What percentage of your income do you spend on cars?
Discussion
DoubleSix said:
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...
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.
DoubleSix said:
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.
What I would hope is that my % is as low as it will get and I can look forward to a rising % in my 50s, 60s and 70s... and a Caterham, Morgan 3 wheeler or Mustang parked outside...
TWPC said:
An interesting further step would be to compare PHers' % of net income spent on cars and their age. I'm 44 & the % has declined massively since my 20s as other non-car costs (i.e. wife, kids, cats, house, kids' friends' birthday presents, presents for nieces, nephews, godkids, school trips, kids hobbies ad infinitum...) have risen and income has also risen.
What I would hope is that my % is as low as it will get and I can look forward to a rising % in my 50s, 60s and 70s... and a Caterham, Morgan 3 wheeler or Mustang parked outside...
Agreed - my figure is 20% at age 28. I live with my fiance and we both earn decent London salaries. I think that classifies us at DINK - double income, no kids.What I would hope is that my % is as low as it will get and I can look forward to a rising % in my 50s, 60s and 70s... and a Caterham, Morgan 3 wheeler or Mustang parked outside...
I suspect in our thirties, my figure may go down...either as a result of salary increases OR the arrival of sprogs.
nickpan said:
TWPC said:
An interesting further step would be to compare PHers' % of net income spent on cars and their age. I'm 44 & the % has declined massively since my 20s as other non-car costs (i.e. wife, kids, cats, house, kids' friends' birthday presents, presents for nieces, nephews, godkids, school trips, kids hobbies ad infinitum...) have risen and income has also risen.
What I would hope is that my % is as low as it will get and I can look forward to a rising % in my 50s, 60s and 70s... and a Caterham, Morgan 3 wheeler or Mustang parked outside...
Agreed - my figure is 20% at age 28. I live with my fiance and we both earn decent London salaries. I think that classifies us at DINK - double income, no kids.What I would hope is that my % is as low as it will get and I can look forward to a rising % in my 50s, 60s and 70s... and a Caterham, Morgan 3 wheeler or Mustang parked outside...
I suspect in our thirties, my figure may go down...either as a result of salary increases OR the arrival of sprogs.
Haven't seen 9,000rpm on any rev counter since (or had to locate an engine immobiliser switch having exited a damp-ish roundabout backwards...).
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