Is $400/mo too much of a car payment for me? - I am currently taking home ~$1200 every other week after taxes and 12% into my Roth 401k. My rent + utilities comes out to $1000-$1050 per month. No kids. No other loans or large recurring expenses besides normal food/gas/etc. 33/M. Insurance would be $130/mo.
I've been riding out an old 99 Mercury beater car. The engine gave out and the cost to repair far exceeds the value of the car. I wanted to get something that was nicer for once. The most I've ever spent on a car was $6000.
It's this a bad idea? I used to be a mechanic (no access to a lift and limited tools now) so routine maintenance and minor repairs I can take care of.
Edit: actual biweekly take home pay is $1322. The amount financed is $16000 (after the down payment) @7% APR over 48 monthsPersonal Finance
Is $400/mo too much of a car payment for me? - I am currently taking home ~$1200 every other week after taxes and 12% into my Roth 401k. My rent + utilities comes out to $1000-$1050 per month. No kids. No other loans or large recurring expenses besides normal food/gas/etc. 33/M. Insurance would be $130/mo.
I've been riding out an old 99 Mercury beater car. The engine gave out and the cost to repair far exceeds the value of the car. I wanted to get something that was nicer for once. The most I've ever spent on a car was $6000.
It's this a bad idea? I used to be a mechanic (no access to a lift and limited tools now) so routine maintenance and minor repairs I can take care of.
Edit: actual biweekly take home pay is $1322. The amount financed is $16000 (after the down payment) @7% APR over 48 months
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