What percentage of your income do you spend on cars?
Discussion
After tax it appears 35% of my income, including fuel and servicing, but not including tyres/repairs.
Its probably time to change that and go for a company car. 35% of my post tax income is a silly amount to get from A-B. 6 months ago it was about 10%.
EDIT; although it obviously make a massive difference if you have a company car or cash allowance.
Its probably time to change that and go for a company car. 35% of my post tax income is a silly amount to get from A-B. 6 months ago it was about 10%.
EDIT; although it obviously make a massive difference if you have a company car or cash allowance.
Edited by Condi on Wednesday 11th February 20:08
(not including petrol costs....)I don't really care about adding it all up tbh. While building my mev exocet kit car I got to 5k and stopped counting I could be up to 7k maybe even 8k by now.
Im 22 don't have any outgoings pretty much and on minimum wage, the kit car takes a fair bit of money over the year as above about 8k in 3 years, my road car doesn't cost a lot £80 of fuel a month, tax is £230 and insurance is £600 apart from that the car doesn't go wrong (mk1 mx5) if I see something I like to spend on it just recently bought new seats for it at £200 and I have the money will get them.
I do save money when I can last year haven't done much of it but when I get a lump of money together then it goes into my isa which I already got a good amount in.
What I think is I have no ties atm am young just enjoy my life to the full my kit car is just about ready after a long list of mods over the winter so will be booking in for loads of track events throughout the year to make the most of it, ive just bought a pick up truck and a trailer to get it around the country.
Im 22 don't have any outgoings pretty much and on minimum wage, the kit car takes a fair bit of money over the year as above about 8k in 3 years, my road car doesn't cost a lot £80 of fuel a month, tax is £230 and insurance is £600 apart from that the car doesn't go wrong (mk1 mx5) if I see something I like to spend on it just recently bought new seats for it at £200 and I have the money will get them.
I do save money when I can last year haven't done much of it but when I get a lump of money together then it goes into my isa which I already got a good amount in.
What I think is I have no ties atm am young just enjoy my life to the full my kit car is just about ready after a long list of mods over the winter so will be booking in for loads of track events throughout the year to make the most of it, ive just bought a pick up truck and a trailer to get it around the country.
Less than 5%
Has been a lot more in the past, I think I'm still mentally scarred from it hence the low current %. I get cravings all the time and end up in the classifieds regularly but manage to resist at the moment although it's a constant internal battle.
Same for every petrol head I imagine.
Has been a lot more in the past, I think I'm still mentally scarred from it hence the low current %. I get cravings all the time and end up in the classifieds regularly but manage to resist at the moment although it's a constant internal battle.
Same for every petrol head I imagine.
BrownBottle said:
Less than 5%
Has been a lot more in the past, I think I'm still mentally scarred from it hence the low current %. I get cravings all the time and end up in the classifieds regularly but manage to resist at the moment although it's a constant internal battle.
Same for every petrol head I imagine.
Has been a lot more in the past, I think I'm still mentally scarred from it hence the low current %. I get cravings all the time and end up in the classifieds regularly but manage to resist at the moment although it's a constant internal battle.
Same for every petrol head I imagine.
Amen.
MG CHRIS said:
I don't really care about adding it all up tbh. While building my mev exocet kit car I got to 5k and stopped counting I could be up to 7k maybe even 8k by now.
Im 22 don't have any outgoings pretty much and on minimum wage, the kit car takes a fair bit of money over the year as above about 8k in 3 years, my road car doesn't cost a lot £80 of fuel a month, tax is £230 and insurance is £600 apart from that the car doesn't go wrong (mk1 mx5) if I see something I like to spend on it just recently bought new seats for it at £200 and I have the money will get them.
I do save money when I can last year haven't done much of it but when I get a lump of money together then it goes into my isa which I already got a good amount in.
What I think is I have no ties atm am young just enjoy my life to the full my kit car is just about ready after a long list of mods over the winter so will be booking in for loads of track events throughout the year to make the most of it, ive just bought a pick up truck and a trailer to get it around the country.
