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Vehicle Monthly Payments

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SkiBum.
Posts: 3597 - Karma: 3,895
Those of you who are in the real world and do not have Mom pay for your car and fuel and life...

How much are your payments if you have a new vehicle assuming you took a loan out or financed it through the dealer.


Nov 21 2012 5:31PM
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seward
Posts: 5233 - Karma: 2,174
and to OP:

i borrowed $10k for my car, paid the rest in cash.
I was given 54 months to pay the loan.

instead of paying 54 months at minimum payment, i took $10,000, divided that by 12, factored in a 11.9% annual interest rate and came to the conclusion that if i pay $1000 per month i can have the car paid off in exactly a year.

3 months to go.
$1000 a month for a car is retarded. but if i took the 54 months to pay it off i could buy another 2/3 of the exact same car, and thats assuming it holds its exact final purchase price for 4.5 years lol.
Nov 22 2012 10:10AM
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Captain_Slow
Posts: 1677 - Karma: 24
Decided to go to a local college instead of a university, so my father bought me a car (which us basically the new family car). I do pay for insurance (55$ a month), gas (140 a month) , tolls and maintenance (varies)
Nov 22 2012 10:27AM
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Captain_Slow
Posts: 1677 - Karma: 24
Forgot to add that we bought used, around 20k miles on it...
Nov 22 2012 10:29AM
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onLINE
Posts: 1013 - Karma: 423

340 a month for car payment, 140 a month for car insurance

2025 a month mortgage payment, 100 a month for home insurance

Welcome to the real world kid.

Nov 22 2012 10:32AM
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SkiBum.
Posts: 3597 - Karma: 3,895
I'm not a kid...I have all that and some, minus the truck payment. Mine is paid off, but I want a new one...

Was just curiosu what others paid.
Nov 22 2012 10:41AM
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seward
Posts: 5233 - Karma: 2,174
jesus h christ thats a big mortgage.
Nov 22 2012 10:45AM
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onLINE
Posts: 1013 - Karma: 423

yup...price of owning a home in DT ottawa, dont forget about 4k a year in property taxes...

I have 3 tenants though that rent rooms :)

Nov 22 2012 10:51AM
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onLINE
Posts: 1013 - Karma: 423

i hear yah i would think the average car payment is probably around mine. 300-500

Drive your truck into the ground brother, you wont regret it, and youll be able to afford a nicer one when its done!

Nov 22 2012 10:54AM
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Sno.
Posts: 12155 - Karma: 6,147
The Tacoma I got has a backup camera and I use it every time I put the car in reverse. When I was shopping the reviews said it was kind of a gimmick, but I totally disagree. It is priceless and I parallel park like a surgeon.
Nov 22 2012 3:39PM
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Sno.
Posts: 12155 - Karma: 6,147

holy shit

Nov 22 2012 3:41PM
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Sno.
Posts: 12155 - Karma: 6,147
I only took out a 200,000 mortgage on my condo and my monthly mortgage payment is 1350, 1550 with my monthly HOA. And I have a really good interest rate: 3.675%
Nov 22 2012 3:43PM
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Spinoza
Posts: 12763 - Karma: 3,844
@ Link I'm with you man. Soon I'm going to have to become the primary driver on my car and my insurance is going to jump, right now my da is officially the primary driver so it's way cheaper.
lostboys.jpg
Nov 22 2012 3:43PM
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spliff.Life
Posts: 7847 - Karma: 1,549
as opposed to the imaginary world?






I dont have a car and i apparently live in this 'real' world you described
Nov 22 2012 3:56PM
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seward
Posts: 5233 - Karma: 2,174
i know i knowwwww.

used vehicle financing rates in canada are stooooopid.
Nov 22 2012 5:00PM
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grown-ninja
Posts: 3031 - Karma: 175
That's minimum rent for a 1 BR in my area haha-
Nov 22 2012 8:13PM
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Wompuscat
Posts: 818 - Karma: 380
My parents pay off all the cars in full, they don't like being in debt. Our house is paid off too. They have a 2011 lexus LS460, 2007 Ford F250, then my 2003 Acura TL and my brothers 2001 Lexus Es300. My dad also has a 200 jeep grand cherokee that he is looking to trade in soon for a Lexus Rx350. They have lived with very modest cars their entire lives, and after working near 35 years at the same professions theyre able to afford a few nicer vehicles, which is phenomenal. I only hope to get to that point in my life.
Nov 22 2012 8:24PM
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chicken
Posts: 6843 - Karma: 2,122
save up and pay cash.
Nov 22 2012 8:32PM
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SlimDunkin.
Posts: 2065 - Karma: 361
Seriously this, rolling up with cash in hand, can knock 200-1000 dollars off the price.
Nov 22 2012 8:39PM
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seward
Posts: 5233 - Karma: 2,174
lol.
i live in toronto, dont even get me started on rent and realestate prices.
Nov 23 2012 8:56AM
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ejm
Posts: 794 - Karma: 196
$500 /month. 3 year term.
Nov 23 2012 11:48AM
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Bill.Nye
Posts: 4060 - Karma: 2,109
It's the bare minimum insurance you're legally required to have.
Nov 23 2012 11:50AM
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sniper_6
Posts: 1919 - Karma: 1,573
Haha not sure if this is serious but I've been on this site since I was was in high school hence my seemingly juvenile username and icon. I'm 25 now, made a decent living since college ended, didn't have any debt following college and I've saved a lot of money over the last few years. Like i said, could have paid cash but I explained my reason for financing in the last post.
Nov 24 2012 4:09AM
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blackmamba.
Posts: 969 - Karma: 56
essentially equates to the present value of the future interest
Nov 24 2012 12:27PM
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deleted5
Posts: 14507 - Karma: 13,500
Don't take it personally or as an attack towards you I'm skeptical about everything anyone on the site says.
Nov 24 2012 2:38PM
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