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Percentage of monthly income spent on a car?

390 messages,  Last post on Mar 21, 2009 at 5:50 PM

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#61 of 390 Car_Man by mnowak1 Aug 27, 2001 (10:54 am)
I requested an online quote from a local dealer, and his response was...   He has the exact vehicle I requested, a 2001 Civic EX 2-door Coupe with auto trans in the colors black, red, or green. His price including the options I wanted (half nose mask/carpet floormats/rear spoiler is $16,980 plus TT&L. I think I would like maybe $500.00 less. Is this a fair deal on the first offer.
#62 of 390 Re: E-mail Quote on 2001 Honda Civic by Car_man HOST Aug 27, 2001 (1:13 pm)
Mnowak1, the price that you were quoted for this 2001 Honda Civic ES Coupe w/automatic transmission is about $980 over dealer invoice. So you are essentially getting this car for about $1,000 over minus the cost of the spoiler, mask, and mats. I certainly think that this is a reasonable price if you don't have the time to or just don't feel like shopping around. However, I don't see why you wouldn't be able to bet this price by a couple of hundred dollars if you are willing to do some leg work.   Car_man Host Smart Shoppers / FWI Message Boards
#63 of 390 Car_Man by mnowak1 Aug 27, 2001 (1:33 pm)
I feel that you are right about the leg work. As popular as this car seems to be and all the dealerships here, I beleive that I could proably get a better price by taking that quote and having some other dealership beat it by atleast $500 which is what I want. Or possibly the dealership that quoted me would offer $500 less too. The only problem is....is that I am not completely ready to buy just yet. I only have about $800 saved up. Now I am stuck between...I could get a car in about 1 month from now and have around $1400 saved up to put down or I could wait unitl Nov. when I will have around $2000 to put down. And what about financing...I have tried two seperate places to apply 1. My credit union 2.Honda dealership, both places said I require a co-signer. I expected that much I guess only having credit for about 1 1/2 years and not long history. Also another question is if you put down an amount how do you calculate that into the price...before TT&L or after. Thanks for all your help.
#64 of 390 mnowak by audia8q Aug 27, 2001 (5:53 pm)
if its going to take you 2 months to save up an extra $400 you might consider a less expensive car.
#65 of 390 audia8q by mnowak1 Aug 28, 2001 (5:50 am)
Why is that? Im not putting all of my money aside only about $300.00 a month or so. I have only just been starting to save up since July this year.
#66 of 390 mnowak by im_brentwood Aug 28, 2001 (6:42 am)
Well,   I think what AudiA8Q is saying, and I agree, is that you ought to consider all of your ownership costs here.   Figure you finance the car at, say, 8%. Say you get it for $16,500 and your out the door is roughly $17,690 with taxes and reg (I'm assuming 6% tax).   That's a payment of roughly $315 or thereabouts a month for 60 months with $1,700 or so down...   Then ya gotta figure in insurance, which, if you're younger can be high (I'm a 26yr old single male who just got popped for 95 in a 65 (i know.. I know.. but it was at 3pm on a sunday and nobody was on the road..) so I know about paying for insurance!))   I think we're saying that ya need to look at your total budget...   Bill
#67 of 390 Bill by mmcbride1 Aug 28, 2001 (7:28 am)
You were in the XJR, weren't you?
#68 of 390 Bill by mnowak1 Aug 28, 2001 (9:49 am)
Thanks for the advice everyone....I appreciate it very much.   According to Edmunds.com you should take you 20% of your take home pay and thats what you can afford? (right) Well if this is true then I should be able to afford around $340.00 a month for a car payment. Which I think is a little more than it would be if I got my car. So I am in the clear for other things that might come up. I have thought this out with all my bills etc. and I should beable to afford this no problem.   I just dont understand, I guess that the amount of money you save up should matter what you can afford. Or something like that Or maybe I dont get it and you guys are right.   Your right Bill my insurance will be around $200 a month unitl Nov then it will drop to about $100
#69 of 390 mn and mmc by im_brentwood Aug 28, 2001 (10:05 am)
That guideline that they use is a good one I think.   That's as high as I would go personally. Have you checked esurance.com? They are pretty good although I bet they get PO'd at me when they find out about my latest speedy gonzales antics... =O   Good luck with the Civic, theyre great cars with great resale.   Bill PS.. Mmc.. was an 00 CLK430 Cab.. top down too! Damn those Black and Tan Fords that hide in the bushes... grrrrr
#70 of 390 Bill by mmcbride1 Aug 28, 2001 (10:24 am)
Oh, you have to drive the worst cars! I'm surprised that you haven't invested in a V1 yet.

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