Let's do some math shall we.
$15 x 40 hours = $600 a week
Government takes about 25% for income tax (depends on bracket though):
After tax, we get:
$600 x 75% = $450
To keep things simple, let's say there are 4 weeks in a month.
$450 x 4 = $1,800 a month is your monthly income.
Now, I hope you are a fiscally smart individual and will save at least 10% of your paycheck.
$1,800 x 90% = $1,620.
MSRP of FR-S: $24,930
I know some states have no tax, but in NJ there is 7% tax. So let's take the median of 3.5%.
$24,930 x 103.5% = $25,803
Per finance.yahoo.com, average auto loan interest rate is 3.65%.
Let's suppose you finance the full amount, monthly payments with that interest rate for 60 months will make your monthly payments $472.
$1,620 - $472 = $1,148
Depending on your insurance, you could possibly pay anywhere from $50 - $200 a month.
Let's take the higher rate.
$1,148 - $200 = $948
Now let's add in another allowance for gas. Current U.S. average is $3.613 for premium conventional per
www.eia.gov.
Let's use the 3,500 every 3 month per oil change recommendations. That makes 1,167 miles a month at $3.613 and assume you get 30 mpg.
That means you pay $123 a month on gas.
So now we are down to roughly $825 a month.
If you have any other expenses (phone, rent, utilities, etc.), then you will go down even further. Also add in things like going out and other activities/hobbies that you might have. Can you make ends meet? Probably. Is it the smartest decision? I personally don't think so.
At the end of the day, it's your money do what you want.
