Anyone into cars but not credit?
Discussion
gizlaroc said:
Amazing, you slope off from this thread at 7pm to enjoy life a bit and come back to another 12 pages the next morning. 
It was said that the proportion of cars on autotrader outweighed the proportion of people who could afford them, and it was said that £100k income was needed to fund a £60k car. (Which I think is b
ks myself, but anyway*).
So 5120 cars out of 450k on Autotrader are over £60k. That is 1.1% of cars are £60k plus.
It is said there are 1.3m people earning £100k and over. That is 2% of UK residents earning enough to buy those cars (by PH standards).
So I don't get why the 5000 cars over £60k seems excessive?
It isn't excessive. Most people are leasing 60k cars. It was said that the proportion of cars on autotrader outweighed the proportion of people who could afford them, and it was said that £100k income was needed to fund a £60k car. (Which I think is b
ks myself, but anyway*). So 5120 cars out of 450k on Autotrader are over £60k. That is 1.1% of cars are £60k plus.
It is said there are 1.3m people earning £100k and over. That is 2% of UK residents earning enough to buy those cars (by PH standards).
So I don't get why the 5000 cars over £60k seems excessive?
It's being argued from a position of ideology.
gizlaroc said:
Amazing, you slope off from this thread at 7pm to enjoy life a bit and come back to another 12 pages the next morning.
It was said that the proportion of cars on autotrader outweighed the proportion of people who could afford them, and it was said that £100k income was needed to fund a £60k car. (Which I think is bks myself, but anyway*).
So 5120 cars out of 450k on Autotrader are over £60k. That is 1.1% of cars are £60k plus.
It is said there are 1.3m people earning £100k and over. That is 2% of UK residents earning enough to buy those cars (by PH standards).
So I don't get why the 5000 cars over £60k seems excessive?
I would not buy a £60k car on a £100k salary...although i appreciate that people circumstances are different. So for example 27/28 year old on £100k with a mortgage etc would be rather silly to buy a £60k car. But a 50 year old mortgage free person makes more sense!It was said that the proportion of cars on autotrader outweighed the proportion of people who could afford them, and it was said that £100k income was needed to fund a £60k car. (Which I think is b
ks myself, but anyway*). So 5120 cars out of 450k on Autotrader are over £60k. That is 1.1% of cars are £60k plus.
It is said there are 1.3m people earning £100k and over. That is 2% of UK residents earning enough to buy those cars (by PH standards).
So I don't get why the 5000 cars over £60k seems excessive?
Leasing a £60k car is probably more sensible than buying one in most cases. Just because many of them depreciate at a far greater rate and so massive manufacturer help is hidden when put onto lease deals, so often a fair bit cheaper.
Getting into a used car that has done its depreciating is more sensible if bought. Probably.
Getting into a used car that has not lost much money is probably a dumb move regardless of how you fund it. Unless you are lucky and it continues to not depreciate (unlikely).
BMW 730d sport.
£68k new, just over 20% discount available. 3 Years old worth around £30k (retail, but let's say you sell privately and get that for it). You will lose around £23/24k over 3 years or £650 a month.
Lease it for £369 a month plus vat and 9 months down. That is £19500 over 3 years or £540 a month.
I would rather buy the 3 year old car for £30k and hope to loose £12k over the next 3 years. But if you want a new one, I can see why many would lease it.
Getting into a used car that has done its depreciating is more sensible if bought. Probably.
Getting into a used car that has not lost much money is probably a dumb move regardless of how you fund it. Unless you are lucky and it continues to not depreciate (unlikely).
BMW 730d sport.
£68k new, just over 20% discount available. 3 Years old worth around £30k (retail, but let's say you sell privately and get that for it). You will lose around £23/24k over 3 years or £650 a month.
Lease it for £369 a month plus vat and 9 months down. That is £19500 over 3 years or £540 a month.
I would rather buy the 3 year old car for £30k and hope to loose £12k over the next 3 years. But if you want a new one, I can see why many would lease it.
Rawwr said:
Nickbrapp said:
Guess what? I have a car on finance and more than £500 disposable income. I AM THE BEST PERSON IN THE WORLD
I have a car AND a motorbike, both of which are on PCP! I'm pretty sure that makes me better than you. I AM THE BEST PERSON IN THE WORLD.supercommuter said:
I would not buy a £60k car on a £100k salary...although i appreciate that people circumstances are different. So for example 27/28 year old on £100k with a mortgage etc would be rather silly to buy a £60k car. But a 50 year old mortgage free person makes more sense!
Depends on the car though. £60k on a year old 911 is probably a better move than £35k on a standard saloon.
And, if you need to finance the £60k car it might be worth doing, the lower depreciation might far outweigh any interest incurred.
