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

[Coiled03]

Degrees don't mean much nowadays.

Useless degrees don't mean much nowdays, and rightfully so. STEM degrees are still in demand, and pay well.

 

[5.0 Hatch]

Double the cost of the 2001 yet average income hasn't doubled. However the 18 may be double the car. As long as people can get loans, the price will continue to increase.

 

[ssj4sadie]

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.

So their job is?

Useless degrees don't mean much nowdays, and rightfully so. STEM degrees are still in demand, and pay well.

So much this. If you’re not going into STEM one would be better off in a trade.

 

[VENOM1]

I would argue that most people make more than $50K per year when holding down a $1,000+ car payment plus a mortgage.


Slinging Led, EDC, Tight Lines, Razor Sharp Knives and Conceal Carrying!

 

[ssj4sadie]

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.

just for the sake of being more or less debt free I could have moved into a cheap house (read high crime area) and socked money away when I first got to San Antonio. I’d be WAY better off financially, but at what cost? Granted I’m straying away from the question of the thread. But it’s truly perspective. Now we just need @ON D BIT to come in and tell everyone how to be a millionaire in one simple step.

 

[DSG2003Mach1]

As mentioned people put nothing or close to it into savings/retirement, they tax the 80 month term and everything else is leveraged to the max too.

A ridiculous number of people live paycheck to paycheck - they’re one big bill or loss time situation away from financial ruin. I know a guy that grosses close to 100k and his wife makes sure they spend it all.

I chose not to let mortgages and car payments consume all of income. I’ll gladly have a smaller/not quite as nice of a house and car to have plenty of do whatever I want money

 

[2veloce2003]

All is great until the cash flow (employment) disappears then it’s over


Sent from my iPad using svtperformance.com

 

[Dusten]

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.

Well for one you shouldn't be buying a car with that kind of payment if thats all you make. Your total debt should be less than 30%

Its all based on income though.

Some people making 20k a year struggle with rent, you have a house.

My mortgage is 3100
I have about 1,000 in car payments.(we traded in a paid off tahoe and used it as a 40k down payment on the f350 so the payment is low.)
I pay about 300 a month for ins(paid every 6 months though)
My housing costs are 500-600(internet, cell phone, gas, elec, trash)
Food is another 400
Fuel is 400+ a month.(fuel is $3+ and the wife commutes 600 miles a week)

We still contribute to a 401k(5%) and put a grand away in savings. A month, So to me, a 50k car is affordable with ease. Its all perspective.

I can't fathom buying a super car. Treynor buys them like packs of gum.

 

[4a7191a]

I can't stand car notes.
Overtime helps and planning help. Some people like to be in debt it seems. Me I like going a few years between car notes and saving money, putting it into the house ECT.... It's been 3 years since my last note come Sept. Though my restoration has been a car note kinda over the past year still managed to rat hole 19k so far for future endeavors car wise

 

[jeffh81]

Well I can tell you this after i pay all he bills from my wifes check (BSN 2nd year). I hit the street corner up and hold out a sign for 17$ angry handys.

Now seriously though, I save and hustle up whatever i can to get ahead while trying to finish school. I had to change to physical therapy degree to finish earlier and it’s easier to find work. Plus I like the work.

Frankly put you only live once and cant take it with you. The best thing to do in life is worry about yourself and family and move along.

 

[Revvv]

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.

$1000 car payment is not something I would encourage anyone to get themselves into. My advice is to save and put down at least half on a vehicle. If you can pay cash, even better.

Years back I had a vehicle stolen. I did not have gap insurance and was left with more than $5000 after the insurance company paid off the truck. Since that day I have now had a car payment. I put back what I would be paying to a bank, with interest included. Then cash becomes a negotiation tool.

Sent from my SM-G930V using the svtperformance.com mobile app

 

[RedVenom48]

I made a decision that my GT500 was going to be my last splurge on a fun car before kids entered the picture. To do it i put 12k down. Even with a 3% rate for 72 months, im still over $500 a month. For a GT500 that was a few years old, i was (and still am) happy with the car and payment.

 

[Revvv]

Useless degrees don't mean much nowdays, and rightfully so. STEM degrees are still in demand, and pay well.

My wife and I have a collection of degrees, and at the moment I am chasing a job that is not in my field.

Sent from my SM-G930V using the svtperformance.com mobile app

 

[Bdubbs]

I've been wondering the same thing lately. I see new cars and trucks all over the place. I believe many people live beyond their means.

Just the other day, I see my neighbor bring home a big ass boat. Not like being nearly 40 years old and still living with his parents have anything to do with it.

My next door neighbor was checking it out, comes back and says to me, "to be single and have lots of money". I would have liked to say what I mentioned above, but instead I nicely said, "or people like to make it look like they have a lot of money".

Sent from my Moto E (4) Plus using the svtperformance.com mobile app

 

[Dusten]

I can't stand car notes.
Overtime helps and planning help. Some people like to be in debt it seems. Me I like going a few years between car notes and saving money, putting it into the house ECT.... It's been 3 years since my last note come Sept. Though my restoration has been a car note kinda over the past year still managed to rat hole 19k so far for future endeavors car wise

We will have our hyundai and the f350 paid off next summer. I'm looking forward to that a lot.

 

[jpro]

Nearly half of Americans have $0 saved for retirement, and the average family savings for retirement is $5000. It seems very few people are saving for the future and nearly half of Americans don't have cash on hand for an emergency that costs $400.

What the hell are people going to do in the future?!?!?!?!??!?! People gonna die at work because they can't retire. LOL

That's how people drive around in BMWs and buy $50k Bullitts. LOL

 

[ssj4sadie]

I've been wondering the same thing lately. I see new cars and trucks all over the place. I believe many people live beyond their means.

Just the other day, I see my neighbor bring home a big ass boat. Not like being nearly 40 years old and still living with his parents have anything to do with it.

My next door neighbor was checking it out, comes back and says to me, "to be single and have lots of money". I would have liked to say what I mentioned above, but instead I nicely said, "or people like to make it look like they have a lot of money".

Sent from my Moto E (4) Plus using the svtperformance.com mobile app

I mean seriously, who the **** are you to be so judge mental? So the **** what that your neighbor chooses to live with his parents. Sounds like you’re jealous of his shit.

 

[Bdubbs]

I mean seriously, who the **** are you to be so judge mental? So the **** what that your neighbor chooses to live with his parents. Sounds like you’re jealous of his shit.

Seriously? No I have no use for a boat. Sorry pal I'm not the jealous type.

Must have hit a nerve, are you my neighbor?

Sent from my Moto E (4) Plus using the svtperformance.com mobile app

 

[BladeX10]

Thats just the world we live in now. People would rather be up to their neck in debt driving around in a new Mercedes than driving around in a paid off Corolla. They give out car loans to basically anybody now. I can go walk into a Chevy dealership right now and leave with a new Z06 in 2 hours just because i have a decent credit score and have a few paystubs to show even though i'd probably have to dig for food out of trashcans to survive. Banks dont care about you and your well being but people are too stupid to realize that. Just because youre approved for something doesnt mean you should get it.

I see people all the time driving around in newer Benz/BMW's with expired registration tags because they cant afford the $300 registration renewal. Its that bad.

 

[coposrv]

So their job is?
So much this. If you’re not going into STEM one would be better off in a trade.

Nothing wrong with the trades. I tell people all the time that I can’t find younger, reliable people to work for me. I’m starting green apprentices at 20$ per hour. My phone rings off the hook and I’m picking the projects I want. A lot of skilled tradesmen are retiring and my schedule book is filled.


Sent from my iPhone using the svtperformance.com mobile app