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  • I really want to get my own wheels. Can I afford a car on minimum wage?

  • The basic minimum wage is $7.25 per hour. If you work full time every week for a full

  • year, youll earn almost $19,000 a year.

  • That’s enough to buy a car, after taxes.

  • Transportation averages 14% of your paycheck for poor people, because you still have to

  • pay for rent, food and other stuff too. For one person working full time, that averages

  • to $239 a month.

  • So I could get a $230 a month car payment.

  • No, because that $239 dollars has to cover car insurance and gas. Now youre down to

  • a $180 car payment, $40 gas, $20 for cheap auto insurance.

  • It’s hard to lease a car on that budget.

  • Do what the millionaires in the millionaire next door book do and buy a used car. Let

  • someone else pay the depreciation.

  • A brand new Kia Rio is about 12K, with a monthly payment around $230 a month.

  • Scrimping and saving up a larger down payment for a car lowers the monthly payment. Then

  • you could afford a lower car payment and money left over to drive it.

  • Picking a longer loan term lowers the monthly payment.

  • Then you end up with debt after five years. They call it negative equity to make it sound

  • better than 10K in the hole on a 10 year old used car with 100,000 miles on it.

  • I could ask my parents to cosign for the loan.

  • Didn’t they already go in the whole to borrow for your college education? Why not just ask

  • a relative for a hand-me-down car instead?

  • I’d be driving a hoopty! That’s embarrassing.

  • Is it worse than walking to work or riding the bus today? Try ride-sharing and car-sharing

  • programs while you save up for a car.

  • Don’t I have another choice?

  • Sure. Get a second job, or find a higher paying one.

  • I’m already stuck in a McJob, despite my college degree.

  • Your other choice is living at home to dramatically cut your rent. Then most of the 19K you earn

  • goes to taxes, loan repayments and saving for a car.

  • Live in my parentsbasement to have my own ride, or live in a tiny apartment while

  • I save up for a car. Not much of a choice.

  • You could do the stupid thing and live in the new car.

I really want to get my own wheels. Can I afford a car on minimum wage?

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最低賃金で車を買えるのか? (Can I Afford a Car on Minimum Wage?)

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    VoiceTube に公開 2021 年 01 月 14 日
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