Salary/home/car payment questions

  1. I'll be graduating by june and then take the boards (pass hopefully) and have a job. Here in NYC new grand earn approx 59-64k a year. I'm curious how people's salary compares to their home payment and their car payment. Mainly because I'll be renting an apartament and want to get a nice car to drive (I feel I deserve it after spending 5 years getting a bio degree and 2 years getting to be an RN) so basically I think my situation will look like this

    JOB 64k
    RENT 1200/mo
    Car lease 550-600/mo

    It will be a little easier for me since me and my g/f (also a graduating RN in june) will have a decent combined income for 2 people that just came out of school. I realize there are a lot of other expenses (and I did consider them, such as loans, food, entertainment, cell, 401k, saving for wedding etc etc etc) but what do you think of 550-600 for a car payment.... all oppinions welcome and thank you in advance.
  2. 66 Comments

  3. by   kellyo
    Don't forget to add car insurance to that car payment... I'm sure the rates in NYC aren't cheap!
  4. by   zambezi
    Thats about what I make a about what I pay (except I pay a little more for my house). Plus my husband (who makes less than I do) also has that approximate car payment. No kids though.
  5. by   fluffwad
    $500-600 / month for a car lease!!!??? What are you driving?!

    Holy smokes! I think you could probably BUY something else NEW for a lot less!
  6. by   KEVIN88GT
    well first I think buying a depreciating asset is silly...especially in NYC. But that's not the point...I want to lease either a volvo S60 R(44k) or an Audi S4.(50k) If I was to finance a would cost me the same 550 a month for a 28k dollar car. (I'm not hating on anyone who drives a 28k car or even a 3k dollar car...just stating facts) But as mentioned above insurance WOULD need to be considered...i'm thinking it will run me 3k a year...
  7. by   redwinggirlie
    Ummm.... exactly how much time are you planning on spending DRIVING this car? Can't see leasing anything that's going to sit in my driveway or get dinged in the parking lot.... not a leaser, and I've been driving the same lovely vehicle for the past 13 years. By choice. Paid for, mine.... and no, don't ding it in the lot! Be well...
  8. by   KEVIN88GT
    sorry I didnt mean for this to be a leasing vs buying thing, I understand some people finance and others lease...I wanted to find out WHAT they are spending on their car in proportion to their salary...either way...
  9. by   TLC RN
    When I got my house 3 years ago the bank said they allocate 30% to my house payment before taxes. Then they did not want to see me spending anymore than 40-45% of my gross salary on house payment and other loans (credit cards, car etc.). I think the 40% is conservative.

    Before I left my real job for nursing school (the job that afforded the mortgage) I spent about 30% on housing and easily got a car loan for a car where the payment was about 10% of my my house note and car payment alone equal my take home from my part time job as a nurse assistant - ouch.

    Hope this make sense and hope this helps

    All, my friends including myself who went out and got the sweet car after graduating were usually mad because we were locked in a year later when we all decided we wanted to buy houses. But I feel you on the sweet ride thing. I have yet to give mine up for something more economical.

    Make a realistic budget based on take home pay just to be sure.
  10. by   meownsmile
    I dont get the lease thing unless you are going to be moving long distances frequently and wont be able to drive to your new area. Out right buy the car, at least you will be able to keep what you are paying for even if you do trade it in after a few years,, you still can get some equity out of it on a new one.
    I'm not a big one for leases,, seems like a waste.

    I dont think your numbers are to far off for a car, if the insurance is included in that figure.
  11. by   KEVIN88GT
    I didnt include insurance in my car will be an extra 250 a month...if i'm lucky...damn NYC
  12. by   Hairstylingnurse
    Hi, can I ask a question?????? Why would u lease a car if your going to be making decent money. You will be paying alot and never owning. I'm sure I'm missing something about leasing because alot of people do it, but I sure don't understand paying all that money and never owning. Best of luck to you and your girlfriend.
  13. by   cannoli
    I thought people that lived in New York City didn't have cars!

    Where are you going to park it? I thought everybody took the subway or a taxi. Are you going to drive it to work?

    Do you have to pay for parking? That's another expense.
  14. by   Mystery5
    I make a base pay of $22.50, plus differentials. I have a car payment for a Mini-Cooper that I put $8000 down of $300 a month, plus a house payment of $720 a month. My house is worth probably $175,000 now, and would be rented for more than my payment.

    (I live in the mountains of WA state)