How much would I need to make in order to purchase an STi?
11-01-2003, 11:07 AM
#2
Registered User
Join Date: Oct 2003
Location: College Park, MD
Posts: 110
Car Info: 05 Black w/ Gold STi
there are too many variables to answer that without getting more information.
what kind of downpayment would you put on the car? how good is your credit? what are your other monthly expenses? i've seen people on different boards who earn 20k/yr and they bought an STi (of course most of them lived at home/have very generous parents/etc). i've also seen people who earn 100k/yr buying STis. it all depends on how much you put down, how long you have a loan for, what kind of rate you get, etc. leasing could also be a good option for you. you aren't buying a car with a lease, you're buying a payment, but it does allow people to drive nicer cars than they could otherwise afford.
check out the monthly payment calculator on subaru's website (most any car site or bank has these online too) and play with some numbers.
i'm currently planning on putting about $10,000 down on my STi and worst case scenario getting a 5.75% loan for 48 months and i'm expecting a monthly payment of about $455/mo. this is getting the STi for about $29.5k (a little bit above invoice.)
the rule of thumb many people use is about 25% of your income goes to taxes, 25% or less on a car/car insurance/etc. and then 25% or so on rent/morgage. figure out your current living expenses, add $500 a month for the car, 100-150/mo for the insurance from there you can figure out the monthly income you need and then figure out how much you need.
what kind of downpayment would you put on the car? how good is your credit? what are your other monthly expenses? i've seen people on different boards who earn 20k/yr and they bought an STi (of course most of them lived at home/have very generous parents/etc). i've also seen people who earn 100k/yr buying STis. it all depends on how much you put down, how long you have a loan for, what kind of rate you get, etc. leasing could also be a good option for you. you aren't buying a car with a lease, you're buying a payment, but it does allow people to drive nicer cars than they could otherwise afford.
check out the monthly payment calculator on subaru's website (most any car site or bank has these online too) and play with some numbers.
i'm currently planning on putting about $10,000 down on my STi and worst case scenario getting a 5.75% loan for 48 months and i'm expecting a monthly payment of about $455/mo. this is getting the STi for about $29.5k (a little bit above invoice.)
the rule of thumb many people use is about 25% of your income goes to taxes, 25% or less on a car/car insurance/etc. and then 25% or so on rent/morgage. figure out your current living expenses, add $500 a month for the car, 100-150/mo for the insurance from there you can figure out the monthly income you need and then figure out how much you need.
11-01-2003, 11:58 AM
#3
VIP Member
iTrader: (7)
Join Date: Jun 2003
Location: Funtown
Posts: 25,095
Car Info: A limousine with a chauffer
If you only make $20k per year and you have a kid, you should be driving a Hyundai. Seriously.
I don't mean to be a jerk, but it seems you might have your priorities a bit out of whack.
If I needed a new car, as in, my current car only has three wheels that turn, gas is leaking out the back and it catches fire every time I start it, I would buy myself a Kia or Hyundai. Not the coolest cars, but the value is pretty high and it should get you through at least 3 years pretty trouble free.
Then I'd save my money and buy a house - you know, give my kid a good place to live. Once I'd lived there for a while, gotten a better job and was making some decent cash, get a nice car then.
Don't buy and STi if you make that little - in general, you shouldn't purchase a car that's likely more than your montly income.
I don't mean to be a jerk, but it seems you might have your priorities a bit out of whack.
If I needed a new car, as in, my current car only has three wheels that turn, gas is leaking out the back and it catches fire every time I start it, I would buy myself a Kia or Hyundai. Not the coolest cars, but the value is pretty high and it should get you through at least 3 years pretty trouble free.
Then I'd save my money and buy a house - you know, give my kid a good place to live. Once I'd lived there for a while, gotten a better job and was making some decent cash, get a nice car then.
Don't buy and STi if you make that little - in general, you shouldn't purchase a car that's likely more than your montly income.
11-02-2003, 12:07 PM
#5
Registered User
Join Date: Oct 2003
Location: College Park, MD
Posts: 110
Car Info: 05 Black w/ Gold STi
sonicsuby,
thanks for having the ***** to say what i couldn't. the original poster strongly needs to read what sonicsuby says, if you are only making 20k/yr and you have a 3 year old son you should be focused on providing a good home for your family, not living out 2 Fast 2 Furious fantasies.
thanks for having the ***** to say what i couldn't. the original poster strongly needs to read what sonicsuby says, if you are only making 20k/yr and you have a 3 year old son you should be focused on providing a good home for your family, not living out 2 Fast 2 Furious fantasies.
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