bigigg

Soo last night I was watching some show on the HGTV network, it was about a first time home buyer. A young guy about 24, wants to buy a new house in the Boston area. He only got approved for 210K because of his car loan.. It was a nice new C300 black,tinted windows,clear side markers,nice 5 star wheels.. anyway the guys payment/insurance was about $1000/month.. Soo he was in a jam where he might of had to get rid of the car soo he can get approved for another 30K.. I thought it was funny, cuz there's this guy who was riding around like he owned an S class, and every chance he had, he kept saying "I don't wana get rid of the Mercedes" Also curious if its any1 from the forum..

MBnewby

That is too funny! Who in their right mind would want a car with payment and insurance costing $1,000 per month?! Sorry if it is anyone on here but that is insane! If I could afford a grand/month on my car I would not be driving a C350... I would have a Porsche Panamera or CLS, ha ha. Someone must really be hung up on the prestige of owning a MB I guess... I'd say trade for a Honda Civic Si and buy the house.

C300Sport

It could be something like a 36 month loan...of course then he should just refinance...

jctevere

Well, I don't think that $1,000/month for car payment and insurance is anything dramatic. I am 20 and a male and insurance for me is about $300/month alone on my c-class. I don't think its crazy to have a $700 car payment if he is buying the car. If he financed for 60 months and got even a mid-range model (around $40,000) and put down only taxes and fees, he would probably be right at that number of $700/month.

To be honest, I don't think the benz is worth that money at all. But I am lucky, I still live at home, so I don't have any other real expenses besides when I go out for food, gas, cellphone so I have excess money to do with what I please. Also, my parents pay for my insurance until I get out of college, so all I have to worry about it paying the physical car payment. For me, it wasn't worth buying the c-class, I like to get new cars every 3-4 years so it doesn't pay unless I buy used (which I feel wary of doing). So I leased this, have an out of pocket expense of $6,000 and still pay $370/month for 39 months.

I can't grasp my head around the people that buy the new Mercedes models that cost upwards of $100,000. My father has always owned his SL500 bought a 98 used for 6 months for around $90,000 (great deal) and after that traded for a 2003 in 2007, where he only had to pay $10,000 difference. I thought it was ridiculous that such an expensive car hits such lows after only a few years. And my father has done very well, his car is still worth $30,000; has had no mechanical problems or issues that we couldn't fix for minimal cost ourselves, and has almost all the features of the new 2009 models. In fact, he has the sl55 styling, and most people think it is a brand new 2007 model!

bigigg

1,000/month is not that far fetched.. Personally I don't think its worth it,unless your very wealthy.. Clearly this guy wasn't. I do have to give him credit, bc he was going in the rite direction and buying a house. I was just emphasizing more on his attitude and he thought he was hot sh@t with a C class..

MBnewby

I would never pay $1K/month for a car unless I was very wealthy and my wife and I do fairly well financially. A car payment like that doesn't make any sense unless it's a very short term loan and you are able to pay it off fast. I'd like to see that show, I'm guessing that if he's in his early 20s then he probably does think the C-class is the shizzle, ha ha, and if I were that young I would too. Of course at age 22 my first new car was a V6 Mustang that I thought was pretty sweet! In hindsight it was a fine car for a man my age but nothing fancy. Would you believe that payment was only like $260/month!!!? Now at 33 I have a C and it's a great car but nothing to brag about. I guess age really changes your perspective on many things though. I initially regretted my purchase of a Benz thinking that it was too showy and worried what friends/co-workers would think. But life is too short to worry about what others think.

ZeroSeVen

That guy was me!

LOL! Just kidding

If I was him I would let go of my 1K monthly car payments and buy something more economical and practical in order to get the house. Home ownership is a worthwhile investment and it doesn't loose it's value over time (Not true in California)

Tjdehya

Hey when I was 20 my first new car was a Base Model Nissan Maxima... and I though I was the shizzle... lol

alexlev

+1

Forget about the depreciating mold of metal and get an actual asset.

In regards to his attitude; what can you do? Some people are just like that.

Tjdehya

Yea just buy a depreciating mold of wood, stucko and drywall instead.

That joke is meant for Las Vegas.
Sorry if I hurt any Vegas Home owners feelings but its true.

Runamuck

WOW my insurance is 600 a year. Full coverage.

MBnewby

Ahh the memories