[SLAYER79]

Hello there so I make about 3K a month after taxes and I live with my parents, I only pay $100 a month for rent and about $400 a month on takeout. Other than that I have no other expenses. Can I afford a used hellcat charger? Or at least a used 392 scat pack? Thanks

 

[PolePosition]

Honestly, the question is too subjective to receive any meaningful answer, but I would say no. In my subjective opinion, it’s better to be a young man with your own place and a cheap car than a guy with a hot car living with his parents. Nevertheless, if you really want a specific answer you have to start by finding an actually existing car you want and like, finding out the details and price, and then you can ask a question like the following:

Can I afford to pay $20,000 over 3 years for a 2015 Charger Scat Pack in rough condition with 180,000 miles, given that I earn $2500 a month net after rent and takeout?

Now that’s a question we can figure out.

Good luck to you!

 

[SLAYER79]

Honestly, the question is too subjective to receive any meaningful answer, but I would say no. In my subjective opinion, it’s better to be a young man with your own place and a cheap car than a guy with a hot car living with his parents. Nevertheless, if you really want a specific answer you have to start by finding an actually existing car you want and like, finding out the details and price, and then you can ask a question like the following:

Can I afford to pay $20,000 over 3 years for a 2015 Charger Scat Pack in rough condition with 180,000 miles, given that I earn $2500 a month net after rent and takeout?

Now that’s a question we can figure out.

Good luck to you!

Ok got it then here is my new question

Can I afford to pay $51000 over 6 years for a 2015 Charger Hellcat in great condition with 30000 miles, given that I put a 15000 down payment and earn $2500 a month net after rent and takeout?

or

Can I afford to pay $38000 over 6 years for a 2018 Charger Scat Pack in decent condition with 40000 miles, given that I put a 10000 down payment and earn $2500 a month net after rent and takeout?

I got my scat pack and hellcat information from Cargurus

 

[SLAYER79]

Ok got it then here is my new question

Can I afford to pay $51000 over 6 years for a 2015 Charger Hellcat in great condition with 30000 miles, given that I put a 15000 down payment and earn $2500 a month net after rent and takeout?

or

Can I afford to pay $38000 over 6 years for a 2018 Charger Scat Pack in decent condition with 40000 miles, given that I put a 10000 down payment and earn $2500 a month net after rent and takeout?

I got my scat pack and hellcat information from Cargurus

 

[PolePosition]

Auto Price: $51000
Loan Term: 72 months
Interest Rate: 4.5%
Down Payment: $5000
Trade-in Value: $0
Your State: Florida (Guess)
Sales Tax: 7% (Guess)
Title, Registration and Other Fees: $1400 (Based on my experience)


Monthly Pay: $571.47
Total Loan Amount $36,000.00
Sale Tax $3,570.00
Upfront Payment $19,970.00

Total of 72 Loan Payments
$41,145.49
Total Loan Interest $5,145.49
Total Cost (price, interest, tax, fees) $61,115.49

 

[PolePosition]

Auto Loan Calculator

Free auto loan calculator to determine the monthly payment and total cost of an auto loan, while accounting for sales tax, fees, trade-in value, and more.

www.calculator.net

 

[PolePosition]

Auto Price: $38000
Loan Term: 72 months
Interest Rate: 4.5%
Down Payment: $10000
Trade-in Value: $0
Your State: Florida
Sales Tax: 7%
Title, Registration and Other Fees: $1400

Monthly Pay: $444.47
Total Loan Amount $28,000.00
Sale Tax $2,660.00
Upfront Payment $14,060.00

Total of 72 Loan Payments
$32,002.04
Total Loan Interest $4,002.04
Total Cost (price, interest, tax, fees) $46,062.04

 

[PolePosition]

The newer Scat Pack would be your better bet, not because the payments are less, but because most banks won't do 72 months on a 6+ year old car.

 

[PolePosition]

That leaves you with ~$2000 left over. Now there’s:

Car expenses:
GAS (All CAPS deliberate)
Insurance
Maintenance
Repairs
Consumables (tires, brakes, fluids, etc.)
Permit for on campus parking
Mods (You know you want too!)

Your other expenses:
Clothes
Going out
Dating
Gifts for others on special occasions
Health insurance
Savings
Other things you want to buy, etc.

It adds up quick.

 

[SLAYER79]

Yes it sure does, but do you think Its doable? I’m willing to make sacrifices.

 

[PolePosition]

I’m really not trying to be mean. I was you. The best advice I can offer is buy a reliable car for cash and work on being self-reliant and independent, because this is the key to autonomy and genuine freedom. If you are going to indebt yourself, do it for the things that will increase your power and limit the control and influence of others over you. When everything you earn goes to paying for your expenses then you become an economic slave to your employers. You must tolerate injustice and disrespect at work because you can’t afford to quit. You can’t pursue a better opportunity because you cannot sustain a prolonged interruption in your income. “Most people live lives of quiet desperation.” If I can offer you any advice to spare you from this fate—I certainly will.

