Question:

How much money would one have to make per year to afford a $100,000 car?

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I'm going into the Air Force and I leave Sept. 23. If I survive boot-camp (haha) I am going to become an Air Traffic Controller (I already took the MEPS test and I qualified). Whenever I get out in six years, I'm hoping to find a job as a civilian Air Traffic Controller, which has a starting salary (so I've been told) somewhere between $60,000 - $80,000 a year. Within a couple of years, I can make about $102,000 (which is the average I believe). I have always wanted a Ferrari 360 Spider, but I can settle for an Audi R8 (I think it costs a little over $100,000). My question is: is it possible, making $100,000 a year, to purchase that Audi R8? Realistically?

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  1. Sure, just live in the car.


  2. If you buy with a loan, banks and other lenders don't want your debts, including the new car loan, to exceed 36% of your gross monthly income.

    A $100,000 loan at 6.5% for 48 months would have a $2372 monthly payment, or $28474 a year, which would exceed 36% of $60K a year. Even at 80K a year, the car payment would be about 36% of your income, which would not work because you would have other bills. Even if you made $100K a year, it would be questionable.

  3. It'd take like 5 years i bet

  4. a lot

  5. You might be able to lease one. You really don't want to do that though. You should wait and get a 2 year old one. No matter what you think, used version will be cheap in 2 years.  

  6. No it's completely unrealistic.

    A car payment should be no more than 20% of your monthly take home pay.  At 100k a year your monthly salary is $8400. Subtract taxes ( 30%) and your take home pay is probably going to be around  $5800.  So 20% of your take home pay is $1160.

    There is no way the payments on a $100k car will be $1100 a month.

    If you want to be realistic, stop dreaming of exotic sports cars and just go buy a Corvette.

  7. McCoy is spot on in his math.

    you might be able to grab up a used one that is affordable - but its hard to say what they will cost in 3 yrs.  

    On 100K its not feasible to buy a car that expensive.  Keep in mind that insurance on those cars is outrageous, and maintenance is not cheap.  You cant exactly go to Pep Boys for brake pads and rotors on a Ferrari - plan on $2000 just for a 4-wheel brake job.  Need tires?  300 a corner on the cheap side.

    I am not one to p**s on someone's dream though - one day I will get the car I want.  But its going to have to wait.

  8. well u wont have much money for anything else cause the payments are close to $1000 or more

  9. Audi R8 after tax and some options would be around 120,000 $.

    Realistically, making 100,000 $ a year is very tough for you to own it.

    Usually, you are supposed to not pass half of the income you make in a year/1/50 of your net worth. Normally, you should be looking at a 50,000 car.

    However, if you cut back on other stuffs: shopping, food, etc, you might be able to purchase one. You could probably lease or do monthly payments.

    I've seen people buy Bentleys with only making 80,000 a year. You can do it.

  10. Not to burst your bubble but civilian controllers start out at a shade below 40,000 and don't make more than 104,000 as the most senior controllers at the busiest facilities.  Most won't get near 100,000.    

    Check it out here  https://employees.faa.gov/employee_servi...

    in the excluding locality pay sheet.

    Its a great job, and I love what I do, but you might have to learn to settle for less than an R8.  


  11. go to you local bank, or use a loan calculator. remember things like interest rate and down payment make a difference.  

  12. not a good idea

    if you live on bare essentials you can get own after several years

    but the cost of ownership is pretty high also, cost for premium fuel, basic maintenance, when something goes wrong its gunna cost you an arm, and insurance is gunna cost a leg.

  13. When in comes to exotic cars,like the 360 or R8, we have a completely different set of qualifiers. Unlike other cars where your debt-to-imcome ration can't be more than 34%, including the car payment, you must have at least 15% to put down and make at least $2400/mth to be approved, we look at many other factors.

    What is your total annual earnings? How long have you been at that income bracket? How much real estate do you owe? How solid is the business that employs you? How much liquid assets do you have? Are you currently involved in any lawsuits? Any state or federal liens? How secure is your position at work?

    Once you apply for an exotic car, we contact your bank and your employer and do a background check. We use software that lets us know if you're currently involved in any lawsuit or criminal or civil charges.

    You also need to prove to us that not only can your income sustain such a high car payment, can you also afford to put up a $1,000,000 insurance bond to cover the car and you? Exotic cars aren't insured the same way as conventional cars. You don't make monthly or annual payments and get a binder. You put up $1,000,000 for a bond and the insurance company will underwrite a policy for you.

    So although $100,000 per year is a great salary, it won't be enough for a 360 or R8. Set your sights on the $40,000 to $50,000 range. There's some great cars in that range and lenders will be much more inclined to approve you.

    BUT -- you can forget all this is you don't establish your credit before you are discharged. Get a credit card from your bank. Make every payment on time. And never let your balance owed be more than 30% of your credit limit. Buy furniture for your parents on credit. Do whatever you can to build up a credit history. And keep in in good standing all the time. Then you can car shop when you get out knowing that it should be easy to qualify for the car within your range.

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