Bullitt Mustang - $50k - How the Duck do people afford crap?

[Corbic]

Serious, more and more I've been looking around just scratching my head at how people are able to afford things.

I live in BS Midwest. In my region the average income is $34,900 (yes, $35k). National average is $59,000. I make roughly $85k. I have a $1k mortgage that will be paid off in 8 years. Tons of new apartments construction, with rent ranging from $1000 (1bd) to $2,500 per month (3bd + garage).

Average New car is $30k OTD, I see new trucks all over (40-50k OTD) and a God damn based Mustang GT now starts at $36k and shoots up well into the mid-50's. Those are $1,000+ car payments.

I just keep looking around going, How the living hell can people buy and afford this crap. I'd be eating Ramen if I had a $1k car payment or had to pay $2k a month rent.

 

[bglf83]

Serious, more and more I've been looking around just scratching my head at how people are able to afford things.

I live in BS Midwest. In my region the average income is $34,900 (yes, $35k). National average is $59,000. I make roughly $85k. I have a $1k mortgage that will be paid off in 8 years. Tons of new apartments construction, with rent ranging from $1000 (1bd) to $2,500 per month (3bd + garage).

Average New car is $30k OTD, I see new trucks all over (40-50k OTD) and a God damn based Mustang GT now starts at $36k and shoots up well into the mid-50's. Those are $1,000+ car payments.

I just keep looking around going, How the living hell can people buy and afford this crap. I'd be eating Ramen if I had a $1k car payment or had to pay $2k a month rent.

View attachment 1496908

I have this same wonder.

 

[Serpent]

If you’re struggling to make 1k monthly payments on a car, probably need to look at cars you can afford. It’s crazy that the bullitt costs that much, but if this was a euro car it would definitely be more.

 

[NC85]

Planning and saving for those doing it solo.

Parents and grandparents helping out the rest in one form or another.

 

[Dirks9901]

They can’t. People live way beyond their means and wonder why they can’t get ahead. Things will pop sooner than later though.

On a side note, I’m not a fan of the 18’ Mustangs in general but I REALLY like the Bullitt a lot


Sent from my iPhone using svtperformance.com

 

[Coiled03]

Serious, more and more I've been looking around just scratching my head at how people are able to afford things.

I live in BS Midwest. In my region the average income is $34,900 (yes, $35k). National average is $59,000. I make roughly $85k. I have a $1k mortgage that will be paid off in 8 years. Tons of new apartments construction, with rent ranging from $1000 (1bd) to $2,500 per month (3bd + garage).

Average New car is $30k OTD, I see new trucks all over (40-50k OTD) and a God damn based Mustang GT now starts at $36k and shoots up well into the mid-50's. Those are $1,000+ car payments.

I just keep looking around going, How the living hell can people buy and afford this crap. I'd be eating Ramen if I had a $1k car payment or had to pay $2k a month rent.

View attachment 1496908

They're in debt up to their eyeballs, that's how.

 

[CV355]

They're in debt up to their eyeballs, that's how.

This.

Loans are handed out like candy.

The other possibility, which is rarer, is that someone put all their eggs in one basket and it only makes the appearance that they're doing better than they are. That's how I did it for the longest time- didn't spent a penny on any non-necessity unless it was in whichever hobby I was into at the time.

 

[Corbic]

If you’re struggling to make 1k monthly payments on a car, probably need to look at cars you can afford. It’s crazy that the bullitt costs that much, but if this was a euro car it would definitely be more.

Which is exactly my point. How does one buy a $50k while making $50k a year and not struggle?

Like I said, I make 85k, which after tax, healthcare, 401k contribution is about $3,500 a month.

-$1k Mortgage
-$500 Utilities (cell, internet, electric, gas, et el)
-$250 Gasoline
-$150 Insurance (2 cars + motorcycle)

That leaves about $1,900 for everything else. Medical bills, dental bills, home repairs, car parts, clothes, food, entertainment, travel etc.

Seems to be more apartments and cars being sold then there are people making +150k a year.

 

[Mpoitrast87]

Yes loans are handed out like candy but the monthly payment of that loan is still 1k a month. So, you have to some substantial financial means to pay for that along with other bills.

 

[ssj4sadie]

Serious, more and more I've been looking around just scratching my head at how people are able to afford things.

I live in BS Midwest. In my region the average income is $34,900 (yes, $35k). National average is $59,000. I make roughly $85k. I have a $1k mortgage that will be paid off in 8 years. Tons of new apartments construction, with rent ranging from $1000 (1bd) to $2,500 per month (3bd + garage).

Average New car is $30k OTD, I see new trucks all over (40-50k OTD) and a God damn based Mustang GT now starts at $36k and shoots up well into the mid-50's. Those are $1,000+ car payments.

I just keep looking around going, How the living hell can people buy and afford this crap. I'd be eating Ramen if I had a $1k car payment or had to pay $2k a month rent.

