Affording a Raptor

[Wilson]

Save your money pay with cash. If you take out a loan have the cash to buy it out. Lots of good insurance.

 

[FireLT]

Was 28 when I bought mine.
A military deployment, some separation pay, and selling my Tacoma got me about 22k saved up for my raptor. Found mine for 42k with 15k miles back in 2012, it's an 11. Financed 20k, payed off in 2 1/2 years.. No truck payment..

 

[john.rubicon.54]

It's too late now if you're about to finish school but were you not able to get any scholarships and paying for all of your school with loans? A lot of people make the mistake of not comparing the cost of their college education and salaries they will make to see how long they will be paying them. I would say build your credit, pay off your debt, and then treat yourself with the truck you want if you can handle the debt and still save. It's tough for young people to do most times but if you can set aside enough to live 6 months and maintain your lifestyle, you won't be stressed over finances. It might take a while to get to that point, but it'll be worth it. Be patient and good luck.


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[SupraDreams2]

I only have debt for two years of schooling at about 14k for each year, so if I get a decent job out of school it should be fairly easy to pay it off.

 

[MatMan]

I only have debt for two years of schooling at about 14k for each year, so if I get a decent job out of school it should be fairly easy to pay it off.

Where did you go to school if I may ask? And what is your career field?

Today's youth are racking up far higher bills, so although ~30k is not much relative to others, it could take you some time (decades, like many others) to pay that off. it took me 10 years after I graduated to pay off my remaining college debt (10k), but it was pretty much interest free so no harm, but still a drain on living expenses.

I'd say hold off on the raptor unless your career field is very generously awaiting your arrival with a well paying job ($60k plus to start). In your situation your probably looking at $6-800 raptor payment and another $3-500 in fuel+insurance and registration fees each month.

Personally I'd start out with a used but reliable compact truck or (cough) even an economy car (I rolled in a Honda Accord) until the money starts flowing in and your career takes off.

You should spend no more than 28-32% of your income (not take home pay) on debt (excluding rent/housing, utilities, and living expenses), so if you can still make it work and stay under that number, your Ok.

Obviously no debt is the ultimate level of independence.

 

[Idleone]

Get one before you have kids my only advice

 

[SupraDreams2]

Where did you go to school if I may ask? And what is your career field?

Today's youth are racking up far higher bills, so although ~30k is not much relative to others, it could take you some time (decades, like many others) to pay that off. it took me 10 years after I graduated to pay off my remaining college debt (10k), but it was pretty much interest free so no harm, but still a drain on living expenses.

I'd say hold off on the raptor unless your career field is very generously awaiting your arrival with a well paying job ($60k plus to start). In your situation your probably looking at $6-800 raptor payment and another $3-500 in fuel+insurance and registration fees each month.

Personally I'd start out with a used but reliable compact truck or (cough) even an economy car (I rolled in a Honda Accord) until the money starts flowing in and your career takes off.

You should spend no more than 28-32% of your income (not take home pay) on debt (excluding rent/housing, utilities, and living expenses), so if you can still make it work and stay under that number, your Ok.

Obviously no debt is the ultimate level of independence.

I plan to cruise in a beater until I can comfortably afford one. I hope to graduate from Western Carolina University with a degree in Technical Writing and head into software/I.T fields. The median wage is about 60-70k a year, but I'm sure mine will be lower starting out and job security won't be concrete so locking myself into a monthly payment would not be a great idea.

 

[MatMan]

Sounds like you're on the right track, best of luck.

Remember, it's just a F150 at the end of the day.

 

[ZBoater]

I married a doctor.

 

[MatMan]

That was my next bit of sage advice,

Fall madly in love with an engineering major, and stay away from the trust fund sugar babies.