[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance


View post   

File: 325 KB, 1410x600, Dodge-Challenger-RT-A.jpg [View same] [iqdb] [saucenao] [google]
944752 No.944752 [Reply] [Original]

Hey all.
>just landed a new job making $30,000/yr
>want to buy my dream car
I really want the Challenger Hellcat which retails for about $65,000, but I thought I could get a Challenger Scat Pack Shaker for $47,000, then trade it in when I move up. It's entirely realistic for me to get bumped up to $38k/yr within a year if i work hard.

I have no credit but I will get a secured card and start building it asap. No debt, no living costs.

Can I afford either of these cars? Would it be a bad move to buy the cheaper one, wait a few years, then trade it in on a new car, even if I made payments on time and kept a good credit score?

>inb4 save your money, it is my finances, I shall do what I wish with them

>> No.944753

>>944752

Weak bait

>> No.944764

>>944753
100% no bait. opinion?

>> No.944766

>>944752
You have nothing better to do on a Sunday than shitpost?

>> No.944768

>>944766
Not shitposting, plus it's my only day off in the last two weeks.

>> No.944772

>inb4 save your money, it is my finances, I shall do what I wish with them

Godspeed

/thread

>> No.944773

Ghetto rich brah

>> No.944799

>>944752
you could probably afford it if you dont spend any other money on food or room or living.

ideally a car should cost a fraction of your salary not multiples of it

>> No.944849

Son, you are the reason people live in poverty

>> No.944852

If you can get approved for a loan, then yeah you can afford it.

With the laws in place since the housing crash, they only give you loans if you can actually afford it.

>> No.944881

Look, if you make 30k a year, you should only spend 3k on a car (10% of your gross salary).

>> No.944886
File: 42 KB, 500x501, 1441123414065.jpg [View same] [iqdb] [saucenao] [google]
944886

>>944752

>> No.944894

>>944752
Ideally spend 1/10th of your salary on a car.
Yeah yeah people will say that makes you a poorfag whatever. It's way more impressive to have a 30g car and be on your way to millionaire-class than a 30k car and being eaten alive by car payments.

>> No.944901

You should buy the Hellcat and then spend every second of your next three years at work thinking about how 100% of the money you earn has to go to paying for your car.

>> No.944902

>>944752

> $30k a year

the most you can afford is a bare bones camry or accord.

you're gonna get fucked hard if you try to do what you are thinking.

>> No.944945

How old are you? Are you sure you have no bills for the next 2-3 YEARS?

Cuz your entire fucking paycheck is going straight to the dealership lol.

But yeah, you can theoretically afford it.

ALSO, nice car choice, really love the Hellcat Charger, thinking of getting one for myself too!

I earn 90k/year though.

>> No.946216

>>944752

You can potentially do that but I wouldn't. Don't sink all your money into a car. Save what you would spend on the car and do something else with it like invest. Then buy it later.

>hellcat is my dream car as well

>> No.946243

>>944752
>spending over 2x salary on a car... kek

>>944773
this

>> No.946303

Settle for something cheaper OP

I make $35k a year and drive a 2005 mustang GT I bought for around $10k and I still feel guilty about it despite the fact I own it outright.

Keep in mind you'll have to fuel and insure the thing, and it'll eat through tires like no tomorrow (P.S tires aren't cheap either)

I love cars but everyone has their limits, if I spent any more on my car than I did I wouldn't be proud to own it that's for sure.

>> No.946306

No op. No.

Save all your pennies.

You can afford a car in to 10-13k range

>> No.946316

>>944752
The scat cam be found for 36000 lightly used.

And less if you look hard.


But you ahould not buy either. Or take a loan out for them.


First. Save up 8 months worth of expenses.(safety net in case something happens)

Then pay off any debt you have.

Then save some of your money. Invest in your future by fully funding a roth ira.

Do this every year, then when you have enough saved up to buy the car in cash in non emergancy fund savings, invest it into a fund getting you 8-10% growth.

Then walk into the dealer put 20-40% down in cash and finance the rest of the car with a loan that has a rate below your funds return.

Pay each month using thw money that is slowly growing in your fund.

>> No.946333

>>944752
Good Job OP! Don't listen to the rest of these poorfags, they're just jealous.

Of course, you can afford your dream car. Go for the $65k Hellcat. Just finance it over 30 years to get the payment down so you can afford it in combination with the $400/month full coverage car insurance you will incur.

>> No.946370

>>944752
Post tax your making $2100.94/month at best.

To calculate a loan, simply use M=P[i(1+i)^n-1]. Plug in some wizard shit and payments would be $2030.59/month/3YR. (10% down payment, no trade in, 4.10%sales tax, 5% interest rate).

Cars also cost a lot of money long term. Especially a car like this. Kbb.com puts the cost at, on average, $15,393/yr (12k ish miles a year @ $1.03/mile).

You would need an additional $571.40 per month of income to buy this. If you buy a car you cannot afford to maintain that car will be worthless by the time you pay it off. Are you going to not have to buy anything for 3 years? Even if you do five years (180 post everything) are you sure your parents won't kick you out for completely depending on them for almost everything for 5 years even though you have a job? If something big breaks you're SOL while jew count jour pennies goy.

>> No.947364

>>944752
I make 85k/yr and I bought myself a honda accord SE for 17k...

Minimize debt my friend.

>> No.947538
File: 13 KB, 407x342, hi.jpg [View same] [iqdb] [saucenao] [google]
947538

>>944752
>can I afford either of those cars?

>> No.947551

By the time you have enough money to even make a decent down payment the car will be outdated and you'll want something newer and more expensive.

>> No.947555

Buy a certified used Honda Accord 5 or so years old and enjoy it for 7 years and laugh at your fag friends drowning in debt due to overpriced negros cars