How much does your Si cost you each month?

[ebhaynz]

I know, a lot of us don't even want to think about this lol. Still, it's sometimes a good wake up call just to see how much money car ownership costs nowadays. For myself:

Car payment: $0
Insurance: $60
Gas: $120
Maint(est): $20
Upgrades(est): $0
Total per month: $200
So there you have it, 200 bucks to drive 1,100 miles a month. Right now my maintenance consists of oil and wiper blade changes, of course it will go up as time moves along.

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[Maleton3]

Yikes....

Lease: $350 a month
Insurance: $390 a month
Gas: $50 a month
Maint: TBD
Upgrades: Depends on the month
Total: $790 a month base cost

The lease is for 36 months, and they ran me MSRP because acquiring the Tonic Yellow Color was not an easy task..they had to grab it from a few states over. The insurance is because I'm a Male, 18, who has been driving since 16 and has a Si Model Civic so...insurance doesnt really like me haha. One company quoted me at nearly 1000 a month but i dodged that bullet. Luckily my Co-Op Job Pays more than enough so that i can easily afford the lease and insurance and other costs, but it is a bit of a bummer compared to how much less other people pay.

 

[ebhaynz]

Yikes....

Lease: $350 a month
Insurance: $390 a month
Gas: $50 a month
Maint: TBD
Upgrades: Depends on the month
Total: $790 a month base cost

The insurance is because I'm a Male, 18, who has been driving since 16 and has a Si Model Civic so...insurance doesnt really like me haha. One company quoted me at nearly 1000 a month but i dodged that bullet. .

$390 a month is about right for an 18 year old male, Mass is pretty good for auto ins. Just remember when you're 19 you can shop around and get it dropped significantly:
18 - $5,100 per year, $425 per month
19 - $3,500 per year, $292 per month
20 - $3,200
21 - $2,500 per year, $208 per month!

 

[COOL COUPE]

$328 Per month for 72 months ... I put 5K down in cash and had no trade. Paid invoice at 23.8 ...

 

[Voitage]

425 a month (didnt put any downpayment) for 60 months.
240 for insurance (after being told it was gonna be 100, then 180 :/)
Gas about 60 a month, sometimes 90.

 

[zakarybeach]

Payment - $420ish
Insurance - $130ish
Gas - maybe $80-$100 as a rough guess
mods - $25-$100
Car washes - $10-$20ish

all per month.

 

[H3llsp4wn707]

Yikes....

Lease: $350 a month
Insurance: $390 a month
Gas: $50 a month
Maint: TBD
Upgrades: Depends on the month
Total: $790 a month base cost

I'm not trying to be mean, I'm only trying to help. I know people with house payments less than what you're paying for your car+ins etc. You're never too young to start making smarter investments. In 3 years you will have paid out $26k in lease/insurance payments and have absolutely $0 (nothing) to show for that.

To put your purchase in perspective, Im also looking at buying a Civic Si; Im 41, no house payment, $110k+ income, and $0 monthly debt. My car payment on the Si will only be $275 for 48mo @ 2.9% ($12.5k down payment from my wrx trade $12.5 financed).

I could pay it off, but im going to gamble that i can make more investing the money instead. Insurance is $125 a month. Sell your car (you can easily drive something as fast with less insurance costs) and go buy some property, or invest it. I wouldn't even have a $400 car payment with my income, let alone a $400 insurance bill.

 

[H3llsp4wn707]

I know, a lot of us don't even want to think about this lol. Still, it's sometimes a good wake up call just to see how much money car ownership costs nowadays. For myself:

Car payment: $0
Insurance: $60
Gas: $120
Maint(est): $20
Upgrades(est): $0
Total per month: $200
So there you have it, 200 bucks to drive 1,100 miles a month. Right now my maintenance consists of oil and wiper blade changes, of course it will go up as time moves along.

You're a smart person, $0 payment. Obviously thats not practical for most people but a great example of how to utilize your money better! Great job!

What are you driving? Just curious because at $60 for insurance that seems like liability only. Surely you wouldn't have liability only on a brand new Si?

 

[ebhaynz]

You're a smart person, $0 payment. Obviously thats not practical for most people but a great example of how to utilize your money better! Great job!

What are you driving? Just curious because at $60 for insurance that seems like liability only. Surely you wouldn't have liability only on a brand new Si?

Thanks, I'm probably not so smart as you're right I only have liability. I bought the car as a salvage for under 20K and I refuse to pay $120 a month for full coverage. It looks like I'm going to sell the car and go overseas by the end of the year, I know I"m taking a chance but I'm pretty sure it's not going to get stolen and hopefully no accident.

 

[Maleton3]

I'm not trying to be mean, I'm only trying to help. I know people with house payments less than what you're paying for your car+ins etc. You're never too young to start making smarter investments. In 3 years you will have paid out $26k in lease/insurance payments and have absolutely $0 (nothing) to show for that.

To put your purchase in perspective, Im also looking at buying a Civic Si; Im 41, no house payment, $110k+ income, and $0 monthly debt. My car payment on the Si will only be $275 for 48mo @ 2.9% ($12.5k down payment from my wrx trade $12.5 financed).

I could pay it off, but im going to gamble that i can make more investing the money instead. Insurance is $125 a month. Sell your car (you can easily drive something as fast with less insurance costs) and go buy some property, or invest it. I wouldn't even have a $400 car payment with my income, let alone a $400 insurance bill.

I dont think you're being mean! My situations is just a bit different! and Unfortunately in Boston, insurance doesn't get much better than that at 18. Before the Si I was looking at Focus's, Fiestas, Corollas, etc and pretty much across the board (Even at base trims) my insurance was at minimum 300 dollars and up to over 1k. I don't really have any other option, at my age unless you are on your parents insurance you just cant get a $125 insurance bill. Its just the nature of my age, being male and only having driven 2 years and no previous insurance.

