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I am in the process of buying a Challenger, but talking myself out of it slowly ?.

I make around $2400 a month (bi-weekly payment). Rent, food, insurance, savings, utilities (all expenses I could think of) run me at about $1700 a month. So $700 unaccounted for per month. Should I be spending $500+ on that on a Challenger? I really want one but....
 

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Do what I did. When I was young I drove a beater car for about 15 years and saved and invested my money. Now I can buy any car I want. You really don't have the income for 500 a month plus plus plus....
 

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1. How much will you have for a deposit on that Challenger? *More you put in for a deposit, lower the monthly payments*
2. I presume your estimated insurance premium is included in your budget if you own a Challenger?
3. Have you made sure you will have enough savings for next year car registrations fees, and the other unforeseen bills?
 

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I am in the process of buying a Challenger, but talking myself out of it slowly ?.

I make around $2400 a month (bi-weekly payment). Rent, food, insurance, savings, utilities (all expenses I could think of) run me at about $1700 a month. So $700 unaccounted for per month. Should I be spending $500+ on that on a Challenger? I really want one but....
You make less than $30,000 per year. It's just my opinion, but you should absolutely NOT buy a car that costs more than your annual income. Do your older self a favor: buy an inexpensive, reliable car and run it into the ground over seven years. Put $100 every month into a new savings account while you own that car. When that car is seven years old, you'll be making more money (hopefully!) and you'll have $8,400 saved up. That'll be a nice downstroke on a new car and your payments will be manageable.

Challengers are fun, but they're not worth getting in over your head. Don't worry. There will be other cars down the road. I promise.
 

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You can buy a new base model challenger for around 300-350 a month if you don't mind a v6.

Friend of mine took my advise and I showed him how, got a dealer to sale one for 20k and took his old car sale money to put towards the balance ended up with about 18k note for around 320 a month 5 years, nice thing is, his car has like 8k in equity he will never be upside down on his car, he can pay on it for a few years and upgrade to say like a scat pack because 3 years from now his car will still be worth 20k private about 18k trade in, you will owe about 7-8 k on your loan at this time.

Sell the car for 20k private sale pay your loan off of 7-8k now you have 12-13k towards a v8 and you still can keep your payments around 350 a month with a hemi. Knowing a 18k loan is good for low 300 a month payments now you can get a car for around 31k whether used or new or if you like get a scat pack for 40k use the 13k down payment and owe around 27k for about 400 a month for 6 year note.

Basically you get a dealer to sell something they have in stock- base model for cheap, your large volume dealers can do this. the car is sold so cheap that yo have built in equity in it, the 3 years you make payments around 11 k worth you get back, basically your driving a new car and your payments you make on your new car is a saving account for down payment on a v8 model.

Your selling your car for what you paid and the money you have paid into it, your getting back and using it as a down payment.

it's a little work but it sure beats the pants off those who end up paying full price for a car and being upside down all the time on it and roll over balance after balance and end up with 800- 1k a month car payments on a car that shouldn't be no more than 400 to 500 a month.
 

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Discussion Starter #6
I am in the process of buying a Challenger, but talking myself out of it slowly ?.

I make around $2400 a month (bi-weekly payment). Rent, food, insurance, savings, utilities (all expenses I could think of) run me at about $1700 a month. So $700 unaccounted for per month. Should I be spending $500+ on that on a Challenger? I really want one but....
You make less than $30,000 per year. It's just my opinion, but you should absolutely NOT buy a car that costs more than your annual income. Do your older self a favor: buy an inexpensive, reliable car and run it into the ground over seven years. Put $100 every month into a new savings account while you own that car. When that car is seven years old, you'll be making more money (hopefully!) and you'll have $8,400 saved up. That'll be a nice downstroke on a new car and your payments will be manageable.

Challengers are fun, but they're not worth getting in over your head. Don't worry. There will be other cars down the road. I promise.
I make a little over $40k, $2400 is after taxes and 2 months per year (since I am paid bi-weekly) are $3600. I also have a stipend worth $6000 so before takes I make right at $50k
 

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So making close to $50k per year can I justify buying a $40k-ish car on a 72 month payment plan.

I just feel like I'll regret it if I don't do it.
 

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If were in your shoes, I would buy an affordable used Challenger R/T. There are many available with low miles. Just do a quick search on cars.com.
 

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So making close to $50k per year can I justify buying a $40k-ish car on a 72 month payment plan.

I just feel like I'll regret it if I don't do it.

No, you can't justify what you want here. I get the feeling you're young. Anyone with some life experience is likely to tell you no, you can't justify buying a car that costs about as much as you make per year. Why? Because we all probably justified something similar in our younger days.


As suggested, find a nice used Challenger and be good with that for now.


Would you regret it if you had a new Challenger and no extra money ever?


You have plenty of years ahead to buy brand new cars when your situation is more suitable to do so. Wait for then.
 

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I went the financially irresponsible route and bought a used one once I had 35% saved to make a down payment. I'm 26. That still left me with a hefty $600 monthly payment. A 3 year loan doesn't sound long but it is. Trying to get mine done in 2 years (7 more payments yahoo!).


Just ask yourself if you're okay with being a bit of a hermit until you pay off your ride.


Oh and it's totally worth it. 100% would do again. I've actually been in a much better mood ever since. The 20 minute commute to and from work is actually fun. Honestly it changed my life for the better.


Just make sure you buy the ride you want. You'll know it when you see it.
 

