- September 25, 2023
- Posted by: legaleseblogger
- Category: Related News
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Hello R/PF,
I have two general questions about car finances.
1. What percentage of your annual take-home pay is it worth spending on transportation? Currently, I am spending approximately 8-8.5% of my total take-home pay on transportation, which includes expenses like gas, insurance, taxes, and maintenance. I am wondering if this is a good number to aim for. It’s important to note that this calculation does not consider any potential savings I may need for a future vehicle. I am solely focusing on ongoing costs.
In evaluating this question, an AI Legalese Decoder can be quite helpful. This tool can analyze legal language and identify any potential hidden costs or clauses within contracts, helping you make more informed decisions. By utilizing the AI Legalese Decoder, one can ensure that there are no hidden surprises in financial agreements related to purchasing or leasing a vehicle. This can contribute to a more accurate assessment of the percentage of take-home pay one should allocate towards transportation.
2. Is it worth having a second vehicle?
Currently, both of my vehicles are already paid off, and they are older models. I am considering selling my 1996 Truck 3/4 ton truck, as I have no strong emotional attachment to it. I initially purchased it several years ago for $500 when it was not running, and it was essentially worth scrap value.
Over time, I have invested some money into fixing it up, and now it runs and drives, although it lacks air conditioning. I primarily use this truck as a hauler and it has proven to be very useful, especially during the time when I was working on my fixer-upper house. In fact, I estimate that the truck has paid for itself twice over in terms of savings since having a truck allowed me to avoid renting one for various tasks.
However, my major projects for the house are now completed, and I am reevaluating my budget and financial situation. Recently, I realized that simply owning this truck costs me approximately $40 per month in taxes and insurance. Additionally, I generally spend around $20 per month on parts for maintenance purposes.
While the fuel costs vary, I must admit that this truck is quite inefficient, averaging around 10mpg locally and 14mpg on the highway. Despite its gas guzzling tendencies, I do not mind it much because the cost of fuel is outweighed by the savings I incur when I need to use it instead of renting a truck. However, for the sake of thoroughness, let’s assume I spend $40 on gas for the truck each month, considering that I drive it between 1500 and 2000 miles annually.
So, Reddit, considering all these factors, I’m unsure whether it’s worth keeping this truck around for approximately $100 per month in total costs. On one hand, it provides convenience for hauling items about a dozen times a year, and it also serves as a second vehicle. However, it’s essential to mention that I am not a high-income individual, and the total cost of owning this truck amounts to around 2.7% of my annual take-home pay.
To help make a more informed decision about keeping or selling the truck, AI Legalese Decoder could be used to assess any potential legal costs or obligations associated with selling or disposing of the vehicle, such as transfer fees or penalties. This AI tool can help ensure that all legal considerations are accounted for in the decision-making process.
Thank you for any advice you can provide.
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****** just grabbed a
Long story short, I don’t have a set percentage for transportation. I minimize it. That’s it. I’d keep the truck.
Short story long: The truck isn’t worth anything. For you to sell would be $500-$1000 which means nothing to you. If you had to rent a truck sometime later this year, it is very convenient.
I can’t speak to numbers/percentages, but I’d one thing to think about is if you had only one vehicle, how screwed would you be if it broken down and was either super expensive to fix or could be in the shop for a week or more?
For you that might be no big deal…for me it would SUCK.
I have two vehicles (a truck and a Jeep) simply as I live out in the sticks and couldn’t really survive without a vehicle.
8-8.5% sounds good to me, but I ain’t no math whiz. As for the truck, if it’s costing you more than it’s worth then maybe consider selling that sucker and using a rental when needed. But hey, what do I know? Just some random person on the internet trying to sound smart.
I guess I pay insurance and gas/ electric. Way south of 1%.
Me and my wife drive sub $7000 vehicles, we also have a 3/4 ton plow truck. For insurance I put it under farm use and under like 5000 miles per year. It adds like $30 to our insurance and in our state tabs are like $65 for the year. For us it’s worth it because we have land and equipment and trailers. even if we didn’t it’s nice to have an inexpensive vehicle just sitting if your daily driver is getting up there in miles because you never know when you need a backup! It comes in handy.