What percentage of your income do you spend on cars?
Discussion
Gents,
I would be interested to know what percentage of your total monthly income do you spend on all of your cars and motorcycles?
I've worked out my figure is 20%!
This number takes into account the cost of financing, servicing, garaging, insuring, taxing, car clubbing and petrol for both of my cars (one of which is an inexpensive classic) on average in any given month as a percentage of my total income.
I'd be interested to know whether this is broadly in line with other Pistonheads?
Cheers!
Nick
I would be interested to know what percentage of your total monthly income do you spend on all of your cars and motorcycles?
I've worked out my figure is 20%!
This number takes into account the cost of financing, servicing, garaging, insuring, taxing, car clubbing and petrol for both of my cars (one of which is an inexpensive classic) on average in any given month as a percentage of my total income.
I'd be interested to know whether this is broadly in line with other Pistonheads?
Cheers!
Nick
I'm not sure I could work it out (or rather, be bothered to work it out) as fuel is probably my biggest bill, but a good proportion of that is claimed back. I think insurance and tax accounts for about 7%, servicing and maintenance is maybe 10% but I think (hope!) it's been a more expensive year than usual.
What kills this for me is my annual mileage, but the figures for running both my cars comes in at 14%. It would be 8% if I did a more normal mileage. Neither take into account the investment potential of the money in the cars, but if I did then I'd be looking at 17% and 11% respectively. If I start up racing again as planned then the figure would go to about 45%. Blimey - that's the one I didn't want to work out! 
Not including petrol, less than 3%. Probably another 1% on non work petrol.
I exclude comuting petrol as it becomes a rather complex calculation of opportunity/cost. I could drive to all the way to work and it would cost me the most, but would also mean sitting in traffic, I could get the train which would be the next cheapest, and would massively reduce my petrol cost. What I chose is a combination of driving to the park and rid and using the bus in to Oxford, motorbike and cycling, dependant on weather. This is the cheapest so reduces my transport cost, but increases my motoring cost over the train.
I would guess however at a figure of around 2% for petrol to work if I had to. Total of about 6%, probably a total of 8-9% for all transport including park and ride parking and bus costs, bicycle maintenance and motorbike and cycle clothing. I dread to think how much if I included bits I don't need but want for my bikes...
I exclude comuting petrol as it becomes a rather complex calculation of opportunity/cost. I could drive to all the way to work and it would cost me the most, but would also mean sitting in traffic, I could get the train which would be the next cheapest, and would massively reduce my petrol cost. What I chose is a combination of driving to the park and rid and using the bus in to Oxford, motorbike and cycling, dependant on weather. This is the cheapest so reduces my transport cost, but increases my motoring cost over the train.
I would guess however at a figure of around 2% for petrol to work if I had to. Total of about 6%, probably a total of 8-9% for all transport including park and ride parking and bus costs, bicycle maintenance and motorbike and cycle clothing. I dread to think how much if I included bits I don't need but want for my bikes...
Edited by SteveSteveson on Wednesday 11th February 11:24
23% of my income goes towards my car. Lease, fuel, insurance, maintenance fund.
Admittedly though this is slightly skewed as after tax I'm currently bringing in 1400 a month and I'm putting away approx 3 times more than the amount I need for maintenance as I'm going to use whats left of this money to put towards another car in two years.
Admittedly though this is slightly skewed as after tax I'm currently bringing in 1400 a month and I'm putting away approx 3 times more than the amount I need for maintenance as I'm going to use whats left of this money to put towards another car in two years.
SteveSteveson said:
Not including petrol, less than 3%. Probably another 1% on non work petrol.
I exclude comuting petrol as it becomes a rather complex calculation of opportunity/cost. I could drive to all the way to work and it would cost me the most, but would also mean sitting in traffic, I could get the train which would be the next cheapest, and would massively reduce my petrol cost. What I chose is a combination of driving to the park and rid and using the bus in to Oxford, motorbike and cycling, dependant on weather. This is the cheapest so reduces my transport cost, but increases my motoring cost over the train.
