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Old 01-22-2025, 12:50 AM   #1015 (permalink)
redpoint5
Human Environmentalist
 
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Join Date: Aug 2010
Location: Oregon
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Acura TSX - '06 Acura TSX
90 day: 24.19 mpg (US)

Lafawnda - CBR600 - '01 Honda CBR600 F4i
90 day: 47.32 mpg (US)

Big Yeller - Dodge/Cummins - '98 Dodge Ram 2500 base
90 day: 21.82 mpg (US)

Chevy ZR-2 - '03 Chevrolet S10 ZR2
90 day: 17.14 mpg (US)

Model Y - '24 Tesla Y LR AWD

Pacifica Hybrid - '21 Chrysler Pacifica Hybrid
90 day: 38.47 mpg (US)
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Quote:
Originally Posted by Isaac Zachary View Post
Why is it when I do the 20/4/10 rule it seems the only cars I can afford are $5,000?

Math: [list][*]Over $50K/year[*]Less than $4k/month after taxes[*]That's less than $400/month for transportation costs[*]$100 for insurance, $150-$200 for fuel, $0-$50 for other costs[*]That leaves $100/month for car payments[*]After fees, taxes and everything, but with a 20% down payment, the cost of the loan itself will need to be around $5k.

2013 Nissan Versa, Here I come!
Why is insurance so high? I can get 6 months of liability insurance for $200. My full coverage for a brand new expensive Tesla is $84. Always switch insurance every year or so because they give the good rates to disloyal customers and the bad rates to "loyal" ones.

$200 in fuel should get you 2000 miles or so, which is more than the average person drives. I'd prioritize fuel economy or seek EV/PHEV if doing 2,000/mo.

Good friends would provide a low/zero interest loan. I loaned 1 friend $50k for years with a low simple interest (his proposal). Purchased a $7k vehicle for another friend and charged no interest assuming either a very long repayment, or no repayment. During the WuFlu she paid it all off from the overtime she worked.

I spoke with a guy recently who drives busses for his steady income, and has his own janitorial business on the side that is doing well. I'd say this is the right economy to try side-hustles that become the main revenue source. When new Taco Bell workers are earning $18/hr, you know there's money to be made for any independent service.
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