English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

I havent made this decision yet but I am thinking of doing it. Income is about 60k before taxes. I have a car note right now of $550. I am going to trade that in for a different one, and I estimate about a $700/month payment. Rent is about 800/month, utilities about another 200, car insurance is 117, probably will go up on the newer car. I dont smoke or drink so I dont have those expenses.

2007-09-29 13:45:21 · 3 answers · asked by darko_d1 1 in Cars & Transportation Buying & Selling

Anyone think this is too much debt? I dont think it is but I thought I would take advice anyway.

2007-09-29 13:46:12 · update #1

3 answers

You should be able to handle it if your careful.Do not over finance as it can lead to major problems with credit ratings etc.Also make sure you have planned ahead so while repaying car loan you allowed for unexpected expenses.Ensure your job is secure for the period of your loan and you should possibly take income loss insurance to cover the loan repayments.

2007-09-29 14:09:10 · answer #1 · answered by Anonymous · 2 1

Car is not investment buy a house before upping the anty. $800 a month for?1,100 you can have your own place. Your car insurance and licence plates will cost more do you think you will use the car truck more gas willcost more. My 2006 GTO cost me 440 a month Wife? WE own her 1999 cadilac eldroado out right. House is a 30 year old 2,200 sq foot 2 car 2.5 bath on 1/2 acre. Are you saving 15%of your money? Just old sage advice. Car's are like old girlfriends they come and go some times every ten years like the should. About the same income I expect over 45 years of working to have almost 2 millon saved for retirement in 15 years. Start saving money every where you can. I pull up at a dealership and can drive away anything I want. And could pay cash if I want! Buy Property now when it is a buyers market! I think you want carry to much debt and please think of the future!

2007-09-29 21:03:05 · answer #2 · answered by John Paul 7 · 0 2

If I understand this right, you currently pay $550 car payments and they will be $700 when you buy the new car? What are you buying that costs $700 per month? That's a lot to pay every month for a car. You have also not factored in Gas, food, clothing, entertainment, travel and other normal expenses. I think you would do well to lower your car payments rather than raise them. Also....do you save anything each month?

2007-09-29 22:42:19 · answer #3 · answered by Otto 7 · 1 1

fedest.com, questions and answers