iamaweirdguy

iamaweirdguy t1_jeer4va wrote

Reply to comment by Silent-Speech-232 in Is a $500 car payment too much by [deleted]

$800 a month is extremely low. Can you give a quick breakdown of those expense amounts (rent, utilities, insurance, etc)

Is your credit score like in the 500-600s? Take out a credit card and start using it and paying it.

The 13% interest is killer. You’d be paying a lot extra by the end of the loan. Is it possible to look for a cheaper car or use a large down payment?

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iamaweirdguy t1_jeeozyq wrote

Reply to comment by Mac_McAvery in Is a $500 car payment too much by [deleted]

Giving a set dollar amount doesn’t really make much sense here. What matters more is the interest rate and terms of the loan, your income, and your expenses.

Some people can afford much more than $250 a month. Some can’t afford a car payment at all.

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iamaweirdguy t1_jeeoman wrote

Reply to comment by tharesabeveragehere in Is a $500 car payment too much by [deleted]

I mean in pretty much every case you’re going to have paid more by the end of the loan than what the car would be worth by then.

OP just needs to look at the interest rate. It’s too high. If their credit is shit, look for a cheaper car that they can buy cash (they should have plenty of cash on a $3200 salary with $800 expenses)

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iamaweirdguy t1_jeatm20 wrote

Reply to I make 42k and I work from home 4 out of 5 days a week. I signed a 60k offer onsite 23 miles there and back 45 min, 45 min back. Does this make any sense? by RemarkableCell1859

The gas and wear and tear on the vehicle can add up as well. Depending on gas mileage of the vehicle you can be looking at 2k a year in gas and quite a bit of wear and tear, changing tires earlier, more maintenance, addition depreciation because of extra mileage (2k+ miles)

I’d factor in somewhere in the 3-4k range for vehicles expenses based on all that, which brings your take home pay down.

Also, factor in whether you want to actually work in person or prefer WFM. This can make a big difference in your personal happiness.

Lastly, look at the future potential of both opportunities. Is there more room to move up at your current job? Have you tried asking for a raise? Maybe let them know you got an offer for 60k and are considering it, but that you prefer to stay if they can make a better offer (this depends on your relationship with them). You’d be surprised what a company would do to keep you, given that you provide them value.

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