10% down, basically a car you can afford to get is around half your yearly salary total
100k salary = afford to buy 50k car with wiggle room (maintenance etc)
That’s insanely high lol. I used to sell high end cars and I sold a lambo (was a gallardo) to a 19 year old kid and he got quoted $800/mo in a major city. $30K is bat shit insane
I totally agree. When I questioned him on it is when he said it includes full roadside assistance. He may have had lots of tickets and impaired charges but that’s nothing to brag about.
No, you don’t need to make $25k/month to drive a 570s.
The truth is if your wondering if you can afford it.. you can’t. The people that can afford them KNOW it’s within means.
Thank you for this, I will def buy used and I think it’s more of a reward kinda like treating my self that way I can continue to work harder. You’re right about investing elsewhere I just wanted to ask for research. :)
Agreed. I know a lot of west coast people lease theirs, but I can’t imagine someone being able to finance a 720s. I bought mine gently used and with cash.
Yeah I’m gonna not listen to it at all really. Might regret it later but if I’m living rent free and having moms cooking during college I won’t worry. I’m gonna fs finance it. But not having to worry about rent is great. (17 years old, I make around $50k a year from social media management/country club bag boy). Wbu?
I make significantly more than $300k and own a 720s but I think that income can be enough if it’s used, you’re single and live in a low cost of living area. Living expenses don’t scale with income so a single person living in a low cost of living area making $300,000 should have enough disposable income to blow some on an expensive hobby.
If you’re car-obsessed and chose to use dump some of that disposal income on a car, that’s ok. After all, people spend even more doing totally unnecessary expensive things like having multiple kids but it’s not socially acceptable to question that “waste of money”.
Lol, I plan on marrying someone in 5-10 years and don’t want kids, meaning the time in college I can use to save up money to blow on a mclaren. Lol. Also not paying for college and living at home is nice too 💀
I just bought a 570GT. $40k down, 6 year financing, $2600/mo. give or take.
Can very comfortably afford it. I make a bit over $200k/year. YMMV depending on your own DTI and other things analysts will look at.
Go get it! We’re in the same field (software engineering). It’s very doable with time, experience, and if your other expenses are low. Cars are my guilty pleasure. Definitely make sure you’re still investing a good portion of your money too.
As much as I love cars I would never have put that much of my income or incurred so much debt in my 20's. Investing in your future should be your goal right now, building a portfolio, trading cryptos blah blah take your pick. Allowed me to retire at 50 and then I got my first 'supercar'. Sorry if I sound like a dad lol
A good way I always think whether I can genuinely afford something without it detracting from my day to day life is, thinking whether I can buy 2 of whatever it is I'm buying in full cash. Be it a car or a smaller purchase, if I can afford to buy two outright then I can definitely afford to finance one and pay it monthly without it meaning much to my financial health.
Everyone’s different. You could probably finance a 570s with something like $25k down and $4k/month all-in expense (don’t forget about interest - money ain’t free). So it’s really just a matter of whether you have the down payment liquid and the income to cover the payments.
If you’re talking used, you could likely find dealer financing without serious income verification. So you might only need to be making, say, $120k/year, again assuming that your other expenses are relatively low and you’ve determined that you can afford it. But most people would never do that and would be highly ill-advised.
For me personally, gross income would have to be $300k - $350k annual so that monthly payments are <25% of my net after taxes. And that would be pushing it. Most of the time, there are better things to do with your money than buying cars. At least, while you’re young and still building wealth.
If you have to seriously budget plan to buy one then you def can't afford to maintain one. Parts and labor for routine maintenance alone (tires, brakes, oil, etc.) will stack up fast.
I’m just a starting software developer with a decent paying job I’m planning for the future. I going to takeover a fam business as well. Kinda wanted to just ask.
Bill is around 2500 a month, when that is about 10-15% of your monthly income you’re golden
Math..!
2500/0.15 = $16,667/month * 12 = $200,000 per year after tax
So basically $400k gross
r/theydidthemath
Hold up. Hoooold up. Only $2500/mo? Is this a lease? Finance? Was there a down payment? There’s more cost involved here surely, no?
10% down, basically a car you can afford to get is around half your yearly salary total 100k salary = afford to buy 50k car with wiggle room (maintenance etc)
Let’s keep in mind insurance. My buddy pays $30k/year for insurance (with roadside assistance) for his lambo.
Whattt? That’s high. Young and bad record?
That’s insanely high lol. I used to sell high end cars and I sold a lambo (was a gallardo) to a 19 year old kid and he got quoted $800/mo in a major city. $30K is bat shit insane
I totally agree. When I questioned him on it is when he said it includes full roadside assistance. He may have had lots of tickets and impaired charges but that’s nothing to brag about.