I have done this a few times, been some of my cheapest motoring years.
daemon said:
Driver101 said:
daemon said:
Your actual quote was "Your life shouldn't be financed that tightly that you account for every penny every month"
I rounded that up to the nearest tenner and gave you statistics to support that that was a minority.
Gee, given the nonsense being bandied about on this thread as "facts", and you're picking on that?
Why are you getting upset that I'm challenging you? You've loads of posts in this thread challenging people..I rounded that up to the nearest tenner and gave you statistics to support that that was a minority.
Gee, given the nonsense being bandied about on this thread as "facts", and you're picking on that?
The word you're looking for is "bemused"
When you get asked a simple question your only evidence contradicted your own point of view that you challenged me over.
Now I've asked a couple more simple questions you've gone into your shell, are being defensive and editing out questions from posts.
The irony of it is you said this to someone else just a couple of pages ago.
daemon said:
And deflected again!
You dodge answers like Philip Green at a government enquiry..
You're something else. You dodge answers like Philip Green at a government enquiry..
Edited by Driver101 on Wednesday 26th October 15:03
Edited by Driver101 on Wednesday 26th October 15:19
supercommuter said:
gizlaroc said:
Amazing, you slope off from this thread at 7pm to enjoy life a bit and come back to another 12 pages the next morning.
It was said that the proportion of cars on autotrader outweighed the proportion of people who could afford them, and it was said that £100k income was needed to fund a £60k car. (Which I think is bks myself, but anyway*).
So 5120 cars out of 450k on Autotrader are over £60k. That is 1.1% of cars are £60k plus.
It is said there are 1.3m people earning £100k and over. That is 2% of UK residents earning enough to buy those cars (by PH standards).
So I don't get why the 5000 cars over £60k seems excessive?
I would not buy a £60k car on a £100k salary...although i appreciate that people circumstances are different. So for example 27/28 year old on £100k with a mortgage etc would be rather silly to buy a £60k car. But a 50 year old mortgage free person makes more sense!It was said that the proportion of cars on autotrader outweighed the proportion of people who could afford them, and it was said that £100k income was needed to fund a £60k car. (Which I think is b
ks myself, but anyway*). So 5120 cars out of 450k on Autotrader are over £60k. That is 1.1% of cars are £60k plus.
It is said there are 1.3m people earning £100k and over. That is 2% of UK residents earning enough to buy those cars (by PH standards).
So I don't get why the 5000 cars over £60k seems excessive?
HMRC stats say 95% earn under £67K per anum and the graduate wage of £39k would put that person in the top 25 percentile of earnings, 'just enough' though I suppose....
I imagine a lot of the thoughts about disposable income is that many of you guys are from London and surrounding areas where wages are a bit higher but you also have to sink huge amounts of your income into property to even get into something very basic - A £500k house in my area is really rather nice, £1mil gets you something bloody lovely.
supercommuter said:
gizlaroc said:
Amazing, you slope off from this thread at 7pm to enjoy life a bit and come back to another 12 pages the next morning.
It was said that the proportion of cars on autotrader outweighed the proportion of people who could afford them, and it was said that £100k income was needed to fund a £60k car. (Which I think is bks myself, but anyway*).
So 5120 cars out of 450k on Autotrader are over £60k. That is 1.1% of cars are £60k plus.
It is said there are 1.3m people earning £100k and over. That is 2% of UK residents earning enough to buy those cars (by PH standards).
So I don't get why the 5000 cars over £60k seems excessive?
I would not buy a £60k car on a £100k salary...although i appreciate that people circumstances are different. So for example 27/28 year old on £100k with a mortgage etc would be rather silly to buy a £60k car. But a 50 year old mortgage free person makes more sense!It was said that the proportion of cars on autotrader outweighed the proportion of people who could afford them, and it was said that £100k income was needed to fund a £60k car. (Which I think is b
ks myself, but anyway*). So 5120 cars out of 450k on Autotrader are over £60k. That is 1.1% of cars are £60k plus.
It is said there are 1.3m people earning £100k and over. That is 2% of UK residents earning enough to buy those cars (by PH standards).
So I don't get why the 5000 cars over £60k seems excessive?
100k salary would not allow you to buy it out right, financing via PCP or HPI/bank loan would.
100k salary makes financing 60k+ motors very accessible. HPI or bank loan would be touching close or over 1k a month?
It all depends on how much money you want to put into savings each month.
(ps. hoping this goes past 50+ pages)
Edited by BobSaunders on Wednesday 26th October 15:53
Heathwood said:
My god, 47 pages of opinions and a general refusal to accept that other opinions are available.
Personally, until recently, I've only bought cars that I could comfortably afford to buy outright. However, lease prices and, to some extent, being attracted to newer theoretically safer cars now I have a couple of young children, makes leasing almost a no brainier.
I've just ordered a Skoda Yeti on a 2 year lease for £159 per month. Now that's bloody cheap motoring in my book and nothing at all to do with inability to afford to buy a car outright.
