There is a difference between being able to afford the payment and being able to afford the car.
The HotRod Price Speculation Thread
- Thread starter Weather Man
- Start date
Depends on what the person’s disposable income is... which according to the video, this guy’s income just took a massive hit.
$1,175 × 96 =$112,800
Thats a lot of money to me. That is a massive car payment. But then again SVTP ballers lol.
Ouch, both him and his wife laid off. That's gotta be one shitty situation. I sure hope he's got his rainy day fund to fall back on but if he's selling the car....damn.
My Super Duty was $905.20/Month for 60 months. Looking back, that was incredibly stupid. Never doing that again.
Man thats a steep bill, im sure we have all made mistakes similar to that. Its that i gotta have it feeling.
Ok Dave Ramsey. Please tell us what a massive car payment would be in “current year”.
I’ll excitedly wait for your response.
Sent from my iPhone using the svtperformance.com mobile app
Sweet Cheeks probably has you on ignore. She hates being called out on her nonsense and needs to get back on the corner making my damn money instead of being on here an disrespecting yall. He cant even afford to fix his terminator let alone pay for a new GT500.
Bought the car thinking it was instantly going to make him YouTube famous and got a reality bitch slap.
Glad I never had a car finance.
Too bad we bought our house just 1 year ago while having our newborn baby meaning we haven't been able to stockpile money. But I'm having tons of work to do at my job and I might just have sold yet another another job for myself. So far so good.
I was thinking about financing a $18k car because our savings are that bad. Ended up digging out my old Lincoln Mark Viii and it fired right up after being abandoned for the past 5 years.
Too bad we bought our house just 1 year ago while having our newborn baby meaning we haven't been able to stockpile money. But I'm having tons of work to do at my job and I might just have sold yet another another job for myself. So far so good.
I was thinking about financing a $18k car because our savings are that bad. Ended up digging out my old Lincoln Mark Viii and it fired right up after being abandoned for the past 5 years.
Just me, but I always pay cash for toys. I have some friends that are my age, and they do the same. One of them has a 2020 GT500 on order and he is still going to take delivery.
I would figure that you would have to be out of your mind to be severely leveraged on a $100k car. Someone could work out a model, but you could be very upside down on it in the 12-24 month time range.
E
I would figure that you would have to be out of your mind to be severely leveraged on a $100k car. Someone could work out a model, but you could be very upside down on it in the 12-24 month time range.
E
You are spending $112k one way or the other.
I didn't ASSume he had 96 month payment plan. $1,150 x 60 = $69,000
Are you saying the only way to buy a $100k car is in cash? If you had $100k cash (last year) wouldn't it make more sense to invest that for a 12-20% return and take out a 2.3% loan for the car?
With inflation, $1,150 in 5 years will be roughly $1,000. So your payment is getting "less" each month. Hopefully your also increasing your salary.
So if they guy is making $150k, that should be $90k net after 401k, taxes, healthcare, which is $7,500/m. Even if his rent is $3k/m, another $1k for bills/utilities, cell = $4k + $1,150 = $5,150, you still got +$2k to pocket.
Again, all relative to your income and life style.
Shouldn't you be trying to find a job instead of trolling right now?
How is highlighting $1,150/m on a $112,000 car is not "massive"... "disrespecting ya'll". (rhetorical question, no answer needed)
Someone sounds like a jealous insecure bitch that needs to flap his fingers all over the forums acting like a tough twat.
A "massive" payment would be something like $2,131/m for 72m at 11% for a $112k GT500, toss in spending $20k in mods on a credit car with 0% interest for 12/m and 19.7% after that...
All the while your net income is $4k/m...
Corbic,
What your wrote makes sense.
The guy in the video clearly has his mind made up to become an influencer, so maybe the car is "a business expense". Which then you have the potential issue of amortization for his business to contend with. Yikes, if he bought it in 2019, amortized it (started) on his 2019 taxes,.......oh no I just went cross eyed.
E
Being able to write off a car doesn't mean much if you can't make the payments on it.
I got plenty of applications going out on a daily basis, but thanks for asking. 1200$ a month is a ridiculous payment for a car that is going to be worth half before its paid off especially when you have especially leveraged yourself against the wall.
Numbnuts obviously cant pay it otherwise he wouldn’t be trying to offload it at an inflated price because he isn’t going to make it as an “influencer”. Anyone with half a brain knows before embarking on an endeavor such as that you better have something to back it up because the market for “influencing” is volatile and not not stable. Im betting we will be seeing plenty more put their toys up because shit happened and they had no backup
Agreed.
From an accounting standpoint, some types of amortization (depending on the law) are a expensive to undo.
If Ford is nice enough to offer 0% interest (have not seen it in a while), we will make payments on a service truck and amortize it (typically) over 5 years.
E
Agreed.
If I were (I am not) inclined to start down the influencer path, I would write a business plan that included limiting expenses (unless I was going to dump cash into the business, but that is another conversation). Maybe start with a car that doesn't cost so much up front?
E
Users who are viewing this thread