 

[SLAYER79]

I’m really not trying to be mean. I was you. The best advice I can offer is buy a reliable car for cash and work on being self-reliant and independent, because this is the key to autonomy and genuine freedom. If you are going to indebt yourself, do it for the things that will increase your power and limit the control and influence of others over you. When everything you earn goes to paying for your expenses then you become an economic slave to your employers. You must tolerate injustice and disrespect at work because you can’t afford to quit. You can’t pursue a better opportunity because you cannot sustain a prolonged interruption in your income. “Most people live lives of quiet desperation.” If I can offer you any advice to spare you from this fate—I certainly will.

Thank you for your advice I appreciate it. And your right, I should become financially independent first before even looking at these cars. I will certainly take this into consideration before making my final decision. Thank you for your help!

 

[hellinnj]

Buy a house, even if it's a condo. you'll be way better off in the end.

hellcats/scatpacks are fun and all, but that money will disappear and be eaten up.

Just a frame of reference, I know it was a different time 22 years ago....I was making about the same, living with my parents. I could not stay there after 5 years away at college. Bought a nice 2 bedroom condo for $65k. Met someone who would be my great wife. In two years sold for a $30k profit. Moved all of that to another house, without touching any of my other savings. Lived there for two years and made $100k. moved all of that without touching savings. sitting on a huge equity nest egg now.

Have fun things to drive now, most recently a 2019 scat pack, then a 2020 scat pack, and now a 2021 Hellcat on order.

I think your mind is made up, but don't rush cars. Get yourself living comfortably, with growing assets. Then buy the fun.

 

[Zman36]

Agree with all of the above. Have enough to live on your own, have no debt, and make sure financially that it works. You have to forecast how ever many years you're going to take a loan. If 5 or 6 years, think of what expenses or life changes may come up in that time and what that would mean owning a car this expensive. The last 5 years for me was marriage, house, and kid lol, lots of expenses. From there it's up to you.

If you've never had anything close to hellcat fast, I would start with a scat.

Best

 

[baabootoo]

Did anyone say no yet???????????

 

[HemiMetal]

Have you factored in insurance, gas (you'll be buying a lot) or maintenance, especially for a used Hellcat or SP? You're also assuming your situation will be static for the next 72 months where you live with your parents paying $100 a month in rent and $400 for takeout. What happens if things change? Life happens, and it happens at the most inopportune and inconvenient moments. What happens if you want to move out? What if you want to take a vacation, go to a concert, spring break, travel, or meet a girl who wants to do all of those things?

Own the car, don't let it own you. Best of luck!

 

[SRTCVO]

Dude, seriously?

Hellcat Operation Cost For One Month

The title basically explains it. How much does it cost to operate your hellcat for 1 month? This includes car payment, insurance, gas, break pads, oil, tires, etc.

www.hellcat.org

 

[Big Swede]

It’s doable but if you don’t you could be set up for a much easier life.

I was in your position once and since I was working nights I lived at home until I was 27. It allowed me to save a huge chunk to put down on a house which made life a breeze after that.

No PMI insurance ever paid by me.

 

[Rockster]

Hello there so I make about 3K a month after taxes and I live with my parents, I only pay $100 a month for rent and about $400 a month on takeout. Other than that I have no other expenses. Can I afford a used hellcat charger? Or at least a used 392 scat pack? Thanks

While you have no other expenses you should be setting aside some of your take home pay for just in case you get laid off. Hey, it happens. With money saved you can sustain your self until you find a new job. And with savings you don't have to take just any old job.

Also, you need to save for a house. Mom and Dad won't be around forever you know.

Plus you need to have around 10% of the cost of the car in savings for use just in case the used car develops a problem. Even a set of rear tires can run nearly $700+. My Hellcat developed a puncture and just like that I had to replace both rear tires.

Given the numbers I think a Hellcat (and so too is the Scat Pack) is really out of your reach unless you want to throw caution to the wind and I don't recommend this. If you suffer even a small interruption in income you get behind in car payments and that's not good. A repossessed car on your credit report affects how much credit costs you going forward, how much you pay for insurance, and can even affect your employment. Some employers rely -- rightly or wrongly -- on a job applicant's credit history when considering the person for a job.

My opinion is one good sign you can afford something like a Hellcat or Scat Pack is if you can pay cash for the car and in doing so not in any material way affect your life style. IOWs for example you don't have to eat instant noodles morning/noon/night.

Given you live with Mom and Dad and pay way below market rent you are throwing away a good opportunity to build up a considerable nest egg and if necessary improve yourself via more education to help you stay fully employed and in a good job for decades to come.

 

[Squidvicious]

I have a brand new 2021 super stock and if you told me I had to set it on fire or live with my parents I would politely ask you for a lighter.
You sound like you somewhat have your shit together. Get a place before you get a car. Otherwise you might spend the next couple years regretting it. Plus, I don’t think this is the best time to be buying a used car.