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First time possible car buyer

Old 04-25-2016, 07:25 PM
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Donoald
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First time possible car buyer

Not sure if this is the right place to post this but here goes.

So, I may be taking a loan from the bank to possibly buy an Infiniti G37 S, Problem is, I can't find many under 30k miles for less than $28k here in Philadelphia and I really want this car but financial concerns put me in a tough spot, I'm pretty anxious and paranoid about things so let me just throw my financial problems here if it helps, I currently make $25 an hour, which every 4 weeks would be 3,430, negate $1,138 which is my monthly bills combined, and I would have $2,292 leftover it seems, could I really afford a $28k car? Honestly it obviously seems like I could afford the payments plus maintenance etc but it's more like I need clarification. My friends and family keep telling me good luck living in your car etc and to buy something ****ty but if my money is going into a car I want it to be something I love, I was also looking at the Q60 but that's pretty expensive as well, and I also doubt my bank would throw me $28k for a car. Any help or other recommendations in cars would be appreciated, I seem to stick with cars around or above 300hp. Maybe I'm being too picky. I'm also 21 btw


TL;DR
want to take loan to buy $28k car
make $25 hr, After bills have $2,292 leftover
can afford?
any other cars?
help )=
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Old 04-25-2016, 07:34 PM
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Originally Posted by Donoald View Post
Not sure if this is the right place to post this but here goes.

So, I may be taking a loan from the bank to possibly buy an Infiniti G37 S, Problem is, I can't find many under 30k miles for less than $28k here in Philadelphia and I really want this car but financial concerns put me in a tough spot, I'm pretty anxious and paranoid about things so let me just throw my financial problems here if it helps, I currently make $25 an hour, which every 4 weeks would be 3,430, negate $1,138 which is my monthly bills combined, and I would have $2,292 leftover it seems, could I really afford a $28k car? Honestly it obviously seems like I could afford the payments plus maintenance etc but it's more like I need clarification. My friends and family keep telling me good luck living in your car etc and to buy something ****ty but if my money is going into a car I want it to be something I love, I was also looking at the Q60 but that's pretty expensive as well, and I also doubt my bank would throw me $28k for a car. Any help or other recommendations in cars would be appreciated, I seem to stick with cars around or above 300hp. Maybe I'm being too picky. I'm also 21 btw


TL;DR
want to take loan to buy $28k car
make $25 hr, After bills have $2,292 leftover
can afford?
any other cars?
help )=
Welcome to the site, try spreading your search a bit, should be able to find one in the $22k range depending on year without too much trouble, and going up a bit in miles shouldn't be a deal breaker as these are very reliable cars for the most part. That extra $6k should get you feeling a bit more comfortable.
G/L
Brad
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Old 04-25-2016, 07:51 PM
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G37sGraphite
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Lets see:

To calculate your debt to income ratio, determine your monthly debt payments and divide it by your gross monthly income. A healthy debt to income ratio is no more than 36%.

Of the $1138 ( make sure that this is correct seems like a fairly small amount on expenses?? ) how much is your home payment, credit card and any recurring debt. Not food entertainment, utilities etc etc. ONLY debt. ?

I am guessing your rent and debt payments are probably 600 to 750? or less? Be honest with yourself and make sure your debt payments are around this amount.

If you buy a car for 30K interest rate at 7% 5 year loan it will cost approximately 590.59 per month. So we will round it up to 600 bucks.

So 750 + 600 = 1350 now divide this by gross income which is approximately 4000 per month.

1350/4000 = 34% This is your debt to income ratio. It is lower than the agreed upon 36% so you should be in fine shape to afford.

I am a licensed Certified Financial Planner this is a simplified analysis but unless you plan on getting married and having children and getting a house payment in the near future etc etc. you should be fine...

Of course getting a good deal should be a major concern ....I purchased a 2013 G37s with only 18k miles for 25,500 so I know you can do better than 28k!

Last edited by G37sGraphite; 04-25-2016 at 08:17 PM.
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Old 04-25-2016, 08:16 PM
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Lets take a look at your savings rate ratio: Should be around 12 to 15% or more if possible. If you can save this from now on until your retired you will save more than the majority of people on earth so include this as a necessary.....

So we take your annual savings/annual income ( not gross in this ratio but net)

6,600 (550 per month savings) / 41,000 your net income approximately =16%

So your bills would be 1,138 + new car payment at 600+ 600 savings = 2338.00 leaving you and extra 1092.00 ....

Say you save 600 per month for the next 20 years and only earn 8% you will have about 350,000 in the bank at age 42. Buy an index fund and drop this in .....or if your company has a 401k have it debited from your check before taxes and hopefully they do some matching too and you will have even more than I calculated....

If you can afford the savings of 600 and the car payment of 600 your in good shape and the ratios say you can so good luck!

Just dont get married to a gold digger who wants 3 kids, a house and a new car and you will be okay.

Last edited by G37sGraphite; 04-25-2016 at 08:38 PM.
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Old 04-25-2016, 08:36 PM
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^^^ I think the short version of that was Yes, provided you continue to live within your means. Nice analysis!

Also at 21 and buying a luxury sports car I'd call your insurance agent because that could be a decent size payment for you. You don't want to buy the car and then realize your insurance payment puts you in an uncomfortable financial position.

I'm near Harrisburg and bought my '13xS coupe with 27k miles for under 25k not too long ago. Be patient and look around you'll find what your looking for. Do you want Coupe or Sedan, 6MT or 7AT, any particular options/colors you want? There are a lot of helpful people on this site who keep their eyes out for G's. Seems that there are a good amount of us in the PA, NJ, NY, MD area too so they may be able to help you out. Good luck, hope you join the G family soon!
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Old 04-25-2016, 08:49 PM
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Thanks for the replies guys, currently I'm at ease of the situation and feel a little more confident and I plan to save for 4 months so I can put a nice down payment on the car, at least 10k. Currently Looking for a black G37 S Coupe '11-13. I really don't care about the NAV and all that but I'm pretty sure I'd have to get that regardless. Not sure how insurance quotes work but apparently at my age my insurance would be $300 apparently, so it says which is weird I'm sure it's more, but so far thanks for the replies again.

Last edited by Donoald; 04-25-2016 at 08:58 PM.
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Old 04-25-2016, 11:56 PM
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Originally Posted by Donoald
Thanks for the replies guys, currently I'm at ease of the situation and feel a little more confident and I plan to save for 4 months so I can put a nice down payment on the car, at least 10k. Currently Looking for a black G37 S Coupe '11-13. I really don't care about the NAV and all that but I'm pretty sure I'd have to get that regardless. Not sure how insurance quotes work but apparently at my age my insurance would be $300 apparently, so it says which is weird I'm sure it's more, but so far thanks for the replies again.
Make sure to get quotes from all he major companies, at first Geico gave me the bets quote now I have Allstate and they beat it!
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Old 04-26-2016, 01:27 AM
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JeffG37x
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Originally Posted by Donoald View Post
I seem to stick with cars around or above 300hp. Maybe I'm being too picky. I'm also 21 btw
21 yrs old and only drive cars above 300hp
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Old 04-26-2016, 02:11 AM
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We have a G's for sale thread here you can search through...

G's FS - MyG37

Also I'd definitely consider the following sites for when purchasing a vehicle...

www.cars.com

New Cars, Used Cars - Find Cars for Sale and Reviews at Autotrader

Used Cars, New Cars, Reviews, Photos and Opinions - CarGurus
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