View attachment 1496908

Some people don’t mind ramen (in fact that will be my dinner, but unrelated to my finances). I would rather be skimpy on my grocery bill and have nice things than eating out/expensive home meals everyday with shit to show for it.

But honestly why be concerned about what other people choose to do? Even at $85k pre-tax, you could easily afford a new fully loaded Mustang.

They're in debt up to their eyeballs, that's how.

i would say I’m actually fully submerged in debt.

 

[96 cobra]

Around here (NY), it's a blend of people who practice massive fiscal over-extension, and/or have jobs that pay a ton.

e.g. the local transit/railroad publishes it's highest annual salaries, for 2017, check out the top 10...
https://www.empirecenter.org/wp-content/uploads/2018/03/MTA_Top50.pdf

 

[VenomVeins]

you have to some substantial financial means to pay for that along with other bills.

Not necessarily.

I work with 2 kids who just graduated from college and within a few months of being employed are driving a new lexus IS F sport and BMW 5 series. Both have student loans to pay back.

I asked them about it and they said it was easy since they are employed and can just show a pay stub. Lexus one pays $650 a month and the BMW kid pays north of $700!!

Both live with thier parents and are devoid of financial common sense. In fact, one of thier parents were proud of them for the purchase. They’re at the bottom of the pay scale here, which is about $16 an hour.

I just laughed.

So yes, it is EASY to get a car loan these days.

 

[ssj4sadie]

Not necessarily.

I work with 2 kids who just graduated from college and within a few months of being employed are driving a new lexus IS F sport and BMW 5 series. Both have student loans to pay back.

I asked them about it and they said it was easy since they are employed and can just show a pay stub. Lexus one pays $650 a month and the BMW kid pays north of $700!!

Both live with thier parents and are devoid of financial common sense. In fact, one of thier parents were proud of them for the purchase. They’re at the bottom of the pay scale here, which is about $16 an hour.

I just laughed.

So yes, it is EASY to get a car loan these days.

What kind of bullshit job does one have with a college degree and only make $16 an hour?

 

[Mpoitrast87]

Not necessarily.

I work with 2 kids who just graduated from college and within a few months of being employed are driving a new lexus IS F sport and BMW 5 series. Both have student loans to pay back.

I asked them about it and they said it was easy since they are employed and can just show a pay stub. Lexus one pays $650 a month and the BMW kid pays north of $700!!

Both live with thier parents and are devoid of financial common sense. In fact, one of thier parents were proud of them for the purchase. They’re at the bottom of the pay scale here, which is about $16 an hour.

I just laughed.

So yes, it is EASY to get a car loan these days.

Thats why i said along with other bills. AKA a house. A friend of mine makes 57k a year and he bought a 65k powerstroke. He lives with his parents.

 

[Mpoitrast87]

What kind of bullshit job does one have with a college degree and only make $16 an hour?

Degrees don't mean much nowadays.

 

[Coiled03]

Some people don’t mind ramen (in fact that will be my dinner, but unrelated to my finances). I would rather be skimpy on my grocery bill and have nice things than eating out/expensive home meals everyday with shit to show for it.

But honestly why be concerned about what other people choose to do? Even at $85k pre-tax, you could easily afford a new fully loaded Mustang.
i would say I’m actually fully submerged in debt.

I consider a new house and a Raptor a little different than people financing assets that depreciate faster than the Titanic sank. But, I get your point. Some people are more comfortable with debt than others.

 

[mariusvt]

Don't forget they are extending loan terms too. 72mo has become the normal and it won't be long before 84 or even 96mo is the rate everyone is quoting. That's how the manufacturer can keep increasing the prices by getting banks to offer longer term loans.

 

[HillbillyHotRod]

What kind of bullshit job does one have with a college degree and only make $16 an hour?

Most any liberal arts degree. Why so many college grads are flippin burgers these days.

 

[ssj4sadie]

Thats why i said along with other bills. AKA a house. A friend of mine makes 57k a year and he bought a 65k powerstroke. He lives with his parents.

I don’t really see a problem with this. It’s really only been since the boomers that one was expected to “breakout on their own” at adult age. So many other cultures and areas don’t do it at all.

Degrees don't mean much nowadays.

Well I mean a degree in underwater basket weaving doesn’t. But a useful one, yes. My wife has a BSN and makes $22-$26 in her first year as a nurse. Some of her friends started out at $30. I don’t know what her overall cap as a BSN RN will be. But she is going to go back to school in a year or two for masters (will be an NP after that) and then eventually look into a Docorates in Nursing. So her earning potential will be “decent”.

 

[VenomVeins]

Degrees don't mean much nowadays.

This. One has a Psychology degree and the other a Kiniesiology degree.

They could both potentially top out at 80k a year, but they will have to work thier ass off in order to do so. Highly unlikely, though.