If you only made 30 a hour and rent is 1400. Would you pay 575 for a car note please 240 for insurance?
g: Lord no, that is a ridiculous monthly payment, even if you made twice the income that you do.
when earning $30/h and paying $1400 rent, then $575 for a car plus $240 for that cars insurance is far to much to afford and accordingly the answer whether someone should pay that much for a car plus insurence can rationally only be no.
Dude, you are RENTING where you lay your head, AND paying interest on a new car? New cars are only bought by fools, who are happy to pay interest on a depreciating asset!
I have NEVER bought a new car, and never will – I own my own home, I have three cars in regular use and another four which are custom projects which I enjoy working on. My rules are that they cost me no more than two weeks pay each, but I am happy to spend about as much in the first year on them, making them just what I want. All of them are clean, sharp, well-maintained cars which get a lot of attention and are cheap and reliable to run. I own my own home outright in the next 10 months, and the mortgage payments are only two days pay per month.
If I saw a young fool paying rent and buying a new car, I would slap him upside the head to try to bring him to his senses!
Would I pay that much? No.
I would rather spend my money on something more worthwhile. I'd invest the rent money and money for a lease on a brand new Audi into a condo or house instead. This way I'm putting money into my own pocket rather than other peoples'.
4800, gross. 3360 net— 1400+575+240=2215——3360-2215=1145 left over. That has to cover utilities and gas and groceries. Seems a bit over extended to me.
That is way too much for such a crappy ride. You can get something decent for about one half of that if you have a decent credit score.
Insanity. Unless you make like $200k a year.