How much do you have to make(minimum amount) to afford an O3 Cobra?
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Affording an O3 Cobra
- Thread starter chassebr
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The Saleen's I saw at a few dealers were more expensive than my Cobra was.
You should make annually to at LEAST the amount of the car. In this case, 40G's....but even then, it's still a strap. But do-able.
40G's?
$40,000.
Yep, I always thought a good barometer to affording a car was to make as much annually as the car cost, considering of course you don't have a heavy down payment.
LOL, I know 40Gs stands for $40,000 but is that the price of an O3 Cobra after taxes and junk? What are all the extra expenses. Can someone price one out?
I paid MSRP for mine, $34,750. It comes fully loaded and the only option that costs anything is the chrome wheel option and that's $695. Add tax and license appropriate for your state.
Affording the car is all a numbers game. The influencing factors will be the total cost of the vehicle (at msrp for a coupe + taxes, etc about $40k), the amount of down payment, the term of the loan, the interest rate on the loan, etc. The shortest loan term is the best in that more of your funds go towards the principal rather than addidtional interest.
Also, if Ford won't give you a low interest rate loan, you can probably do better at a bank or credit union.
Additionally, if you are either an employee of FoMoCo, or one of it's suppliers you can get a discount. Check with your company.
-norcal_cobra
Also, if Ford won't give you a low interest rate loan, you can probably do better at a bank or credit union.
Additionally, if you are either an employee of FoMoCo, or one of it's suppliers you can get a discount. Check with your company.
-norcal_cobra
Yes...It is close to 40 thou....consider for example in Cali you have tax, title & license which comes out to about 3 grand on top of MSRP which is $34750 in this case.
When you tack on the extra expenses, it comes out to around 38 something, and when you consider allot of people are paying a couple grand markup now.....Let's just round out and say 40 G's.
I paid MSRP + Lojack ( part of the deal) which came out to 39 even. So 40 is close enough
When you tack on the extra expenses, it comes out to around 38 something, and when you consider allot of people are paying a couple grand markup now.....Let's just round out and say 40 G's.
I paid MSRP + Lojack ( part of the deal) which came out to 39 even. So 40 is close enough
Plus full coverage insurance every month for a financed Cobra. This has to be a killer for younger people.
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to many variables. cost of living is different everywhere.
Re: Re: Affording an O3 Cobra
true that. Someone making 34G'S (me) here in my town is like someone making 60G'S in New York. Cost of living is so much cheaper here. Bad thing is so is the income.
true that. Someone making 34G'S (me) here in my town is like someone making 60G'S in New York. Cost of living is so much cheaper here. Bad thing is so is the income.
Just figure that you have to have about 800.00 to 900.00 bucks a month in disposable income depending on your insuance rates.
I tried to pay more than half of what the msrp was of the car to keep financing low..traded in my 02 GT and gave them 8000 deposit..plus had to have it shipped to my state. Paying 278 per month financing. I held my breath on insurance, thankfully it only came to 1,100 yearly. That should have been the first question i asked before buying the car was how much for insurance. But then u have to figure in do u want to keep it stock? I got bit by the bug 
There are so many variables that it is different for everyone!
I don't think it matters what you make a year but how much you want to "SUFFER." Just to get an idea this is ball park figure and depending on your location, age, credit, driving history, etc. might be more or less $$$$$!
Lets figure $38k for the car out the door.
+
Insurance (Under 25 with good record) +/-$200 a month
I won't even figure in gas, maint., mods, and all the other little things that can come up down the road.
Just hard figures to get the car in your driveway are:
$38k X 6% interest for 60 months= $734.65 monthly payment! Now for every $1k you can put down is roughly $20 a month off the payment. So if you can put down $15k you are looking at a much better but not great.=$444.65
Don't forget your insurance of= $200 a month
So just to get the vehicle home you are looking at a minimum of $935 a month just to say you own it after 59 more payments!
Of course that is after you get approved for the $38k loan and if you can get the 6% interest rate depending on your credit history! Figure that into your monthly paycheck after you subtract housing, gas, water, electric, clothes, medical, food, and any other bills you might have like Credit cards!
After all of this is it worth it to you?????
I don't think it matters what you make a year but how much you want to "SUFFER." Just to get an idea this is ball park figure and depending on your location, age, credit, driving history, etc. might be more or less $$$$$!
Lets figure $38k for the car out the door.
+
Insurance (Under 25 with good record) +/-$200 a month
I won't even figure in gas, maint., mods, and all the other little things that can come up down the road.
Just hard figures to get the car in your driveway are:
$38k X 6% interest for 60 months= $734.65 monthly payment! Now for every $1k you can put down is roughly $20 a month off the payment. So if you can put down $15k you are looking at a much better but not great.=$444.65
Don't forget your insurance of= $200 a month
So just to get the vehicle home you are looking at a minimum of $935 a month just to say you own it after 59 more payments!
Of course that is after you get approved for the $38k loan and if you can get the 6% interest rate depending on your credit history! Figure that into your monthly paycheck after you subtract housing, gas, water, electric, clothes, medical, food, and any other bills you might have like Credit cards!
After all of this is it worth it to you?????
I paid $38,000 out the door for my Cobra Coupe, but that was just the start. Had to rent a place to store it out of the salt over the Winter ($500). Had to buy and insure a "beater" while the Cobra was in storage. Had to buy a trickle charger. I'm setting aside money for mods and replacement tires. If there's Mid-East war, plan on $2.50+ / gallon for gas. Insurance isn't cheap. And the cops follow me around in the Cobra hoping I'll open it up and they can give me "citations".
Just priced one. MSRP (34,750) + Tax/Title/Plate (2500).
With no money down/no trade for example, it would be a loan of $37,250, est. 6%, for 60 months, is roughly $720 per month. Throw the insurance on top of that, well, you get the picture.
So depending on your income, trade-in, payoff, state, etc...it could get ugly!
With no money down/no trade for example, it would be a loan of $37,250, est. 6%, for 60 months, is roughly $720 per month. Throw the insurance on top of that, well, you get the picture.
So depending on your income, trade-in, payoff, state, etc...it could get ugly!
If you have a decent down payment youll come out pretty well. I will be putting 10k down, and getting a loan from PeopleFirst.com for ~$25000. This works down to 471.67 per month for 60 months with a rate of 4.99%. If you ask me, even with insurance on top of that, its VERY affordable, even for someone like me only $30k per year. It all really depends on how much money you have available on hand when you put a downpayment on the car.
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