What is your Monthly Payments?

[MK_Surrey]

Car £330 a month. 2 year deal.

Insurance £500 a year approx.

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[romanLegion9574]

How are so many people under 25 even affording the car... let alone the insurance!

software money, bought a condo and the car at 25.

 

[A90Enemy]

How are so many people under 25 even affording the car... let alone the insurance!

23 with my own company ?‍

 

[zrk]

software money, bought a condo and the car at 25.

Love that software money.

 

[Cptnslo]

Love that software money.

I agree with the 0 down and no house payment. But there was a thread on the fb page asking about insurance costs and there was a 20 year old on there paying 3k/year for just insurance ?

 

[Mason]

I agree with the 0 down and no house payment. But there was a thread on the fb page asking about insurance costs and there was a 20 year old on there paying 3k/year for just insurance ?

I was that 20 year old. I’m the one really in need of that software money

 

[Evolution]

I agree with the 0 down and no house payment. But there was a thread on the fb page asking about insurance costs and there was a 20 year old on there paying 3k/year for just insurance ?

3k a year for a 20 year old doesnt seem bad. I pay $2200 a year at 34 with a clean driving record, just for the Supra. Insurance for my 5 other cars combined is still cheaper than the Supra alone.

 

[Cptnslo]

3k a year for a 20 year old doesnt seem bad. I pay $2200 a year at 34 with a clean driving record, just for the Supra. Insurance for my 5 other cars combined is still cheaper than the Supra alone.

Hmmm I’m 32 and I pay around 1500/year full coverage and a clean record as well. What part of the country are you in?

 

[Cptnslo]

I was that 20 year old. I’m the one really in need of that software money

He admitted it’s his only bill though

 

[JTurbz]

25 with a clean driving record, and I pay $1250 a year full coverage.

 

[Supraboi7]

Silly finance question related to monthly payments…if your interest rate is less than inflation (which is likely scenario, inflation is super high as of late around 6 - 7%) wouldn’t it make more sense to finance and take your time paying it off rather than paying cash up front because of time value of money?

 

[Evolution]

Hmmm I’m 32 and I pay around 1500/year full coverage and a clean record as well. What part of the country are you in?

Southern Kommifornia where no one knows how to drive.

 

[xyros]

Silly finance question related to monthly payments…if your interest rate is less than inflation (which is likely scenario, inflation is super high as of late around 6 - 7%) wouldn’t it make more sense to finance and take your time paying it off rather than paying cash up front because of time value of money?

Not really a silly question. I think this is a good subject to discuss. I personally hate owing money and paying interest. I currently have 3 auto loans though (2 of which are 0% interest). I won't pay the 0% interest loans off early, but my Supra one has a low balance and even though the interest is really low (3%), I am going to pay it off early.

I've heard a lot of arguments about investing the money and using it in other ways, but realistically you should be doing that separately anyway. I would rather have the increased cash flow than paying a loan. To each their own though.

 

[Mason]

Agreed. Cash-flow is king. I’d gladly take on another 3 mortgages right now

 

[A90Enemy]

this is insane im 23 live in miami and have a clean driving record and been with insurance since 16 including company insurance and i pay 245 a month 500 deductible

update i added my girls new car (2022 Lexus NX 250) to my insurance and added her as a driver as well and now my insurance for the supra dropped since i renewed at the same time i pay 180 for the supra now

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