Can I afford this car?

Question

I just got a job coming out of college and I want to get a 35k car. I have 15k to put down on it...I make 55k annually, i have never owned a car though and I was wondering if i can afford this.

Answer 1

No, you can not afford either of these cars.

You maximum monthly car payment should be no more than 20% of your take home pay.

If you make $55K a year there is no way you can afford a $35K car.   Why don't  you do the financially intelligent thing and spend your cash on a car and live without that huge debt.   For $15k you can buy a beautiful used BMW that is still covered under warranty.

Answer 2

If you put all the money down, you can make that easy. However, if I was you. I'ld check and see if you can find one that is used with 10000 miles or 20000 miles on it. I know your asking for an 09 but if you could wait a little bit or get the 08, You could get anything fully loaded thats already been pimped out for less than 35. Still has the warranty too.

Good luck.

Answer 3

depends on all of your other expenses--  if your going to live at home with mom and dad, sure. but if your going to have rent,elect, phone and other misc bills, you have to figure out your monthly budget,--   your only going to finance 20k, so your payments for 5 years if credit ok about  380 a month- plus insurance and maintenance--  only you can decide

Answer 4

Well, why dont you tell me, CAN you afford this car.

With the recession coming up, and the oil prices going up up up, none of us are sure that we will be able to afford anything later on.

First off: Can you make the car payment, and still have enough to put SOME money in your savings account after paying all bills?

Secondly, Can you afford insurance on this car?

And do you have enough credit to get a good deal on interest

last but not least, can you afford GAS on this car.

Its better off to save more money and buy it later on. Invest it in savings, that way you'll be able to at least get interest on the money.

after all, if you do end up losing your job, you have the 15k you saved to fall on for a few months.

Answer 5

What car is it?

Answer 6

Well, you might. You asked CAN you...well...CAN YOU?! Figure it out instead of making other people do it for you. You need to take ur taxes out of 55k, then find out how much you make a month, then figure out if you can afford the monthly payments...along with all ur other bills...PLUS the house payments. If ur gunna live with ur parents, then buy it.

Answer 7

Can't wait to live the "American Dream" of having a big car payment eh? Something to think about....you just graduated and got this job. Do you have any assurance that you will be there next year or the year after. I would say buying a high dollar car at this point in time is not a wise move.