What percentage of your income do you spend on cars?

[jonny996]

5 Percent all in on net income & that gives me 2 cars that serves the family well.

[RobM77]

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%!

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.

Not sure what it is you're disagreeing with.

I made a statement about MY attitude to MY use of income and expressed surprise at how others use theirs, nothing more.

That's fair enough, I had assumed that you were questioning others, but it was an inference on my part, so if you're not then that's fair enough

[romeogolf]

15%.

[Greg_D]

to include tax insurance fuel depreciation etc About 1.5% for our cars

[TWPC]

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.

Amen.

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...

[TWPC]

Update: a V8 Mustang

[nickpan]

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.

I suspect in our thirties, my figure may go down...either as a result of salary increases OR the arrival of sprogs.

[TWPC]

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.

I suspect in our thirties, my figure may go down...either as a result of salary increases OR the arrival of sprogs.

Nickpan, you are in exactly the same situation I was at your age - we married when I was 28. DINK. I remember them as the 'S2000 years'...
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...).

[blindswelledrat]

RobM77 said:

: Equally, in the last two years of my racing exploits, .

Did you used to do a bit of racing?

[Spooge]

About 16%. Well worth it in my opinion.

5% of that is probably parking.

[R2T2]

34% inc fuel
24% without.
That includes a bork fund each month, which if not used, goes into a savings account

[Backtobasics]

84%

[okgo]

Probably around 2%