That being said, I do have property that I own, and I have supplemental income from renting that property out and I save quite a lot in certain ways that gives me 7% or more interest on all my savings from work. And my job pays quite well too which grants me a little more leeway. Pretty much my only expense at this point in my life is the car and insurance and utilities (Since I own the property.) That being said, is it the most financially perfect option? No, there is better.

A better option would be a used, brown, diesel if we were only worried about financials but sometimes in life we can afford to spend a little more on things we enjoy.. At my age, the insurance is just how it is. and cars are my hobby so to me it was a situation I was comfortable with. I take the rest of what I earn and put it into savings, investments, etc since the car payment is pretty much my only expense currently. I may pay a lot for the car but im not completely irresponsible with my earnings (Your points were all valid and excellent advice btw, just not 100% for my situation!)

 

[ebhaynz]

That being said, I do have property that I own, and I have supplemental income from renting that property out and I save quite a lot in certain ways that gives me 7% or more interest on all my savings from work. And my job pays quite well too which grants me a little more leeway. Pretty much my only expense at this point in my life is the car and insurance and utilities (Since I own the property.) That being said, is it the most financially perfect option? No, there is better.

A better option would be a used, brown, diesel if we were only worried about financials but sometimes in life we can afford to spend a little more on things we enjoy.. At my age, the insurance is just how it is. and cars are my hobby so to me it was a situation I was comfortable with. I take the rest of what I earn and put it into savings, investments, etc since the car payment is pretty much my only expense currently. I may pay a lot for the car but im not completely irresponsible with my earnings (Your points were all valid and excellent advice btw, just not 100% for my situation!)

I guess my only question is why did you lease the car instead of buy it?

 

[willowcairns]

Payment: 396.50 + 53.50(to principal) 450
Insurance: 75 a month
Gas: about 60 a month

 

[Maleton3]

I guess my only question is why did you lease the car instead of buy it?

2 reasons. Mainly because I'm in university for the next 1-2 years and after that I don't know where life will take me.. I can still buy the car at the end of the lease if I choose to, so if life takes me that way, then that's great too. A lease did make more sense at the time too. The Finance payments were substantially higher than the lease payments (700+ dollars for a 48 month lease) without a down payment or 650 with 1k down. I got stuck in a weird situation where I needed the car for work, but since I hadnt yet started my job, I didnt have a substantial amount to put down and lower the finance payments. (This is my first car, I had no trade in options, etc).

so it was either put 1k down and pay 350 a month for 36 months (Knowing thats well within budget and any future jobs and within the time ill be in boston) or pay 650 or more a month for 48 months. The choice was also influenced by amount on hand, this is my first job and I got incredibly lucky with the pay but before this I didnt have very much because well...I'd never had a serious job beyond summer jobs. Its not like a lot of you who have had income for years, or could trade in and still have money left over. This was my first car, for my first job so as such I had no trade in options, and no options to put down more money or pay high finance rates so I took what I knew I'd be able to pay right there and then and could keep up with my job as soon as paychecks came in. Its a weird situation to be in because of that. It was a situation where the thing enabling me to get the car, required the car so I paid with what I could and a lease was just the only option that worked for me at the time.

 

[ebhaynz]

2 reasons. Mainly because I'm in university for the next 1-2 years and after that I don't know where life will take me.. I can still buy the car at the end of the lease if I choose to, so if life takes me that way, then that's great too. A lease did make more sense at the time too. The Finance payments were substantially higher than the lease payments (700+ dollars for a 48 month lease) without a down payment or 650 with 1k down. I got stuck in a weird situation where I needed the car for work, but since I hadnt yet started my job, I didnt have a substantial amount to put down and lower the finance payments. (This is my first car, I had no trade in options, etc).

so it was either put 1k down and pay 350 a month for 36 months (Knowing thats well within budget and any future jobs and within the time ill be in boston) or pay 650 or more a month for 48 months. The choice was also influenced by amount on hand, this is my first job and I got incredibly lucky with the pay but before this I didnt have very much because well...I'd never had a serious job beyond summer jobs. Its not like a lot of you who have had income for years, or could trade in and still have money left over. This was my first car, for my first job so as such I had no trade in options, and no options to put down more money or pay high finance rates so I took what I knew I'd be able to pay right there and then and could keep up with my job as soon as paychecks came in. Its a weird situation to be in because of that. It was a situation where the thing enabling me to get the car, required the car so I paid with what I could and a lease was just the only option that worked for me at the time.

I admire your willingness to explain your situation and also that you are going to school and working enough to pay for everything. If you were my kid I'd try to steer you to drive a beater for at least 2 years and save a lot of that money by dumping it into savings and retirement accounts. God I'm old. I just hate the fact that you're paying all this money and at the end of the lease you don't have anything to show for it. However, you seem like a smart guy and if this turns out to be a mistake you'll certainly learn from it. Good luck!

Also, by comparison I bought my first new car in 1988 at age 23 for $11,500. After a $1,500 down payment my payments were $210 for 60 months at 9% interest. Full coverage insurance was probably $50 a month. Gas was about $1.20 a gallon. Also, after taxes I brought home $1,200 a month so car was taking up about $300 out of my $1,200 a month or 25%.

 

[H3llsp4wn707]

Maletone we both appreciate your willingness to listen and not be offended. You're obviously a smart kid too and its important to enjoy life as well! It sounds like you're doing good, have thought things out and understand what you're getting yourself into. Congrats on the new car, enjoy!

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