That's a good point actually. If I didn't own any cars and just took public transport to work and my regular weekly trips (plus quit motorsport, obviously), I've just used trailine.com to work out it would cost me about 20% of my income, plus I'd be spending on average 1-2 hours a day more time travelling than I do at the moment.... I think I'll be trying to hold onto my driving license!!I exclude comuting petrol as it becomes a rather complex calculation of opportunity/cost. I could drive to all the way to work and it would cost me the most, but would also mean sitting in traffic, I could get the train which would be the next cheapest, and would massively reduce my petrol cost. What I chose is a combination of driving to the park and rid and using the bus in to Oxford, motorbike and cycling, dependant on weather. This is the cheapest so reduces my transport cost, but increases my motoring cost over the train.
Far more interesting than the usual 'what % of your salary did your car cost' question.
I say that, because I looked at both mine and my wife's situations.
I run a dull ford focus.
She runs a 350z and an old BMW 3 series, so has by far the more interesting garage and also earns only around 30% of what I do.
My figure is 13%, her is only 22%. Reason is, I do three times the mileage and run a car which while dull cost more than her two and is depreciating like a stone.
My car is needed for work though and very much pays it's way so I can't complain. But it just shows that needing your car for work can have a pretty drastic impact
I say that, because I looked at both mine and my wife's situations.
I run a dull ford focus.
She runs a 350z and an old BMW 3 series, so has by far the more interesting garage and also earns only around 30% of what I do.
My figure is 13%, her is only 22%. Reason is, I do three times the mileage and run a car which while dull cost more than her two and is depreciating like a stone.
My car is needed for work though and very much pays it's way so I can't complain. But it just shows that needing your car for work can have a pretty drastic impact
About 8% of net to run both cars, including all fuel.
Doesn't include purchasing though - bought both for cash and can't really work that bit out due to unknowns - current value, how long I'll keep them etc.
Using an approximate, conservative value for each would have me at about 14%.
I think.
Doesn't include purchasing though - bought both for cash and can't really work that bit out due to unknowns - current value, how long I'll keep them etc.
Using an approximate, conservative value for each would have me at about 14%.
I think.
Just under 3% not including depreciation; only one car & the wife & I only do 8000 miles p.a.
This is rather pathetic for PH, I realise, but the monthly budget gets seriously reduced by other costs. Hey-ho: you make your choices, but it could be argued I'm on the wrong forum and subscribe to the wrong magazines.
I guess I'm a fantasy PH'er.
This is rather pathetic for PH, I realise, but the monthly budget gets seriously reduced by other costs. Hey-ho: you make your choices, but it could be argued I'm on the wrong forum and subscribe to the wrong magazines.
I guess I'm a fantasy PH'er.
TWPC said:
Just under 3% not including depreciation; only one car & the wife & I only do 8000 miles p.a.
This is rather pathetic for PH, I realise, but the monthly budget gets seriously reduced by other costs. Hey-ho: you make your choices, but it could be argued I'm on the wrong forum and subscribe to the wrong magazines.
I guess I'm a fantasy PH'er.
Not at all, it just depends where you get your fun and what your tastes are. There are plenty of cheap cars that I prefer to expensive ones. For example, a fully specced Audi RS4 may look flash and get from A to B quickly, but I'd genuinely rather drive an E36 BMW worth £2k. In terms of performance, a £10k Formula Ford can lap a race track quicker than a Mclaren P1 worth nearly a hundred times as much. For a luxury car, for me a £10k S Class walks allhere a over a £60k Range Rover. I can think of examples the other way round obviously, but the fact that so many of us are car nuts and spend around 10% of our income on cars shows you that money needn't always buy car happiness - we'd be spending 20% or 30% if it could.This is rather pathetic for PH, I realise, but the monthly budget gets seriously reduced by other costs. Hey-ho: you make your choices, but it could be argued I'm on the wrong forum and subscribe to the wrong magazines.
I guess I'm a fantasy PH'er.
Edited by RobM77 on Wednesday 11th February 12:14
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