My dream car is a Honda Civic Type R. In order to afford it, I would need an annual income of $120k or $81k after taxes in California. My Business Administration major might not pay that much, unless I'm in sales or management. I'm probably gonna have to wait until the car's value depreciates.
If your making $80k a year you should be looking at cars $25k or less. Always give yourself a solid buffer between your expenses and how much you actually earn. Buy a car that monthly costs 20% OR LESS of your TAKE HOME (after tax) monthly income with everything included (gas, oil changes, miscellaneous maintenance, insurance). When you budget your gas calculate it as if you drive 1.5x as you do to give yourself a solid buffer. Whether you put money down on the car is irrelevant as long as it fits into this formula.
I agree but as a car person I make bad financial decisions. I’m selling my GT got a truck I’m going to grind it out for 2/3 years to pay it off and hopefully get a gt350 but have more money where I don’t worry about the payment
my dream car is a 2024 mustang gt with performance package. i live in austin tx and im a 3rd year of university with 8k student loans. I plan on paying back once im done, but is it smart to pay it off and then get my dream car after?
yes pay off loans with a crappy car- i am in the same boat as you, i have a 2006 chevy monte carlo but a mustang is my dream too, I wanna finish college, pay off my loans and find housing and an adult job before selling my Monte and getting a Mustang- dream car is sadly last on the list right now
Yup pay off the debt have friends that didn’t do that and the debt follows you forever especially paying the minimum. Sucks having to wait but it’s worth it. Plus they will make the car for a few years and by the time you get done paying the loan they don’t, the car will depreciate and better for you and easier to afford.
You call yourself “professor” then you say college is stupid then you say that it is required for high end investment firms like Goldman Sachs. lol. I do get it, in business circles the cool entrepreneur kids don’t go to college. But I bet your degrees help you more than you realize.
My dream car is a Honda Civic Type R. In order to afford it, I would need an annual income of $120k or $81k after taxes in California. My Business Administration major might not pay that much, unless I'm in sales or management. I'm probably gonna have to wait until the car's value depreciates.
If your making $80k a year you should be looking at cars $25k or less. Always give yourself a solid buffer between your expenses and how much you actually earn. Buy a car that monthly costs 20% OR LESS of your TAKE HOME (after tax) monthly income with everything included (gas, oil changes, miscellaneous maintenance, insurance). When you budget your gas calculate it as if you drive 1.5x as you do to give yourself a solid buffer. Whether you put money down on the car is irrelevant as long as it fits into this formula.
I agree but as a car person I make bad financial decisions. I’m selling my GT got a truck I’m going to grind it out for 2/3 years to pay it off and hopefully get a gt350 but have more money where I don’t worry about the payment
Nothing can beat the sound of that Voodoo engine. Props to you for a great upload
This is a wonderful and informative video! Thank you brother🤙🏾
Yes finance on budget like an older Mustang GT don’t go payment to paycheck for a car
my dream car is a 2024 mustang gt with performance package. i live in austin tx and im a 3rd year of university with 8k student loans. I plan on paying back once im done, but is it smart to pay it off and then get my dream car after?
yes pay off loans with a crappy car- i am in the same boat as you, i have a 2006 chevy monte carlo but a mustang is my dream too, I wanna finish college, pay off my loans and find housing and an adult job before selling my Monte and getting a Mustang- dream car is sadly last on the list right now
Yup pay off the debt have friends that didn’t do that and the debt follows you forever especially paying the minimum. Sucks having to wait but it’s worth it. Plus they will make the car for a few years and by the time you get done paying the loan they don’t, the car will depreciate and better for you and easier to afford.
Keep it up bro nice one
Next doug demuro
You call yourself “professor” then you say college is stupid then you say that it is required for high end investment firms like Goldman Sachs. lol. I do get it, in business circles the cool entrepreneur kids don’t go to college. But I bet your degrees help you more than you realize.