Quote:
Originally Posted by Hatterasguy
Yeah but the average Joe makes only $30k, so how the F are they going to pull that one off?
Say you make $36,000 a year, thats $3k a month. Throw in the SUV payment of $400 and you are down to $2,600. So with gas and insurance that is almost 1/3 of there income; before living expenses!  |
I agree that these folks are going to be completely hosed the next time the economy blips due to energy or anything else. Anyone with a $36K income and a $400 car payment almost deserves it, too. IMHO, having any car payment is about the dumbest thing you can do with your pants on anyway. Having 30% of your income tied up in any vehicle is just stupid, I wouldn't even tie up 30% of my income on my housing. These people are the reason the foreclosures and repro's are rising rapidly.