Car Payments % Poll! - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
View Poll Results: What should your car payments be, as a percentage of your total income?
Less than 5% 9 27.27%
Between 5 and 10% 11 33.33%
10 - 15% 4 12.12%
15 - 20% 3 9.09%
20% and over 3 9.09%
Doesn't matter... get the car you want! 3 9.09%
Voters: 33. You may not vote on this poll

 4Likes
Reply
 
LinkBack Thread Tools
post #1 of 38 (permalink) Old 06-21-2005, 04:07 PM Thread Starter
Le Mans: GT Class
 
Join Date: Dec 2003
Location: Vancouver, BC
Posts: 656
Car Payments % Poll!

Currently, my car payments are about 15.578% of my total yearly income (net of taxes and such).

I believe it is a bit excessive, but keep in mind that i put roughly no down payment, and i am financing the car.

If i were to do it all over again, i'd make sure that my payments are just around 10% of my take-home cheque.

What are your thoughts?
rsx_r04 is offline  
Sponsored Links
Advertisement
 
post #2 of 38 (permalink) Old 06-21-2005, 05:27 PM
F1 Driver
 
Join Date: Dec 2004
Location: australia
Posts: 2,518
Re: Car Payments % Poll!

the average person buys the car that is worth 1/2 their yearly gross income. assuming 4 yr plan, with 10% APR, that roughly translates to 18% of yearly income for car payments. but that's average, doesn't mean that's how it should be...

no sig
root is offline  
post #3 of 38 (permalink) Old 06-21-2005, 05:35 PM
F1 Driver
 
Join Date: Jan 2004
Location: Pimpin
Posts: 3,739
Send a message via AIM to RaGe Send a message via MSN to RaGe
Re: Car Payments % Poll!

mine is about 15%

Mazda3 2.3 Titanium Gray
Tint 60/Rest Limo | Umnitza SRI | Red Brake Calipers | TWN Short Shifter | Draxas Cat Back with High Flow Cat | 18" Niche F-16's with Kuhmo ASX 225/40/18's | Kenwood 915DVD Headunit | Escort 8500 Radar | CompuStar 2WSS-AS | MTX 1501d* powering RF 12" Power HX2 | HP-152.27 TQ-148.67 |
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
**TOTALED**
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
RaGe is offline  
post #4 of 38 (permalink) Old 06-21-2005, 07:03 PM
F1 Driver
 
Join Date: Jul 2003
Location: New Haven, CT
Posts: 14,337
Re: Car Payments % Poll!

Mine is about 16-17%

It really depends on your situation in life. If you have to pay mortage or rent, you probably cannot put 15+% of your income to a car payment.
mz6zoomzoom is offline  
post #5 of 38 (permalink) Old 06-21-2005, 07:08 PM
Le Mans: Prototype Class
 
Join Date: Dec 2004
Location: New Jersey
Posts: 1,284
Send a message via AIM to Lily Send a message via MSN to Lily Send a message via Yahoo to Lily
Re: Car Payments % Poll!

Mine is about 9%... If I didn't have such high living expenses (mortgage, college and such) I would just get a better car- so thats the reason mine is low.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Lily is offline  
post #6 of 38 (permalink) Old 06-21-2005, 07:17 PM Thread Starter
Le Mans: GT Class
 
Join Date: Dec 2003
Location: Vancouver, BC
Posts: 656
Re: Car Payments % Poll!

True about the mortgage/rent.

So it seems that i'm at par with what everyone else is paying?

BTW, this poll was what "should be", not what you guys are currently at. Even though i'm at over 15%, i chose 5 - 10% 'cuz that's what i think about how much one should pay for a car.

Again, there are lotta variables out there...
rsx_r04 is offline  
post #7 of 38 (permalink) Old 06-21-2005, 08:28 PM
F1 Driver
 
chickmod's Avatar
 
Join Date: Nov 2003
Location: Spring, TX
Posts: 8,626
Send a message via AIM to chickmod Send a message via Yahoo to chickmod
Re: Car Payments % Poll!

12.84% Gotta love a new job with higher pay :-D

Oh, should be, well I'd prefer around 10%

2014 SR 3sGT
2015 DCB CX5GT
chickmod is offline  
post #8 of 38 (permalink) Old 06-21-2005, 08:36 PM
F1 Driver
 
Join Date: Mar 2004
Location: Dayton, Ohio
Posts: 4,732
Send a message via AIM to adaughen
Re: Car Payments % Poll!

I pay ~10% towards my car. *Rent is another ~15%, government takes ~30%... so where is the rest of my pay going? *Oh, yeah, and 13% goes into a 401k and I pay way too much on my college loans.

Personally I looked for the best car I could afford in the job I had. *With my new job... I could probably afford a TSX or WRX. *:torn:

Black Mica '04 Mazda3s Sport | Graphite Mica '10 Mazda3i Touring

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

RedLine Goods 5% discount
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
adaughen is offline  
post #9 of 38 (permalink) Old 06-22-2005, 09:46 AM
Le Mans: GT Class
 
Join Date: Jul 2004
Location: Iowa City, IA
Posts: 512
Re: Car Payments % Poll!

If you're talking about just my income, my payment = about 9.8%.

My income + my wife's income = 4.4%

2004 Mazda 3s 5 door, Black Mica<br />2004 Honda Accord EX, Graphite Pearl<br /><br />FREE!!!! DISH Network satellite system!!!!<br /><br />
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
TOOLFAN is offline  
post #10 of 38 (permalink) Old 06-22-2005, 10:29 AM
F1 Driver
 
Join Date: Feb 2005
Location: Cape Cod Ma
Posts: 2,764
Re: Car Payments % Poll!

about 8%


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Apocalypse is offline  
Sponsored Links
Advertisement
 
Reply

  FMVperformance.com : The site for all your Ford Mazda and Volvo needs > Misc > Lounge

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the FMVperformance.com : The site for all your Ford Mazda and Volvo needs forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome