Anyone into cars but not credit?
Discussion
I would baulk at paying £600 a month, in fact I wouldnt like to pay half that, we have no mortgage or debt of any sort and a decent income, could pay for it but just couldnt bring myself to pay that much for an Audi A3, its a hatchback, nice enough but I would want most of an RS6 for that price !
Nothing wrong with leasing, there are no rights and wrongs in how you finance a car if it works for the individual.
My main bugbear is that I cant fart about with them, i.e. cant remap it.
Nothing wrong with leasing, there are no rights and wrongs in how you finance a car if it works for the individual.
My main bugbear is that I cant fart about with them, i.e. cant remap it.
J4CKO said:
I would baulk at paying £600 a month, in fact I wouldnt like to pay half that, we have no mortgage or debt of any sort and a decent income, could pay for it but just couldnt bring myself to pay that much for an Audi A3, its a hatchback, nice enough but I would want most of an RS6 for that price !
Same situation here, just doesn't strike me as value for money, but other people have different perceptions of what things are worth.Here's my view on £4k net per month (£70k gross annual salary).
Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
walm said:
Here's my view on £4k net per month (£70k gross annual salary).
Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
your making utterly trite assumptions Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
what about those of who have paid off our houses or have tiny mortgages left?
kids gone and have their own places / cars
not everyone is stuffed with a massive mortgage debt, some of us got 5 bedroom houses in the SE for 75k
walm said:
Here's my view on £4k net per month (£70k gross annual salary).
Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
Until the day his mortgage is paid off, and he's suddenly got £1333 per month of extra cash in his pocket... Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
And - if he's not a single bloke but a DINKY with a spouse on a similar sort of wage...
Or he's a workaholic who doesn't take holidays...
We're kind of back to the perception of value for money. For me, no, spending that large a chunk of disposable income on a car would not be worth the sacrifices required. But other people are weird.
walm said:
Here's my view on £4k net per month (£70k gross annual salary).
Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
For the record I think £600 pcm for a 2.0d A3 is lunacy but to each their own. Everyone's financial situation is different though and your numbers there are on the high side IMHO.Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
Half the mortgage, utilities and council tax by sharing equally with the wife. Food looks about right for a family of two adults, one kid (it's in line with our family spend) but again cut it in half as it's a shared responsibility. That's £200 plus half the mortgage so let's say another £4-500 per month saved and that £600 to piss away on a grey Deutschebox is quite achievable.
I wouldn't pay £600 a month for any A3 even the new RS3 isn't worth that for me.
I've always lived by: buy the stuff you want to keep, rent the stuff you don't. The Indy is owned outright, the MX-5 will be paid for in a couple of years. Both are keepers. The Golf and the XC90 are both rentals, I have no need for either long term and they will likely be replaced by something completely different.
We spend more on cars than we do on the house, but then we don't need a bigger house (kids are moving out soon) or need to move to a better area and we'll have soon paid of the mortgage. Guess what, once the mortgage is paid off we'll be spending even more on cars.
I'd rather enjoy driving something I want to drive rather than driving something pious. If I had to do the ~130 mile daily commute that I did previously I'd get something cheap and diesel powered, but I would upgrade everything as I did with the Fabia so driving it wasn't total drudgery.
I've always lived by: buy the stuff you want to keep, rent the stuff you don't. The Indy is owned outright, the MX-5 will be paid for in a couple of years. Both are keepers. The Golf and the XC90 are both rentals, I have no need for either long term and they will likely be replaced by something completely different.
We spend more on cars than we do on the house, but then we don't need a bigger house (kids are moving out soon) or need to move to a better area and we'll have soon paid of the mortgage. Guess what, once the mortgage is paid off we'll be spending even more on cars.
I'd rather enjoy driving something I want to drive rather than driving something pious. If I had to do the ~130 mile daily commute that I did previously I'd get something cheap and diesel powered, but I would upgrade everything as I did with the Fabia so driving it wasn't total drudgery.
walm said:
Here's my view on £4k net per month (£70k gross annual salary).
Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
My real world figures are as below:Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
Net Earnings - £3750
Car - £560
fuel - Covered by company fuel card £0
Insurance - £50
Phone - £40
Food / day to day expenses - £600
Mortgage and bills - £1100
Pension/share scheme - taken at source before Net - £0
This leaves me with approximately £1400 which goes into a savings account which i then draw down as needed for servicing, tyres, holidays and big ticket clothes/consumables purchases. I also receive on average a 15% bonus this again goes straight into the savings account.
How in any way is this not affordable or can anybody think is reckless spending!!
I have no family to provide for but I do have a girlfriend with a taste for Mulberry.
Edited by olly-robinson on Wednesday 19th October 15:49
DRFC1879 said:
Half the mortgage, utilities and council tax by sharing equally with the wife. Food looks about right for a family of two adults, one kid (it's in line with our family spend) but again cut it in half as it's a shared responsibility. That's £200 plus half the mortgage so let's say another £4-500 per month saved and that £600 to piss away on a grey Deutschebox is quite achievable.