Good on you truly - but as someone who on minimum wage barely had enough to pay the rent, bills, travel expenses & a few pints a week I'm truly jealous of this. You must live at home or for free? Im 22 don't have any outgoings pretty much and on minimum wage, the kit car takes a fair bit of money over the year as above about 8k in 3 years, my road car doesn't cost a lot £80 of fuel a month, tax is £230 and insurance is £600 apart from that the car doesn't go wrong (mk1 mx5) if I see something I like to spend on it just recently bought new seats for it at £200 and I have the money will get them.
I do save money when I can last year haven't done much of it but when I get a lump of money together then it goes into my isa which I already got a good amount in.
What I think is I have no ties atm am young just enjoy my life to the full my kit car is just about ready after a long list of mods over the winter so will be booking in for loads of track events throughout the year to make the most of it, ive just bought a pick up truck and a trailer to get it around the country.
mattfuey said:
DoubleSix said:
Pretty shocked at some of these numbers.
If over 10% of my net was being sunk into a fast depreciating asset or even a hobby (if we want to look at it like that) then I'd be questioning myself...
If I take fuel out of the equation then it's less than 10%!If over 10% of my net was being sunk into a fast depreciating asset or even a hobby (if we want to look at it like that) then I'd be questioning myself...
As with others I'm sure that's the same with me, and unsurprisingly, 90% of my fuel costs are necessary to earn the money in the first place.Mind you, I still disagree with DoubleSix. If cars are your hobby, then why not spend over 10% of income on them? If you don't enjoy your job, then hobbies are all you have in this short life to enjoy yourself so I say go ahead and do it.
I work with two people who like to go on massive 1-6 month off road motorbike adventures across continents; it's their passion in life and why shouldn't they indulge in it? Equally, in the last two years of my racing exploits, 2009 and 2010, I spent about 50% of my income on racing, but why shouldn't I? I didn't want a bigger house, I was already massively overpaying what little was left of my mortgage, I had no loans or finance other than the mortgage, I'd provided for my retirement, I gave regularly to charity, nobody close to me needed the money - why not?
One of the most important lessons we can all learn in life is that every penny that we earn is ours to do what we want with. If we want to live in a bungalow and travel the world racing exotic cars (as a friend of mine does), then why not? If we want to live in an enormous house and drive a Micra, then why not? Provided that you fully understand the maths behind pensions, mortgages, loans etc, each of us is in control of our own money and I think that's a good thing.
RobM77 said:
mattfuey said:
DoubleSix said:
Pretty shocked at some of these numbers.
If over 10% of my net was being sunk into a fast depreciating asset or even a hobby (if we want to look at it like that) then I'd be questioning myself...
If I take fuel out of the equation then it's less than 10%!If over 10% of my net was being sunk into a fast depreciating asset or even a hobby (if we want to look at it like that) then I'd be questioning myself...
As with others I'm sure that's the same with me, and unsurprisingly, 90% of my fuel costs are necessary to earn the money in the first place.Mind you, I still disagree with DoubleSix. If cars are your hobby, then why not spend over 10% of income on them? If you don't enjoy your job, then hobbies are all you have in this short life to enjoy yourself so I say go ahead and do it.
I work with two people who like to go on massive 1-6 month off road motorbike adventures across continents; it's their passion in life and why shouldn't they indulge in it? Equally, in the last two years of my racing exploits, 2009 and 2010, I spent about 50% of my income on racing, but why shouldn't I? I didn't want a bigger house, I was already massively overpaying what little was left of my mortgage, I had no loans or finance other than the mortgage, I'd provided for my retirement, I gave regularly to charity, nobody close to me needed the money - why not?
One of the most important lessons we can all learn in life is that every penny that we earn is ours to do what we want with. If we want to live in a bungalow and travel the world racing exotic cars (as a friend of mine does), then why not? If we want to live in an enormous house and drive a Micra, then why not? Provided that you fully understand the maths behind pensions, mortgages, loans etc, each of us is in control of our own money and I think that's a good thing.
I made a statement about MY attitude to MY use of income and expressed surprise at how others use theirs, nothing more.
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