"Wobbles the Mind" (wobblesthemind)
02/20/2018 at 09:49 • Filed to: Car Buying
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"Wobbles the Mind" (wobblesthemind)
02/20/2018 at 09:49 • Filed to: Car Buying | 2
| 17 |
We here at the Wobbles Institute of Data Extrapolated Without Research — or WIDER since no one pays attention to that second dubya — have created a 100% mostly accurate three step process that determines the answer to, “How much should my car payment be?” Rather than be snarky and hit you with an unsolicited life lesson from another Institute of DER, we at WIDER believe in answering the question you wanted answered. This sentence is only here for transition.
1. Take your net weekly pay. That’s the actual amount of money deposited into your bank account or cashed into your hands after taxes and deductions.
Examples:
A. $300 net weekly
B. $600 net weekly
C. $1,200 net weekly
D. $2,400 net weekly
2. Multiply that number by 0.80. WIDER has determined that all people globally are most satisfied when placing 80% of their net weekly pay towards a car or some other stuff, but mostly car stuff.
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Examples:
A. $300 × 0.8 = $240 monthly (CPay + Ins.)
B. $600 × 0.8 = $480 monthly (CPay + Ins.)
C. $1,200 × 0.8 = $960 monthly (CPay + Ins.)
D. $2,400 × 0.8 = $1,920 monthly (CPay + Ins.)
3. Subtract your monthly insurance. If you pay your insurance in full then you can consider your monthly insurance payment to be $0 for as long as you continue to pay in full. We will vary the insurance payment in the next examples.
Examples: (CPay + Ins) - Ins = CPay
A. $240 - $120 = $120
B. $480 - $160 = $320
C. $960 - $220 = $740
D. $1,920 - $340 = $1,580
You will be left with just the monthly car payment at this point and the answer you wanted to the question you asked.
...
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Oh, you’re still here?
I betcha wanna know how much car your payment gets ya, right? Lemme put my khakis back on since I wanna keep this all professional and stuff.
!!!error: Indecipherable SUB-paragraph formatting!!! I could find within the first 6 results on Google. Simply enter the monthly car payment that we found in Step 3, an interest rate, and finally how long you want the loan to be in terms of years. Those three points of information will collaborate into some type of math and yield the solution to your quandary.
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Examples: PAYMENT | APR | TERM | = CAR
A. $120 month | 4 APR | 5 years | = $6,515.89
B. $320 month | 3.5 APR | 7 years | = $23,809.79
C. $740 month | 3.19 APR | 6 years | = $48,433.04
D. $1,580 month | 2.89 APR | 5 years = $88,170.38
Have fun playing with that and stay tuned for more WIDER topics including how much to spend on a project, modifications, multiple vehicles and so on because this money is always going somewhere.
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fintail
> Wobbles the Mind
02/20/2018 at 09:53 |
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I’ve found I can get a lot more car if I finance for 180 months.
Rustholes-Are-Weight-Reduction
> Wobbles the Mind
02/20/2018 at 10:01 |
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Wow, I wouldn’t expect a Q60 in Cuba!
AkursedX
> Wobbles the Mind
02/20/2018 at 10:03 |
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Hmm, it was nice seeing this. Right now my wife’s and my payments are $500 below the threshold number that your formula comes up with. I’ve been car shopping and looking at things that will boost my payment by 100-200/month which would still keep me below that number. I’ve been up in that range before and had no issues, but I’ve been stressing about doing it again for no other reason than thriftiness.
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Wobbles the Mind
> fintail
02/20/2018 at 10:04 |
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*Checks* ...well would you look at that! Owing money for longer will allow you to own more with the more money you’re paying in order to own what you dont own. It’s genius but seems a bit unstable. Thankfully no economic systems would ever find themselves using this for their foundation.
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AkursedX
> AkursedX
02/20/2018 at 10:06 |
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And I love basing decisions on unverified, unbacked research on automotive blogs!
Neil drives a beetle and a fancy beetle
> Wobbles the Mind
02/20/2018 at 10:07 |
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You just quadrupled my car budget. Thanks!
Take that education loans and child care costs.
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fintail
> Wobbles the Mind
02/20/2018 at 10:07 |
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And as I live in an area where normal or even above average income (single) working people can’t afford houses within reasonable commuting times, no house mortgage means I can get a car mortgage! Maybe the automakers can bribe the government like the brave hardworking heroes in the housing/finance industry, and make interest deductible.
random001
> Wobbles the Mind
02/20/2018 at 10:55 |
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Lol!
....shit....
nerd_racing
> Wobbles the Mind
02/20/2018 at 10:57 |
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Hrm. That makes it higher than I’d currently be comfortable with...
Future next gen S2000 owner
> Wobbles the Mind
02/20/2018 at 10:59 |
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Dear Wobbles,
I give all my money to those less fortunate them me, namely Ash78. (Have you seen how low he has fallen with those daily wipes? Poor, poor soul) How can I get my sweaty turd cutter into an awesome Viper and/or a next gen S2000?
Yours truly,
me
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Wobbles the Mind
> Future next gen S2000 owner
02/20/2018 at 11:09 |
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Dear Yours truly, me,
The trick is to not look at what is a Viper or S2000 in form but what is a Viper or S2000 in spirit!
NA Miata my friend. The sportscar, condensed!
Eric @ opposite-lock.com
> Wobbles the Mind
02/20/2018 at 11:10 |
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Uh, I just did the math. You think we should be putting 20% of our monthly income toward transportation?!
I don’t think this is a good plan, but fun to imagine.
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Wobbles the Mind
> Eric @ opposite-lock.com
02/20/2018 at 11:13 |
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You can only eat so much but you can always drive more!
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Eric @ opposite-lock.com
> Wobbles the Mind
02/20/2018 at 11:18 |
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You gave me visions of AMG G-wagens, just so you know.
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Eric @ opposite-lock.com
> nerd_racing
02/20/2018 at 11:21 |
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I bet this would, too:
ranwhenparked
> Wobbles the Mind
02/20/2018 at 18:12 |
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Dave Ramsey’s answer:
$0. Never borrow money for any purpose, ever.
You want a house? Wait until you save a few hundred grand, maybe rent a single wide trailer for several decades until then.
You want a car? Buy one with the spare change under your couch cushion. What’s that? Your job requires you to have reliable transportation? Well, then, quit and find a job that doesn’t.
Hotels and rental cars always require credit cards? Well, then stop traveling for any purpose, including business.
Pistol Whipped Cream
> Wobbles the Mind
02/20/2018 at 18:16 |
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Very insightful. I hope to never have a car payment again... Paying that last bit off was the best feeling.