Forum: Advice / Cars & Driving

I keep confusing myself - figuring out payments etc.
By majeremember has saluted, click to view salute photosPremium member
On Wed Jul 22, 2009 08:29 PM
Edited by majere (186163) on 2009-07-22 21:14:57
Locked by majere (186163) on 2009-07-22 23:20:06 Question answered. Plus it was a "that looks awesome, how much would it cost" sort of thing.

This might go better in money matters but...

This is an entirely hypothetical situation. I won't do it unless it seems feasible.

Okay, I really want the 2010 Chevrolet Camaro TRANSFORMERS Special Edition. :) It's what ever 2010 camero (LS, 1LT etc.) plus an extra $995.

I'd only want the cheapest which is $23,040. With the extra it'd be $24,035.

Now, I only work 10 hours a week at minimum wage. So I make $65 a week and get paid every 2 weeks ($130) so that means approx $260 a month

And that's where I start confusing myself. I am not good at math.

If I paid half of what I earned a month - $130 how long would I be paying for that car?

Another thing to consider I have two student loans (one subsidized and one unsubsidized). v.v I'm confused.

8 Replies to I keep confusing myself - figuring out payments etc.

re: I keep consusing myself - figuring out payments etc.
By Felsamember has saluted, click to view salute photosPremium member
On Wed Jul 22, 2009 08:47 PM
Well I went on the website and got the calculator

www.chevrolet.com . . .

If you do 72 months you have to put in at least $310 dollars a month with no down payment and an interest rate of 10%
re: I keep consusing myself - figuring out payments etc.
By majeremember has saluted, click to view salute photosPremium member
On Wed Jul 22, 2009 08:59 PM
Edited by majere (186163) on 2009-07-22 21:01:06
Felsa wrote:

Well I went on the website and got the calculator

www.chevrolet.com . . .

If you do 72 months you have to put in at least $310 dollars a month with no down payment and an interest rate of 10%


How did I manage not to see that XD

edit - I have a little over $700 I could use as a down payment
re: I keep consusing myself - figuring out payments etc.
By Felsamember has saluted, click to view salute photosPremium member
On Wed Jul 22, 2009 09:01 PM
No worries. I did the same thing when I was debating if I should but new or used. I was using my calculator to do the math and then after searching the sites I found that all the websites have calculators. They are fun to play with ha ha.
re: I keep consusing myself - figuring out payments etc.
By majeremember has saluted, click to view salute photosPremium member
On Wed Jul 22, 2009 09:09 PM
Okay, so I could have a down payment of $738. Pay $355 a month for 72 months (which is technically doable because my parents give me $20 a week). And live off of my parents and friends during the school year. Of course I could get a job in the summer and pay a bit more than $355.

Hmm...
re: I keep consusing myself - figuring out payments etc. (karma: 1)
By KiwiMoomember has saluted, click to view salute photos
On Wed Jul 22, 2009 09:21 PM
Edited by LittleMooMoo (54505) on 2009-07-22 21:23:40
Edited by LittleMooMoo (54505) on 2009-07-22 21:23:58
Even with 0% interest, you'd pay your car off only after FIFTEEN years.

Car payments sound enticing, because it seems it's so little money... what most people forget is that interest rates are usually calculated on a yearly basis, so a 10% yearly interest rate is a actually a HUGE amount of interest you'll be paying off in the long run.

Also, if you can't pay off your car, based on what you're earning RIGHT NOW, in less than 5-6 years, you should very much reconsider the car you want to buy. There are fantastic, second-hand cars you could get for a fraction of the cost of a new car, and which won't leave you further in debt, especially if you're also carrying two student loans.

Seriously, this is not at ALL feasible. You'll have time in the future to get the car you want. Right now, focus on getting what you NEED. Many DDN members have purchased second-hand cars and have had great experiences, which I'm sure they'd love to share.

Buying a new car is a HUGE investment. Have you considered how much repairs will cost, on top of your monthly payments? Gasoline? Insurance?

Find a cheaper car. Like, WAY cheaper. Or seriously reconsider if you can afford ANY car at all, and if you actually need it to get around.

Edit: Just saw your most recent post. 72 months = 6 YEARS. I REALLY don't think you've thought this through.
re: I keep confusing myself - figuring out payments etc.
By majeremember has saluted, click to view salute photosPremium member
On Wed Jul 22, 2009 09:26 PM
LittleMooMoo wrote:

Even with 0% interest, you'd pay your car off only after FIFTEEN years.

Car payments sound enticing, because it seems it's so little money... what most people forget is that interest rates are usually calculated on a yearly basis, so a 10% yearly interest rate is a actually a HUGE amount of interest you'll be paying off in the long run.

Also, if you can't pay off your car, based on what you're earning RIGHT NOW, in less than 5-6 years, you should very much reconsider the car you want to buy. There are fantastic, second-hand cars you could get for a fraction of the cost of a new car, and which won't leave you further in debt, especially if you're also carrying two student loans.

Seriously, this is not at ALL feasible. You'll have time in the future to get the car you want. Right now, focus on getting what you NEED. Many DDN members have purchased second-hand cars and have had great experiences, which I'm sure they'd love to share.

Buying a new car is a HUGE investment. Have you considered how much repairs will cost, on top of your monthly payments? Gasoline? Insurance?

Find a cheaper car. Like, WAY cheaper. Or seriously reconsider if you can afford ANY car at all, and if you actually need it to get around.


Thanks. Actually, my parents would try to kill me if I really tried to buy this car.

My current car is pretty good and has good mileage.

Fifteen years? Wow. did not know that about the interest rate. I'll probably wait until I graduate college to get a new car, then.
re: I keep confusing myself - figuring out payments etc.
By KiwiMoomember has saluted, click to view salute photos
On Wed Jul 22, 2009 10:20 PM
I'm glad you're seeing the absurdity of investing so much money in something you so obviously can't afford.

As a final note, I got the fifteen years through a simple operation.

You can pay $130/month. You need to pay $24,035. Simply divide 24035/130, and you'll get the amount of months it will take to pay it off. Divide again by 12 (12 months in a year), and you get the amount of years.

This is BASIC math. Saying you're not good at math is NO excuse, ALL people must have a basic knowledge of how to manage their finances. It will save you a lot of trouble in the long run, trust me.
re: I keep confusing myself - figuring out payments etc.
By majeremember has saluted, click to view salute photosPremium member
On Wed Jul 22, 2009 10:27 PM
LittleMooMoo wrote:


You can pay $130/month. You need to pay $24,035. Simply divide 24035/130, and you'll get the amount of months it will take to pay it off. Divide again by 12 (12 months in a year), and you get the amount of years.

This is BASIC math. Saying you're not good at math is NO excuse, ALL people must have a basic knowledge of how to manage their finances. It will save you a lot of trouble in the long run, trust me.


Ah, that does make sense.

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