nvsaccord02

wasup

im thinking about purchasing an 06 RL, and am seeing if i can afford this car.
Was just wondering peoples salary and how much money is needed for this car.

I make 48K a year


thanks for the help

any suggestions are welcome

b0n3

some considerations:

married?
kids?
bills?
mortgage/rent?
do you have $$ for a downpayment?

First thing: I would figure what you pay out every month in bills and living expenses, then tack on the monthly car payment and auto insurance.
If you live at home and make 48k, then yeah, you can probably afford one.

LuvMyTSX

You need to look at your own situation, not other people's. Everyone has different stuff going on, not to mention cost of living associated with where you reside. A $48k salary in Mississippi is a lot different than $48k in NJ. You'll need to determine your bills every month and see how much you have leftover for a car payment. Generally, the advice I've seen online at Edmunds.com is to not have your car payments exceed 6% of your income. Obviously, if you live at home or have low monthly obligations, you can afford to spend a little more.

Like I said, it's going to be different for everyone.

HEAVY_RL

iTrader: (1)

The top two posts sum it up.

And its not only making a payment, its maintenance, taxes, and premium fuel too.

bryanvabeach

Im not quite an RL owner yet but seeking an 09 but I'll chime in with my $.02 because I do own an M45 (higher than the rl actually) when I purchased My CPO 06 M45 Sport 2 years ago ($49K) I was 19 living at home with mom making $30K a year so it was easy because that was only expense. However, I got too used to paying just my car payment and would blow money like crazy on weekend trips, drinking, etc lol then property taxes, insurance and maintenance came due and i was like OH SH*T and had to use credit cards, so lesson learned there real quick, Im now 22 and living on my own and trying to purchase an 09 RL but things are alot different now and Im out of Debt too! so it all depends on your lifestyle and expenses! Just dont make the mistake of spending too much on your payment and then maxing out credit cards for gas, maintenance, taxes etc..

470hpGS400

iTrader: (1)

Very good advice from everyone. Above all, one must understand that emotion often is your worst enemy in a financial decision. Financing anything over 3 years is a foolish decision that many get caught up in. Some even go as far as 7 years which is ridiculous at best.
Put another way, someone that bought the old verson RL in 2004 and financed for 7 years still has 2 more years before paying off the old body style car. Do you love a car enough to pay someone else interest for the entire duration of the loan?

Personally I always recommend people pay cash for cars, but that is just me as I hate someone holding my pink over head. Some prefer to leverage their money but in today's economy one never knows what lies just around the corner. Remember, it is not your car until it is paid for. So if someone ever asks you if that is your car, tell them no, it's the banks.

Car forums are choke full of youngsters that have no home but would gladly pay 50%+ of their income on their car payment. There is absolutely no financial future for these people anytime soon.

Be smart with your money. To be brutally honest, if you have to ask if you can afford something, you cannot. Someone that is secure and understands their finances never seeks advice from other on what they can or cannot afford.

Ken1997TL

That sums it up for me as well.

LuvMyTSX

Honestly, I would suggest something with less upfront cost and lower maintenance cost as well. An Accord or something similar would be suitable.

As mentioned by someone else, not only do you have the price tag of the car, but also maintenance services and premium gas. You really don't want to have to live paycheck to paycheck just to afford a car. Doesn't make much sense.

nvsaccord02

thanks for all the advice guys, just to clarify when i asked if i can afford the car i meant the maintenance on it. i can afford the car that is not a problem, insurance and gas is not an issue. The main thing i was concerned about was the pax system as i do not want to deal with that, and trying to de-pax the car and so forth.

nvsaccord02

not married
no kids
cell phone bill($50/mon)
no mortgage live with parents
around 9k for a down payment

RL06tech

If you need to ask....... You don't

Ken1997TL

Don't get PAX, otherwise if you can afford an Accord or Civic, you can afford an RL.

Its the payments IMO that could otherwise go towards the downpayment on a HOUSE that would worry me.

You're in an excellent financial position to save up for one, the market is cheap and the time is ripe for getting a place. Don't blow it on a car unless you actually need one.

PortlandRL

PAX-equipped cars are rare as hen's teeth so it's really not a problem for 99.9% of buyers. Just find one without it (if you can live without ACC) and you'll be fine.

rlerman

Spending the equivalent of more than half your income/year on a depreciating asset seems like a bad idea to me. Granted, all the cash flow won't be in a single year (Assuming you finance it), but it just seems that's how people (and this country) get themselves into trouble...too much consumption not enough saving. I'd think that on that salary, a car in the $15k range would be more reasonable.

DandyG23

I would make sure if you want to purchase one, it would have to be CPO (Certified Pre-Owned). This way you will not be getting a lemon from the dealership. As most of us here say CPO is the way to go and get the extended warranty because of all the electronics. But you have to make sure you budget yourself with this vehicle. Brand new was around $50K, now it ranges from $25K to $35K depending on mileage and technology.

mcdillon27

The car is not that expensive when it comes to maintenance if you can do your own oil and filter changes. One maintenance item the SH-AWD adds is the differential fluid change... again... if you can do it yourself, you will save some $. Overall, they are pretty reliable.... but I would definately purchase a CPO RL due to AC issues. (read through posts)

My salary is not far from yours and I can afford the RL b/c I bought it CPO $18,900. (the other advice is excellent... look at your bills/savings etc, job security) I would rather drive my RL with 60k miles than go purchase a brand new Civic for the same price. Sure... I may end up paying for some maintenance issues as the mileage adds up... but everyday I drive the Refined Luxury makes it worth it! Who wants to look at the ugly Civic dash board????

HEAVY_RL

iTrader: (1)

AMEN!!