Joe  Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709)

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Rainmaker
2,433,092
Captain Wayne - Rowlett Real Estate School
REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida - Panama City Beach, FL
Rowlett Real Estate School / Owner and Instructor

Oh heck yes.. I never heard of a payment that high.  My son has a $1000 payment each month on a new 2015 Ford F350.  That's even unreal to me.

Jul 05, 2015 11:03 PM
Ambassador
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Yepper.  It is for this kid.  I'm a saver.

Jul 05, 2015 10:21 PM
Rainmaker
2,688,659
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, it does.  I wonder if most who buy those pay for it this way or in cash.  How much is the mortgage payment? 

Here, this would be lower than most mortgage payments, but for rest of US prob. the opposite.

Jul 05, 2015 09:49 PM
Rainmaker
3,211,984
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

For me it is. If I was Bill Gates, I suppose not.

Jul 05, 2015 09:25 PM
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

It is all relative. If a person can cover the payment and still have plenty of regular income; that is then a personal choice. Personally, absolutely too much!

Jul 05, 2015 11:46 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I think that any car payment is too much.

 

Jul 05, 2015 11:45 PM
Rainmaker
5,119,398
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

that's absurd.....the highest payment I've every had was $620/month.... but I usually pay cash for my vehicles.... 

Jul 05, 2015 11:30 PM
Rainmaker
941,060
Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

2 Answers:

1. (Mine) My house doesn't even cost me that per month so, YES!

2. (Jim Rohn's) "Things don't cost too much, you just can't afford them yet."

Jul 05, 2015 10:56 PM
Rainmaker
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Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

It is all relative, pre recession times when I was living the high roller lifestyle my car payment was $1400.00 a month and i didn't even blink..now very different.

Jul 05, 2015 10:45 PM
Rainmaker
1,273,279
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Where was he when I was in auto sales!

If he can afford it; it is his business.

Jul 05, 2015 10:08 PM
Ambassador
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Good Monday morning Joe. I would imagine if they have an income of high six figures that would be no problem.

Jul 05, 2015 06:58 PM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Any car payment is too much.  

Jul 06, 2015 02:57 AM
Rainmaker
371,592
Bill Dandridge
MKB, Realtors - Roanoke, VA
GREEN, ABR, GRI, EcoBroker

It depends on your income.

Jul 06, 2015 02:24 AM
Rainmaker
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Joe Petrowsky Based on what you say about the mortgage payment, it appears to be relative. On the other hand, I think it is a but much.

Jul 05, 2015 11:19 PM
Rainmaker
1,157,274
FN LN
Toronto, ON

It depends on many factors.  If you ignore the portion about the Porsche, it could simply be a person who has a roughly $24,000 car loan and is paying it off over one year rather than 6 to 8 years on a loan with open terms.

Jul 05, 2015 11:10 PM
Rainmaker
698,927
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

I do not believe in leasing cars.  If it's financed at that rate it's just stupid unless their income is well into the upper 6 figures and in that case, buy the car.

Jul 05, 2015 11:07 PM
Rainmaker
3,127,715
Richard Weeks
Dallas, TX
REALTOR®, Broker

I think that would be a bit much for a house payment.

Jul 05, 2015 10:09 PM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Yes! I prefer not to have a car payment at all. 

Jul 05, 2015 10:06 PM
Rainmaker
1,240,821
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

My wife always says with a car payment like that, she better be able to LIVE in that vehicle!  Makes my lender's mind spin, Joe Petrowsky ...

Gene

Jul 06, 2015 03:34 AM
Rainmaker
212,530
Stefan Winter
Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV
Owner - Winter Group & Real Estate Web Tech

It's probably the German in me, but my first luxury car was paid for in cash, when I had to make payments on cars they were always reliable, new, but I'd say responsible. 

Trust me though all those years of driving a Nissan, Toyota then finally a VW making the jump to luxury with cash, it feels great. Plus no stress of a huge car payment like that. Imagine you had a bad month.

Jul 06, 2015 02:15 AM
Rainmaker
1,020,086
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

It's all relative Joe, just as the car can take you places it depends where you are and where you're going. I've seen much, much higher payments than that.

Jul 06, 2015 02:01 AM
Rainmaker
1,719,077
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Yes.  Enuf said! but thanks for telling us what the car was.  seems high doesn't it? 

Jul 06, 2015 01:19 AM
Rainmaker
758,742
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Too much for me. That's enough to buy 3 or 4 decent cars.

Jul 06, 2015 01:08 AM
Ambassador
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Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Yes, that is way too much for an item that depreciates.

Jul 31, 2016 11:43 AM
Rainmaker
175,314
Spirit Messingham
Tierra Antigua Realty - Tucson, AZ
Third Generation Full-Time Realtor® 520 471-6900

Per opinion.  Do I personally think that?  Yes, if you can afford to drive a car with that kind of payment, you should be able to afford to buy it cash.  Depends on the persons SES (Socioeconomic status).

Jul 12, 2015 04:20 AM
Rainmaker
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Nancy Robinson Ranked #6 in MI
Century 21 Town and Country - Royal Oak, MI
#11 Century21 Realtor in the US, #16 in the World

Not if you can afford it.  But if you are buying for image only and not living up to  the rest of your financial responsibilities then it is too much

Jul 10, 2015 12:37 PM
Rainmaker
90,343
Debra Peters
Referral Realty - Manorville, NY
NY Real Estate Salesperson

In my opinion, yes. Buy a house, 2 or 3 for that matter.

If I had that much money to spend, I would use it to help others. I can think of other "nice" vehicles that don't cost nearly as much.

Jul 08, 2015 10:30 PM
Rainer
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Carrie Perry
ReBroker - Irvine, CA
I am a Real Estate Agent in California.

Yes.

Jul 07, 2015 11:11 AM
Rainer
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Katie Mantelli
Keller Williams - Panama City Beach, FL
Buyer Specialist with Team Jadofsky-KW

I suppose it depends on the person. For me, that seems like a waste of money, but maybe not for whomever that is their priority.  

Jul 07, 2015 07:11 AM
Rainer
65,474
Evelyn M Epperson
Coldwell Banker Residential Brokerage - Johns Creek, GA
A Tradition Of [Excellence, Trust & Service]

I think a car payment over $800 is crazy.  I payed cash for my last car and it is 12 years old.

Jul 06, 2015 08:29 AM
Rainer
126,264
Mike Tizzano
Amerifirst Financial, Inc Equal Housing Oppurtinity Lender AZ BK0013635 NMLS 145368 LO:1015837 - Mesa, AZ
Protect Your Transaction Certified Lender

I guess if you made about $50,000/month it wouldn't be that bad..but then again, why would you need to finance??

Jul 06, 2015 04:19 AM
Rainer
198,607
Sharon Altier, SFR
Lawton Realty Group, Inc. - Elmhurst, IL
Your Real Estate Partner

Depends upon the buyer.  Some people would not blink at it; but if you ware looking for john q public reply...yes.  Most would consider it extravagent and covetous, but then again, it is!  lol!

Many people would think that's too much for a mortgage payment, but we all know people who are paying much more than that.  That's why there are tents, mobile homes and megamansions.  Different strokes for different folks!

Jul 06, 2015 03:07 AM