04-21-2010, 02:05 PM | #23 |
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I would get something for $3-6k and just hoard cash for a while. Jeep Cherokee comes to mind. Don't have to worry about door dings and it's cheap to fix if anything goes wrong.
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2018 Jeep Grand Cherokee High Altitude Hemi | 2010 S4 Sold | 2010 BMW 135i Retired | 2006 Lotus Exige Sold |
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04-21-2010, 02:09 PM | #24 |
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Your car payment is a lot for what you bring in each month but, that's not what is killing your financial situation. First you need to have 20% withdrawn each month for investments/savings, pay your CC off since the interest is money your wasting each month. After card is paid off, put card in a bowl filled with water, put in freezer so its a solid block of ice.(this will make you think about having to use it since you'll have to melt it to get the card) I don't see how you even spend the other 1000-1200/month on anything except for the CC balance. School loans? car insurance? rent?
Guarantee you will regret not investing 20% of the money you take home.
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04-21-2010, 02:10 PM | #25 |
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what is your major in college?
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04-21-2010, 02:50 PM | #26 |
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You phucked up when you took on a car loan that is over 1/4 of what you pull in monthly. Also, if you carry a balance over on a CC every month your an idiot. It's clear you major isn't accounting/finance. YOUR A KID, go get a used Accord and revisit acquiring a BMW when you have a real job and little to no debt outside of a mortgage.
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04-21-2010, 04:01 PM | #28 | ||||||
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See the warranty thing is what also keeps me from selling my car. It's just a great piece of mind knowing that I'm covered if something breaks. Parents. Quote:
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But you're right, I'm not struggling to make the payment. Instead, I'm just limited to splurging on other things. Quote:
Thanks for that totally useless post. You're a real asset to this forum. Quote:
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04-21-2010, 04:14 PM | #29 | ||
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Business Administration. Correct. |
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04-21-2010, 05:02 PM | #30 |
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Honestly, you should be driving something that is cheaper to run, like a Civic, Mazda 3, etc...
Then when you are done school and get a well paying job, you can move on to nicer cars. I know students who spend their money on nice, expensive cars, but they end up selling them because of financial issues down the road (student loans, down payment on house, etc). You're in business...I would have thought you would know how to manage and plan your finances better? And about "living on the edge". You know why alot of people have been losing their homes and cars in this economy? Because they have been "living on the edge". No savings...living on pay cheque by pay cheque. |
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04-21-2010, 07:37 PM | #31 | |
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As far as the business comment, you're absolutely right. I bought the car two years ago when I was naive and didn't have much thought of my future. A lot has changed since then so now I have to face the music now. |
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04-21-2010, 07:41 PM | #32 | |
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You don't seem to have a good grasp on real-world expenses. Get rid of the $600/mo car payment. |
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04-21-2010, 09:00 PM | #33 | |
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It cost me $900 a month for a shit hole 1 bedroom in the middle of nowhere MA in college. If you think $1k for an apartment, you need to wake up and smell the flowers. You will be broke as shit when you graduate living at home. If your parents are paying for school you should be saving your money not shitting it away. |
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04-21-2010, 10:51 PM | #37 |
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Not saying OP should keep the car but there is no way I'd be paying 1k in rent for any extended period of time...not building equity in anything and that's half his monthly income...at least with his car payments he'll have something to speak for when all is said and done
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04-21-2010, 11:10 PM | #38 |
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With your income, you should be looking for something that is in the $15k range. seriously. Don't kill yourself over a car. If you like BMWs, the time will come when you get older and have a better paying job.
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04-21-2010, 11:23 PM | #39 |
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I honestly don't see what the "situation" is in this case. If the dude makes like $2k before taxes and only brings home about $1300-1500 then yes he should cut down his expenses. Now if he gets $2k after taxes then he can easily afford that car payment. It's not like he's struggling. I would suggest that he cuts down on some things and resist the urge to splurge on shit. Also try to save as much as possible for rainy days.
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04-21-2010, 11:55 PM | #40 | |
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Cost of living and salaries are extremely inflated in NY. $1000 NY apartment is equivalent to prob $500-600 here in IL. I always get a kick out of my friends from NY and New England who bragged about making 90k right out of college there, which is the same as making 45k here. Lol |
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04-22-2010, 01:20 AM | #42 | |
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You only live once not twice so keep it. Theres are two ways to look at it...either you cut expenses or make more money. I'm all about the second option.
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04-22-2010, 01:41 AM | #44 |
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are you kidding? everyone on car forums is an expert in everything... seems like the perfect place for advice of any kind
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