Originally Posted by
SteveinMN
A little back-of-the-envelope math shows that financing $31,000 at typical car loan rates will cost about $550/month for five years. That's a chunk of change. Not un-doable but (depending on what she was driving before) not her only additional budget expense (her insurance likely went up and she may be paying more for fuel and maintenance on the newer vehicle). If she's living paycheck-to-paycheck now, at no more than $3,000/month take home, she'll likely have to watch her other expenses to find at least $150/week (for fuel, insurance, eventual service and maintenance, etc.) she needs for the 4Runner. Of course, we don't know her entire financial situation, but it looks like this purchase will encourage at least a little planning and prioritization on her part.