Anonymous
Anonymous asked in Cars & TransportationOther - Cars & Transportation · 1 month ago

Is it possible to afford a new car working a minimum wage job?

15 Answers

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  • fuzzy
    Lv 7
    1 month ago

    Do some simple arithmetic (you remember that stuff from school?)

    What is the price of the car you're looking at?How much deposit do you have. Take this from the purchase price. What you have left is what you'll have to pay. Interest goes on top of this.As a rough approximation 1/3 of the price of the car will need to be paid each year for 5 years to cover the interest.eg. Car price $20,000deposit $2000Money needing to be financed $18,000One third of this is $6000 per year.ie $120/week EVERY WEEK for 5 years. Skip a few weeks & the car gets repossessed.Add on fuel, service, repairs, insurance, registration. Dont know where you are or prices there but lets assumefuel $30/weekinsurance/reg $2000/year = $40/week (approx)Service $1000 = $20/weekThis adds up to $90/week PLUS the HP payments of $120/weekDo you have $210/week spare every week now? If not, NO you cant afford a new car

  • arther
    Lv 5
    1 month ago

    if all you want to do is make car payments maybe, forget about doing anything else.

  • Jay P
    Lv 7
    1 month ago

    Depends on how many hours you work per week.

    What your other financial obligations are.

    How much you already have saved up, 

    and the cost of the vehicle.

  • Anonymous
    1 month ago

    Depends What the min. wage is where you are. And, if your total  take home is 3X your payments. It's $!0 in San Francisco.Remember Insurance, too. U will need Comprehensive if financed.

    Karen: I bought a '69 Plymouth for $750 when I made $3.50/hr, the minimum, then. Gas cost, sure, but it was only 78 cents a gallon,  then.

    bax-of-the- 3,000 miles: People do what they Have to when work scarce, Like Now. I hadda work min wage 3 years until I found an opening in my field in a Different county.  Moving costs, too,  often,  one on  min wage  cant afford to move.

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  • 1 month ago

    only if you freeload in the basement

  • 1 month ago

    No, that will not afford owning a new car. Add it all up to see how long it takes to save $15,000-$25,000. That's why you see old junker cars with 2-3 babymommas riding buying dinner at the taco truck spending  their whole paycheck for prepared food. Aim a bit lower, like a used bicycle.

  • Anonymous
    1 month ago

    Only if you live with your parents and pay no bills.............

  • 1 month ago

    If you can't figure that one out I see why you're working a minimum wage job!

  • Anonymous
    1 month ago

    Um no, that would be impossible, especially with the loan, car insurance, gas, upkeep, other bills. I would say NO! It may have a factory warranty but that only lasts so long, even that doesn't cover normal wear and tear for E.g. brakes/rotors, tires, oil changes, windshield wipers, so on and so on.  

  • 1 month ago

    Very unlikely. Working at minimum wage you would probably have a hard time being able to pay to operate any car at all.

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