Hot Wheelz Project

By: Parker Nocita

Annual/Monthly Salary

$65,000 Yearly
or
$5,416.77 Monthly

My Budget

Monthly/Yearly

(35%)Housing: $1,895.87/$22,750
(25%)Taxes: $1,354.12/$16,250
(15%)Transportation: $812.52/$9,750
(15%)Food: $812.52/$9,750
(5%)Savings: $270.84/$3,250
(3%)Medical: $162.50/$1,950
(2%)Miscellaneous: $108.34/$1300

Money Allowed for Car: $541.68

My Car

2012 Buick LaCrosse (Leather)
$19,998.00

Loan Plans

Interest Rate = 3.75%

3 Year Plan: I can afford $14,165.89. This makes monthly payments $588.21
NOPE!

4 Year Plan: I can afford $24,109.65. This makes monthly payments $449.30
YEAH!

5 Year Plan: I can afford $29,593.66. This makes monthly payments $366.04
YEAH!

What Am I Going To Spend?

After the 3 year loan plan, which is the plan I decided to go for, it is going to cost me $21,566.40
This is $1,568.40 more expensive.

Mrs. O'Connell's Car

The $4,000 rebate with 3.75% interest is better because she'll end up paying $22,533 versus the $24516 she would have paid if she had gone with no interest.