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So making close to $50k per year can I justify buying a $40k-ish car on a 72 month payment plan.

I just feel like I'll regret it if I don't do it.
I have a similar salary to yours, but I live with my family in California and don't have to worry about rent, utilities, etc.

All in all, every month, I pay $540 for the car, $120 for insurance, and ~$100 for gas (6000 miles a year). If I were in your shoes, I would not do it.

This generation is set to run until 2020. If I were you, (mileage allowing) I'd lease or I'd buy something used but not older than one or two years. By then you should have plenty of cash saved to buy whatever trim you want and order it how you want it.

With that said, you could buy something like a 500 Abarth if you don't need the space. Lowest I've seen them is $13k-$16k, give them a test.
 

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Why does everyone want to go buy a new car? There are plenty of 2009-2010 cars for well under 20k with decent miles. You should be able to stay around $300 payment for 5 years going that route, and drive a v8 hemi.
 

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Why does everyone want to go buy a new car? There are plenty of 2009-2010 cars for well under 20k with decent miles. You should be able to stay around $300 payment for 5 years going that route, and drive a v8 hemi.
Personally will not drive a car out of warranty that I haven't owned or I did not know the owner.

Too many knuckleheads in the world, my chances aren't very good.
 

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Personally will not drive a car out of warranty that I haven't owned or I did not know the owner.

Too many knuckleheads in the world, my chances aren't very good.
I understand what you are saying. But if he can't afford a 40k car, why not buy a well taken cared car for 16-18k? Maybe even get an aftermarket warranty for around 2k. I am all for buying a new car. But sometimes it's not possible.

He can also buy a certified car with warranty as well. There are some 2013 cars with warranty for around 24k. Saving 10-12k from new.
 

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@JayMC Don't do it man.

Take the advice of those here telling you to drive something reliable and save up for a few years. The stress that will come with being very close to spending your entire income every month will wear at you and it will not be worth it. I still haven't bought my challenger yet--I'm 34 years old, driving the same foreign pickup truck I've had since I was 19, because it will run forever and when I was younger while I wanted the fancier trucks or sports cars my friends were buying, I knew it was a better play to focus on the long game.

For the last few years I've been looking at Challengers and a couple other cars I've been interested in, came real close to buying, and backed off at the last minute because I knew I wasn't ready for that 5-6 year commitment. Now that I'm making more money, I'm finally planning--but still cautiously--to make that purchase within the next year.

I'm probably more financially conservative than many of the enthusiasts here who have been living and breathing great cars since they were younger, but in my opinion, if you can't afford the payment + insurance + gas PLUS being able to save at least that much money every month for retirement/house/etc. than it's a really poor decision to get into that kind of an expense at this stage of life.

Rather than feeling the weight of those payments for six years, you'll have a much more enjoyable life by putting some of that money away saving for your car while also being able to afford to do things like traveling, or take someone out on a date to a fancy dinner... things you should do while you're young that zeroing out your disposable income with a car payment will keep you from doing.

Save those pennies now, spend some time focusing on work/education to move ahead in your line of work & lift your income a bit, and in a few years you can put a hefty down payment on a car you'll be really happy with and be in a more secure place to enjoy it and other things simultaneously.
 

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Why does everyone want to go buy a new car? There are plenty of 2009-2010 cars for well under 20k with decent miles. You should be able to stay around $300 payment for 5 years going that route, and drive a v8 hemi.
Guess it depends on every possible owners' preferences or their experiences.

My Challenger was leased for 6 months then sat in a dealership's lot for a year before I rescued and adopted her. I made sure there was no sign of abuses, negligence, and etc by test-driving it a few times, and visited it a few times before I purchased it. However, a car is a huge investment and some owners might be wary of getting burnt with a used car while a brand-new car is covered by the lemon laws and the warranties.

Some don't mind an used car, and some require a brand-new car to be its one and only owner, period no room for compromise in that one. It's no different from new/used clothing, shoes, furniture, and houses.
 

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Guess it depends on every possible owners' preferences or their experiences.

My Challenger was leased for 6 months then sat in a dealership's lot for a year before I rescued and adopted her. I made sure there was no sign of abuses, negligence, and etc by test-driving it a few times, and visited it a few times before I purchased it. However, a car is a huge investment and some owners might be wary of getting burnt with a used car while a brand-new car is covered by the lemon laws and the warranties.

Some don't mind an used car, and some require a brand-new car to be its one and only owner, period no room for compromise in that one. It's no different from new/used clothing, shoes, furniture, and houses.
I agree with you but when some one wants to spend 25% of their monthly income on a car payment. That does not sound right to me. There are plenty of cars that are well taken cared of that still have warranty for much less. Maybe even buy an older car in cash. No payments means you have $500 for when something comes up.

That is just my opinion though. I might be the minority. :grin2:
 

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I agree with you but when some one wants to spend 25% of their monthly income on a car payment. That does not sound right to me. There are plenty of cars that are well taken cared of that still have warranty for much less. Maybe even buy an older car in cash. No payments means you have $500 for when something comes up.

That is just my opinion though. I might be the minority. :grin2:
I agree with you completely. But again some doesn't care about the vacations, travelings, going out on a nice date at a fancy restaurant, and etc. Some would rather spend their savings on a car like my cousin. He's a big-time ricer.

I waited for an opportunity to own a Challenger since 2009 and finally bought one recently in February 2017 on a great deal with my preferences included plum crazy paint which it has it all. Patience is a virtue.
 
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