I am in the same position. There were two reasons I would never have considered leasing a new car. Firstly our circumstances were such that mileage could vary by 100% in any given year. Secondly logic told me that there were too many profit margins to be accomodated. My opinion started to be changed about 2 years when PHers were reporting on the amazing BMW 640 deals that were around for a while. Then I realised that there must be huge manufacturer subsidies involved in some deals to make them viable. Personally, until recently, I've only bought cars that I could comfortably afford to buy outright. However, lease prices and, to some extent, being attracted to newer theoretically safer cars now I have a couple of young children, makes leasing almost a no brainier.
I've just ordered a Skoda Yeti on a 2 year lease for £159 per month. Now that's bloody cheap motoring in my book and nothing at all to do with inability to afford to buy a car outright.
There's a strong chance we will "rent" one of our next new cars as my OH's mileage has fallen to a consistent 700 per month and we fortunately have access to a manufacturer's friends and family scheme which makes it even more of a no brainer. That said I'd always decide on the car I want first and then work out the best way to pay for it. Affordability (defined in the traditional manner I guess) is therefore implicit in my choice.
How many of you earn £100k here.
I was on that Salary at 25 yrs old and I can tell you from experience that I lived hand to mouth during that time. Yes my mortgage was well over £2k pm but I definitely could not have afforded a £60k car on finance at the time given other costs of living.
I was on that Salary at 25 yrs old and I can tell you from experience that I lived hand to mouth during that time. Yes my mortgage was well over £2k pm but I definitely could not have afforded a £60k car on finance at the time given other costs of living.
BobSaunders said:
Buying or financing?
100k salary would not allow you to buy it out right, financing via PCP or HPI/bank loan would.
100k salary makes financing 60k+ motors very accessible. HPI or bank loan would be touching close or over 1k a month?
It all depends on how much money you want to put into savings each month.
(ps. hoping this goes past 50+ pages)
I'll help with the page count.... You can buy a £60k car outright with earning under £100k. 100k salary would not allow you to buy it out right, financing via PCP or HPI/bank loan would.
100k salary makes financing 60k+ motors very accessible. HPI or bank loan would be touching close or over 1k a month?
It all depends on how much money you want to put into savings each month.
(ps. hoping this goes past 50+ pages)
Edited by BobSaunders on Wednesday 26th October 15:53
Audemars said:
How many of you earn £100k here.
I was on that Salary at 25 yrs old and I can tell you from experience that I lived hand to mouth during that time. Yes my mortgage was well over £2k pm but I definitely could not have afforded a £60k car on finance at the time given other costs of living.
Take home on £100k at the moment is c£65k. If you take off say £30k for the mortgage, this still leaves you £35k. If you are living hand to mouth with that sort of money you're obviously a retard when it comes to your personal finances. I was on that Salary at 25 yrs old and I can tell you from experience that I lived hand to mouth during that time. Yes my mortgage was well over £2k pm but I definitely could not have afforded a £60k car on finance at the time given other costs of living.
However, going on your posts I suspect you're a full blown retard anyway.
Edited by MWM3 on Wednesday 26th October 17:16
Audemars said:
How many of you earn £100k here.
I was on that Salary at 25 yrs old and I can tell you from experience that I lived hand to mouth during that time. Yes my mortgage was well over £2k pm but I definitely could not have afforded a £60k car on finance at the time given other costs of living.
Whoa, hang on. You have been banging on about living within your means and responsible spending and yet at 25 and earning £100k a year you were living hand to mouth. So £2k a month on a mortgage what were you spending the rest on? If it was that much of a stretch then maybe you had overcommitted on your mortgage and you could not really afford it........a bit like all these people you are complaining about who use PCP's.I was on that Salary at 25 yrs old and I can tell you from experience that I lived hand to mouth during that time. Yes my mortgage was well over £2k pm but I definitely could not have afforded a £60k car on finance at the time given other costs of living.
Audemars said:
How many of you earn £100k here.
I was on that Salary at 25 yrs old and I can tell you from experience that I lived hand to mouth during that time. Yes my mortgage was well over £2k pm but I definitely could not have afforded a £60k car on finance at the time given other costs of living.
what, only 6 figs at 25? Loser.I was on that Salary at 25 yrs old and I can tell you from experience that I lived hand to mouth during that time. Yes my mortgage was well over £2k pm but I definitely could not have afforded a £60k car on finance at the time given other costs of living.
At just a 5% interest rate, a £350k mortgage (i.e. 3.5x £100k salary) will cost you £2,046 per month, assuming a 25 year remaining term. Doesn't sound like such a crazy number, and I reckon that most on here who were FTBs in the last few years have had income multiples higher than that (mine was 5x basic!).
Don't know how old Audemars is but rates have been a lot higher than 5% in the past...
Don't know how old Audemars is but rates have been a lot higher than 5% in the past...
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