Quote:
Originally Posted by CosmosMpower
Assuming 0% down and a 80k MSRP M4, you make 460K a year if a 1150 dollar payment is 3% of your gross income. Why are you driving a M4? And better yet why are you making payments for 72 months on it? WTF?
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I appreciate you doing the math. Math is fun. This whole thread makes 0 sense because as you've proven you'd need to know the sales price, downpayment, etc. and none of this is going to be apples to apples unless the OP really wants to dig in. I'll still bite though:
1// Bought CPO with 4k miles on the car. I only put 2k-3k miles a year on my cars so buying new never sits well with me. I paid low 70s for the car a year ago.
2// Down payment was $20k. Why $20k? Because that was the value of my trade-in and I always just roll my trade-in into the next car. Might change with the M4 but it's simply been my habit thus far.
3// Why 72 months? Because money is cheap right now. Was even cheaper a year ago. At interest rates this low you'd be crazy not to take advantage since money is better put elsewhere and investments will far outweigh the % interest on that car loan. Maybe that doesn't matter to everyone but that's my personal answer to your question of why 72 months.
4// No I don't make $460k. The numbers above obviously change the equation a bit. But even if I did make $460k I probably wouldn't go far beyond the $80k-$100k range. I have a mortgage, among other things, and simply like putting my money elsewhere. I also know plenty of people that make above that $460k figure and drive Camrys
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