I am 23, makes 57k per year pre tax. Single, no kids and with 8k debt in student loan and no credit card debt. How much should I save for a nice down payment?

 

This number is going to vary greatly from person to person. What it really is all about is what you're comfortable paying per month.

Start with your Post Tax income, then subtract all the crazy crap that you buy like clothes, gas, food, etc. Allot yourself some money for extra things here and there too.

I think you COULD afford it w/no down, but you might not be happy and be pulling the penny purse tightly for other things. I make a little more than you but (being in california) there are a lot of living expenses, and rent isn't cheap...

 

I live in Southern California but staying with parent saves me a lot of money.
I am looking for monthly probably around 350-450ish on maybe 48 months term

 

Ouch.

According to the finance caluclator

a 48 month term
6.0 APR (You could probably get this with your parents cosigning)
$38,075.00 selling price (ball park number I plugged in)

In order to get a monthly payment of $424.49

You're gonna have to pony up around $20,000.00.

Not sure what car you own, so obviously trade in value will vary.

 

I'd get my own place first and then look at having a cool car. But that's just me. Maybe your parents are awesome and don't get on your case or complain about you bringing girls home...

 

It's funny, I'm in pretty much the exact same financial situation as you. Except I live on my own in an apartment which costs me $670 a month, which I feel is expensive but is the run of the mill out here in Kansas City Burbs...

Anyway, I'm looking at either doing a 3 year lease with minimum down on the car, or a 6 year loan with nothing down on the car. I haven't yet decided what I want to do, its a very hard decision I know I can get a 5.29 % loan through pentagon as I've got a pretty good credit rating. I do have 17k in studen loans, but for the time being I'm just gonna be paying $250/mo on them.

I'm going to try and wait until Jan-March time frame to buy the car as VPP may be available to me as well as better deals in general. Maybe inf_fairfield can hook me up I wasn't really satisfied with the infiniti dealer (Singular - 1 dealer in KC ) I test drove the car and then told him I'd pay 38 flat or pay nothing at all. He was willing to think on it but then I let it slip that if he didn't match my price I'd be waiting till Jan-Mar. for VPP and he didn't want to cut a deal. They had about 10 g37's on the lot, one of which was a Blue Slate with graphite - sport/prem/spoiler... Exactly what I want.

I was thinking it's better to order your car direct from dealer who orders it from manufact. and direct ships it to you. That way you don't get some teenage punk red lining your car in the first 30 miles on a test drive. I don't know about you but I don't like the idea of someone doing that...

 

$670 a month for rent! I WISH I paid that. I'd be all over a G37 in a heartbeat!

CA realestate FTL.

 

Ya that's quite huge chunk of down payment, $400 probably is not a too realstic figure..hmmm

Well Taiwanese family have different view, rather than renting my own apartment, I rather put in a little more to get a mortage if the rate drops even more....that makes more financial sense.

Regarding bringing girl home, I said I was single :P

 

If you think 670 is alot dont move to edmonton. That might get you a room in some guys basement.

Anyway hope you get the car I am still waiting for mine and i cannot wait it is so hard. And hey you only live once get the car dame the payments.

 

And if you wanted it loaded make it 43k instead of 38k

 

Wow i wish i paid $670 a month for rent, i pay $1200 a month

 

damn..not paying for housing crew holla! still living with my parents..but sadly im going to have to pay for the car myself

 

I don't want know what my parent will say if they find out my car will run 36k lol

 

I've just turned 26, makes about around $50K/annually, bachelor, no kids. No DEBT.
Still living with parents but I cover the utilities. (they get in my case sometimes but its all good)

I'll be putting $8500 down on my G37S. (priced around 40K)
5.3% APR / 72 mos / $525 monthly + $120/mo insurance.
I chose to put $8.5K down because it will be almost the same as what I'm paying now for my FJ cruiser (515/monthly) which I put no $ down on.
This way, I can have the G, and save up in a couple years to put a decent down on a condo.

And LIFE is GOOD!!

 

That's exactly how I felt before.
When I told my dad I was planning on getting the G37, he asked how much they're going for. I said 40K.
He didn't seem surprised. He wasn't happy about it but oh well, it's my hard earned money right?!!