How big of a car loan is too big? I feel like the new Miata 2017 could really improve my life quality

You think OP thought the car would be free?

Find one for under 30k. Put 10k down. Finance for no more than 60 months

Only 46k at SGT?

We really need to fix this bullshit.

kek why? they sit on their ass and eat donuts where I live

Not all of them are donut eaters though user.

Why not get one a year old? Figuring a 20% depreciation hit for first year, pretty good chunk of change.

Holy fuck are you stupid or did you switch jobs or lose your overtime?

Does that 800 include insurance at least?

City cops have it BAD, county cops always have a higher budget and better pay even though they really do only eat donuts idley

I got laid off 12 days from my initial start date at an engineering job that paid $60k/year. I managed to get a CAD job that pays $50k/year. I went from netting $1,400/month to $700/month. I learned why you don't make important life decisions before you've worked at a company for awhile.

I took out a $37k 4 year loan at 0.9% APR for a CPO luxury vehicle. The insurance is $150/month. I don't have student loans so I was hoping to build enough credit/payment history for a house mortgage in the future. If I manage to get a standard engineering position, I'd be able to pay off the car in 2 years.

All the towns around here publish the salaries of public workers in the annual report which is great for autists like me that actually read them. I live in a fairly wealthy suburban part of New England (high as fuck property tax too) and police salaries seem to be fairly conservative averaging around $80,000 but some of the seniors are making around $120,000ish.

And i know for an absolute fact that their jobs are easy as shit. I check the arrest logs too and can see the time between every single event the cops do for that day including traffic tickets, 911 calls, arrests, etc.... and there are solid 6 hour stretches with absolutely no activity on many days. during the night, forget about it. it's completely dead from 9pm - 6am usually.

those guys are living the good life.

ats nothing

i make more than that in a day probably

>$80,000 but some of the seniors are making around $120,000ish.
WHAT THE FUCK
Since when are police being paid that well? It's too bad you're in fucking New England.

One thing that I've never seen mentioned on Veeky Forums (only been browsing for 3 months at most)

Is that when you buy new, you can order a vehicle with the options you want. I'm sure it's likely that there might be a vehicle you'd buy anyways, but the dealers tend to order options that would sell the most in that area -- which would generally appeal to normies (infotainment).

I'm kind of sick of seeing trucks without bedliners 2bh. (Oh well I guess.)

I bought an ND and make some hefty payments every month but godam the car is so worth it. I have so much fun just driving it around the neighborhood. It is a really fun car, even engineeringexplained recently made a youtube video review for sports car and he picked the ND as the most funnest car. Buy it, will definitely put a smile on your face.

Seriously this is true.

Whenever I feel shitty i go out on a drive and instantly feel better.

>I learned why you don't make important life decisions before you've worked at a company for awhile.

You learned why debt is awful, and why building up a savings buffer allows you to weather these events much better.

I love cool cars as much as anyone, and I finance them when I can get 0%. I've had some nice ones. But in my 20s I learned driving a cool sporty car kind of sucks when you're eating Ramen 3 days per week. Now I buy new cars with cash or 1-2 years finance at 0.9% finance rates.

People will tell you to buy used cars, and yes it makes sense. But if you're going to buy new (and I understand the appeal) at least don't let it dominate your finances for the next 4-8 years. SAVE UP.

wow op you seriously need a life.

does the idea of financing a car scare anyone else?

i don't even think i'd enjoy the car because it's not even mine. i wouldn't drive it as hard as something i bought off of craigslist, which to me sucks because i love beating on my car.

a way to keep costs down is to lease-to-buy
it costs more total, but you essentially get two loans to buy the car. The lease, then post lease loan.

Do what all the smart folks are going to do: wait 3-4 years for depreciation to shave 10k off the cost of a second hand one and then buy that.

I find this offensive.
As a hairdresser, I have way more taste than that homomobile.

If you need to get a loan and it takes 6 years to pay it off, you can't afford the car.

I've been leasing cars now for 6 years and I'm enjoying it. Getting a brand new car every 3 years is nice. I have my sports car already so for me, the leased car is simply a work commute vehicle.

Financing builds credit so there's a silver lining. Just don't get raped on rates like most of Veeky Forums.

Rules I go by are no more than 75% of your gross yearly. Finance out to whatever you want, make double payments etc. Early payoff isn't that much.

>How big of a car loan is too big?

The principal of the loan doesn't matter. Anyone that say there is some rule of how much of a percentage of your income you should spend on a car is retarded. It simply depends on your credit and desires.

How much you pay in interest is what matters. That depends on the loan term and the rate.

0.9% for 10 years is pretty much paying the same or less than you'd pay in cash. It's actually a discount.
1.9% for 5 years is perfectly fine. You're paying an extra few hundred dollars due to the loan, maybe.
3% for 8 years is paying a fuckload of interest, and you shouldn't get more than a 3-4 year loan at that rate.

Put them in a loan interest/principle APR calculator for the amount.
If you can afford the monthly payment and aren't throwing away too much extra money giving it to the bank on the interest, you're fine no matter the actual cost of the car.

And put down a lot in down payment. 25-35%. Unless you plan on defaulting on the loan, ruining your credit, and having the car repod, anyway.