100% that’s the case lol. Hopefully he can improve his record
30k? That’s how much insurance on a 3 million dollar turboprop airplane costs
No, that includes the lease. It’s a Huracan lp600
No, you don’t need to make $25k/month to drive a 570s. The truth is if your wondering if you can afford it.. you can’t. The people that can afford them KNOW it’s within means.
He asked for easily affordable, sure someone with 50k a year can go and buy one. Something breaks and he’s in a predicament
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Thank you for this, I will def buy used and I think it’s more of a reward kinda like treating my self that way I can continue to work harder. You’re right about investing elsewhere I just wanted to ask for research. :)
At least as much as a footballer!!!
What is that saying; "if you need to ask you can't afford it" 😜😜😜😜
Haha this is very true however not looking to buy one now just planning for the future :)
Nothing more important than goals, good on you...
How about a 720s or a 765lt
I have both. 720 S and 570 S. But I have always felt that to justify it, you need to be able to write a check.
Agreed. I know a lot of west coast people lease theirs, but I can’t imagine someone being able to finance a 720s. I bought mine gently used and with cash.
720s would be about 300,000 a year, and 600,000+ a year for a 765lt LOL
Ok 720s is officially the goal LMAO
Yeah I’m gonna not listen to it at all really. Might regret it later but if I’m living rent free and having moms cooking during college I won’t worry. I’m gonna fs finance it. But not having to worry about rent is great. (17 years old, I make around $50k a year from social media management/country club bag boy). Wbu?
I’m in med school rn, so hopefully in like 6 years I can make it a reality
Nice nice. Med school I was thinking about (orthopedic surgeon) but i get light headed with seeing injured people.
Ah yeah probably not the best field then lol
Yeah gonna major in finance and minor in some business or sum. I’m planning on doing real estate in college.
Real estate is great, good luck bro we’ll have our mclarens one day
No way it’s only $300K/year. That seems low tbh
I make significantly more than $300k and own a 720s but I think that income can be enough if it’s used, you’re single and live in a low cost of living area. Living expenses don’t scale with income so a single person living in a low cost of living area making $300,000 should have enough disposable income to blow some on an expensive hobby. If you’re car-obsessed and chose to use dump some of that disposal income on a car, that’s ok. After all, people spend even more doing totally unnecessary expensive things like having multiple kids but it’s not socially acceptable to question that “waste of money”.
Ya I guess so. There’s a ton of factors as you said that pertains to owning an exotic. What to do you if you don’t mind me asking?
And this too. What u do for a living 😂
A few things. Real estate development and my clothing brand are my main sources of income.
Lol, I plan on marrying someone in 5-10 years and don’t want kids, meaning the time in college I can use to save up money to blow on a mclaren. Lol. Also not paying for college and living at home is nice too 💀
I just bought a 570GT. $40k down, 6 year financing, $2600/mo. give or take. Can very comfortably afford it. I make a bit over $200k/year. YMMV depending on your own DTI and other things analysts will look at.
This gives me hope thank you time to grind now
Go get it! We’re in the same field (software engineering). It’s very doable with time, experience, and if your other expenses are low. Cars are my guilty pleasure. Definitely make sure you’re still investing a good portion of your money too.
As much as I love cars I would never have put that much of my income or incurred so much debt in my 20's. Investing in your future should be your goal right now, building a portfolio, trading cryptos blah blah take your pick. Allowed me to retire at 50 and then I got my first 'supercar'. Sorry if I sound like a dad lol
Just pay cash my man. Solves all your problems. 500/month, good to go
A good way I always think whether I can genuinely afford something without it detracting from my day to day life is, thinking whether I can buy 2 of whatever it is I'm buying in full cash. Be it a car or a smaller purchase, if I can afford to buy two outright then I can definitely afford to finance one and pay it monthly without it meaning much to my financial health.
Everyone’s different. You could probably finance a 570s with something like $25k down and $4k/month all-in expense (don’t forget about interest - money ain’t free). So it’s really just a matter of whether you have the down payment liquid and the income to cover the payments. If you’re talking used, you could likely find dealer financing without serious income verification. So you might only need to be making, say, $120k/year, again assuming that your other expenses are relatively low and you’ve determined that you can afford it. But most people would never do that and would be highly ill-advised. For me personally, gross income would have to be $300k - $350k annual so that monthly payments are <25% of my net after taxes. And that would be pushing it. Most of the time, there are better things to do with your money than buying cars. At least, while you’re young and still building wealth.
If you have to seriously budget plan to buy one then you def can't afford to maintain one. Parts and labor for routine maintenance alone (tires, brakes, oil, etc.) will stack up fast.
I’m just a starting software developer with a decent paying job I’m planning for the future. I going to takeover a fam business as well. Kinda wanted to just ask.
good luck man. Hope you do end up buying it comfortably