

Don't forget about sales tax!! You gotta be ready for that!

[MisfitBrian]

hey thanks for the positive response guys! it's all set then. im gonna have either white frost, dark slate, or radiant silver coupe! one more question tho. when u say to get it as close as possible to the invoice price, what do you mean by that? and the apr? sorry this is my 1st time buying a car so im clueless. but thx again tho.

Many dealers are adding on to the invoice price, so you would be paying more than the sticker price. APR is the interest rate for the loan. The lower the rate, the lower your payment. Good luck & be patient while you're looking. Take your time & you can get a good deal.

[mikemart]

hey thanks for the positive response guys! it's all set then. im gonna have either white frost, dark slate, or radiant silver coupe! one more question tho. when u say to get it as close as possible to the invoice price, what do you mean by that? and the apr? sorry this is my 1st time buying a car so im clueless. but thx again tho.

Take someone who has bought a car with you!! They WILL take advantage of you. Whatever you do, don't tell them what you just told us!! Just kidding! Not really, though.

Invoice is pretty much the car at cost. This is versus MSRP, which is what the manufacturer suggests the car be sold at. Mark UP is what the dealer does (in many cases w/the coupe because of popularity) on top of MSRP so that they make additional profit.

I would say don't worry about APR at the dealer, its not going to be great with this new vehicle anyway; look at local banks and credit unions. They can almost always beat the dealer financing. If you have a credit union, go to that; they are most likely not to rip you off.

[Cali 2 Balti G]

Here is a sample calculation:Also, if you work 40 hrs a week at $13/hr you get $480 per month.

-

There i think i said enuf???

That must be the new math

40 hrs a week @ $13/hour gets you $520 a week.

Times 4 weeks is a lot more than $480

[ctrlaltcoupe]

I thought that might have been in Canadian dollars.

Don't forget... there are really 4.33 weeks in a month (52/12=4.33)

So... 13x40x4.33 = $2251.60

[LongBeachCoupe]

WOW you guys arent numbers people... regardless of how many weeks are in a month, he works the same amount of hours and the only difference is if he gets paid 2 times a month or Bi-weekly (24 periods or 26)...

13*40=$520 before tax... Or around $365 after tax.... on a monthly basis brings your take home pay to $1460 PER MONTH

The car is roughly $26k.... and working by the hour (im assuming you are 17-25) you probably have a low credit score (not your fault, this will build it)... But you will not get 6%...You are looking at atleast 7%...

(with a few grand downpayment...)Essentially plan on the HIGH side (so your car doesnt get repo'd) and assume your payments will be $475 per month for 60 months...

Car insurance/full coverage...i estimate with a clean license would cost you around $100 per month on the low side...

ESSENTIALLY... you need to cough up a few grand at closing... and you will have to be able to pony up just under $600 per month for your car...

if you ask me it doesnt add up at this point for you. You are committing to a large amount of cash, with no real flows (you get paid by the hr)....

Check out a 07 sedan, you can get an 2.5 fully loaded for around 20k plus fees!

[Betimbe]

you guys think i can afford a 2.5 coupe w/ a moonroof n convenience package base on a 13 an hr salary?i dnt pay any other bills.it would be just the car n insurance payment if ever. i have great credit score and im planning to put down 3000 for down payment. i hope the answer is yes.

I'm sorry, but I recommend against it. A person making $27K a year should not be buying a new car that will cost around $27K out the door. It's not that it can't be done -- others have demonstrated to you that it can -- but it will be a decision you'll regret.

First, a person at your income level can ill afford the $4,000-$5,000 in annual depreciation that this particular car will likely experience. At the end of three years, the car will be worth $12,000 to $15,000 less than when you started. This is how people get "upside down" on car loans -- if something happens and you need to dump the car, you will owe more on the remainder of the loan than the car is worth, and you'll have to write a big check to the bank. That's tolerable to someone making $50K but a really bad use of funds for anyone making less.

Second, and more importantly, you may not have any other bills now, but to make this work you're talking about a 60 month financing term. If you're currently supported by someone else, imagine five more years of it with no option to escape. A $450 car payment on a new car is fun and games; a $450 car payment on a five-year-old car sux. Whether it's a girlfriend or your parents supporting you now, by the end of five years they'll be blaming you and the car for the fact that you still need to be subsidized for the rent, and all of you will have grown to hate the car for doing it to them and you.

The decision you make today will dictate too many future decisions. Seriously, we all love cars, but this is a recipe for regret. Drive a used car for the next two years, and if your income goes up, who knows? Maybe in two years you can afford the 3.5 or a G37. (FWIW, if I were young and unmarried, I'd wait two years and buy the 350Z.)

Bottom line: Can you? Yes. Should you? No. Good luck, whatever your decision.

[Betimbe]

Here is a sample calculation:sales tax (depends on where you live..ill take ~7%): 2000

He lives in California. Depending on his city and county, it's probably more like 8.25% for sales tax. Annually thereafter, it's California's dreaded VLF, which I think runs about 2% of the car's depreciated value, although I simply pay what DMV tells me and I'm prepared to be wrong.

[mikemart]

WOW you guys arent numbers people... regardless of how many weeks are in a month, he works the same amount of hours and the only difference is if he gets paid 2 times a month or Bi-weekly (24 periods or 26)...

13*40=$520 before tax... Or around $365 after tax.... on a monthly basis brings your take home pay to $1460 PER MONTH

Long Beach, I wasn't too far off was I? I estimated about 75% ATCF. That's how I came up w/my figure. About $100 off of yours. I'm salary paid monthly (stupid govt jobs!), so I guess I'm not used to figuring hourly pay.

[mikemart]

Anyway, I would also recommend against it right now. Perhaps save for 6-12 months, then think about it again?I wouldn't wouldn't spend that much of my take home on a vehicle. Its just bad logic. If you truly have no other bills, and won't have any other bills for the next 3-5 years, then maybe. And that's a BIG maybe.

[GV]

Hhahahahda

SORRY! i knew there was somehting wrong there...should be 480*4

all that integration and diff. eq solving has addled my algebra circuits...

so no problemo...and im supposed to be an engineer

Hope you get a good deal, good luck

[rpxcoupe]

thanks for the honest replies guys.really appreciate it!!!i just love this car so much that's why im doing my best to look for a loop hole that will allow me to have this car...i do realized that the car payment for this is indeed hefty for my status right now...i envy you guys with coupes!!!thanks again for all the help and i will keep viewing this forum for pics and mods... i guess i should look in to buying a kia cilantro or sumthin...huhu

[Seraph321]

I just wanted to second Betimbe's comments. You really should be looking for ways to save as much money as you can. Cars are just horrible investments, and it's taking a lot of will power to even convince myself to spend the money on this coupe even though I know I need a car and this is probably the cheapest available with the features I want.

If you want to be wise, and get yourself into a better position down the road, stick with the minimum car that gets the job done until you have a solid career, a good savings plan for retirement/house/education, and you still have income left over to spend on toys. Any car that does more than get you from point a to b safely is essentially a big toy.

The good news is that you can take advantage of all us 'suckers' who buy new cars by grabbing a sweet deal on one that's just a few years old. It's amazing what you can get for around $10k.

[KayaVibration]

I just wanted to third Betimbe's comments. Plus, you live in Cali, so I am sure your insurance will be more then $100 that someone else posted. I am sure you don't plan on living rent free for the next 5 years.

Invest into your future not a new car payment. In couple years this same car might be used but way more in your price range + the insurance + registration will be a lot less......Good luck.