I have run the numbers a whole host of different ways but for the first 5-8 years of their lives I struggle to see a scenario where the wife genuinely contributes very much at all.My wife was a solicitor and going back 3 days a week she earned about £7k a year after childcare costs.
Obviously these reduce as they go to school but even then, you need someone to pick them up and deal with the little blighters during the holidays.
Of my friends I would say 70% just don't have the wife working while the kids are <8.
To be honest you may well be right on the food - I really have no idea.
But keeping me in coffee and pret costs about £50 a week so I seriously doubt the rest of the family survive on £50!
olly-robinson said:
My real world figures are as below:
Net Earnings - £3750
Car - £560
fuel - Covered by company fuel card £0
Insurance - £50
Phone - £40
Food / day to day expenses - £600
Mortgage and bills - £1100
Pension/share scheme - taken at source before Net - £0
This leaves me with approximately £1400 which goes into a savings account which i then draw down as needed for servicing, tyres, holidays and big ticket clothes/consumables purchases. i also receive an average a 15% bonus this again goes straight into the savings account.
How in any way is this not affordable or can anybody think is reckless spending!!
Well you have free fuel and the pension covered - that helps quite a lot!Net Earnings - £3750
Car - £560
fuel - Covered by company fuel card £0
Insurance - £50
Phone - £40
Food / day to day expenses - £600
Mortgage and bills - £1100
Pension/share scheme - taken at source before Net - £0
This leaves me with approximately £1400 which goes into a savings account which i then draw down as needed for servicing, tyres, holidays and big ticket clothes/consumables purchases. i also receive an average a 15% bonus this again goes straight into the savings account.
How in any way is this not affordable or can anybody think is reckless spending!!
And just wait until you have to cover a sprogging missus!
In fairness, I absolutely subscribe to each their own.
But if I wanted to spunk £7k a year on automotive depreciation (which is what finance is) then I would be driving a Gallardo and hoping it lasted 10 years!
In fact, now I think about it, that isn't a bad idea to be honest...
tuffer said:
Minimum wage, about £16k a year if working full time, £12K after Tax and NI maybe so taking home £1K per month and you are paying £333 per month for a loan...... I can imagine insurance in Belfast is not cheap either.
Sorry I got the loan the wrong way round. Put down 4k loan was 3k over a year costing me under £260 pm.(had the cash to buy it outright at the time but was thinking of changing from oil to gas in my house as well)
Insurance is cheap for me, I am mid 40's with full no claims etc etc, car is swift sport bike is mt09 tracer and total for year for both is just over £500 per year. credit is over in feb and the loan amount I pay each month after will go back 50/50 into savings and trips.
Yes im pretty skint at end of each month but I still put a little aside each month into saving account.
walm said:
Here's my view on £4k net per month (£70k gross annual salary).
Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
But nobody single / couple will be spending 1/3 of their high income on such a large or expensive property.Rule of thumb on rent/mortgage: 1/3 of net earnings.
Save 15% into pension/ISA.
So that's half gone.
Utilities, TV, council tax... say another £300?
£100 a week on food/Vin-de-table?
One evening out a week at £50 a go.
Realistically the chap is going to take two holidays abroad at £2k a pop each.
So that's another £300 a month.
He's down to £800 left now.
He's driving 10k a year at 40mpg on £1.10 a litre so roughly £100 a month on petrol.
Servicing, insurance, tyres and tax - say another £200 a month.
Down to £500 left and he is still naked with a goddam top-knot and "interesting" facial hair.
That's for a single bloke.
Anyone with a family - no blooming way.
We had a lovely central city flat that was sub 15%, save 45%, spend 15% bills etc, waste 25% cars etc.
1/3 on rent or mortgage?! Never paid over 20% of my salary, 25% including bills.
I would suggest any PAYE with a fixed company contribution wouldn't be saving anything in an ISA / Private Pension.
No single man spend £100 p/w on food.
200 p/m on a lease car for running costs is extreme, if we are talking bought then yes fair enough.
It not just about how much you earn, but being smart with how you spend it!
For the record we lease a CLA (AMG ... 'line...') for €383 p/m which includes insurance for both myself and my girlfriend (who also has a penchant for Mulberry, a PH thing?), so that's a cracking deal.
Work provide 14.5% pension and I get a 15% bonus plus they pay for my house ....
Really I should get an AMG GT but I can't bear the thought of burning €1,500 p/m, so it's being saved towards a DB9 (old thread but I have decided to up my budget!).
Edited by Trexthedinosaur on Wednesday 19th October 16:01
£1100 for mortgage and bills?
Not sure where you live but to spend £600pm on any car I would want to be in a 5 bed detached at a minimum even if I was single.
My first job out of uni gave me £4k net pm. I remember feeling very broke at the time. Mind you the mortgage payments on any of my houses were never less than £2k pm
Not sure where you live but to spend £600pm on any car I would want to be in a 5 bed detached at a minimum even if I was single.
My first job out of uni gave me £4k net pm. I remember feeling very broke at the time. Mind you the mortgage payments on any of my houses were never less than £2k pm
Edited by Audemars on Wednesday 19th October 15:59
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