How much do u need to earn to afford and run a £100k+ car
Discussion
TerryTibbs said:
your best bet is to simply save up a few thousand playmoney every year and rent one a few weekends a month and enjoy the experience without the responsibility.
Thats also a great piece of advice - membership of, say, Ecurie 25 is around 9k a year and will give approx 40 days and 4000 miles in their cars. Great way of doing it even just for 1 year and a heck of a lot cheaper and less riskier than buying one yourself unless your totally secure.Like most things in life, why not walk before you can run ? Buy an entry level car for circa £25-30kk (Should get you a nice F308/328/348 or Porker 993/996) and these should have pretty much bottomed out in price.
If you've got some spare cash the next year then chuck another £10-20k in and get yourself an F355 etc and work your way up year after year, F360 / Diablo / Gallardo etc. Will also give you a good appreciation of the development of these cars over the years, you'll meet owners of other models who'll give you honest feedback and if your careful buying and look after each car you shouldnt loose too much each time you sell.
Just my tuppence worth....seems mad to just go jumping in at the deep end however !
If you've got some spare cash the next year then chuck another £10-20k in and get yourself an F355 etc and work your way up year after year, F360 / Diablo / Gallardo etc. Will also give you a good appreciation of the development of these cars over the years, you'll meet owners of other models who'll give you honest feedback and if your careful buying and look after each car you shouldnt loose too much each time you sell.
Just my tuppence worth....seems mad to just go jumping in at the deep end however !
Karl, your here for a good time not a long time.............finance is your friend!! 
seriosuly though it all depends onwhat your priorities are, having recently owned the Murci for 9-10months I am so lucky o have experienced it but always made sure my payments and was always more than depn avg over the year. But I usually only put 10% into my deals as I see it pointless to tie up cash when I could put it into a business or property that will either earn or grow.
All about balance I'd say.
Now Tom is my first thought and I now need to have at least a 2+2 toy.............but I'll proably get a 2 seater aswell if I can afford it as the passion never dies.
HTH
Paul
seriosuly though it all depends onwhat your priorities are, having recently owned the Murci for 9-10months I am so lucky o have experienced it but always made sure my payments and was always more than depn avg over the year. But I usually only put 10% into my deals as I see it pointless to tie up cash when I could put it into a business or property that will either earn or grow.
All about balance I'd say.
Now Tom is my first thought and I now need to have at least a 2+2 toy.............but I'll proably get a 2 seater aswell if I can afford it as the passion never dies.
HTH
Paul
Unfortunately you've asked a question that only you can answer. Finding out the "cost" of the car is the easy part, but then YOU need to decide how much you need to earn over and above the cost of the car, in order for you to be happy with the risks that may arise in the future.
Hence the amount of risk you are prepared to take in order to achieve the car of your dreams is entirely your decision and cant be prescribed by others.
What we have seen from the above posts is that attitudes to risk vary enormously on this forum. Some are happy to do anything (ie have very small margin between earnings and cost of car) to get the car, whereas some feel they need to pay off houses and build up investments first. You need to decide where you fit in.
Hence the amount of risk you are prepared to take in order to achieve the car of your dreams is entirely your decision and cant be prescribed by others.
What we have seen from the above posts is that attitudes to risk vary enormously on this forum. Some are happy to do anything (ie have very small margin between earnings and cost of car) to get the car, whereas some feel they need to pay off houses and build up investments first. You need to decide where you fit in.
Cost is relative. The important thing is not to try to keep up with the Joneses. It is important to be happy with your own achievements & life decisions & not worry what anybody else thinks. Concentrate on your own game & don't give a fig about what anybody has or does not have. Don't go comparing your material possessions to other people & remember to appreciate what you've got! A hundred-million quid in the bank is pretty meaningless to a man just diagnosed with terminal cancer. There are plenty of people who have started out poor & become wealthy & if they've remained grounded they'll appreciate the value of a pound & how everything is relative. Don't get caught up over-stretching yourself to compete with people who are in different life circumstances or are prepared to take risks with which you're uncomfortable. Happiness is a way of travelling, not a destination.
Penguinracer said:
Cost is relative. The important thing is not to try to keep up with the Joneses. It is important to be happy with your own achievements & life decisions & not worry what anybody else thinks. Concentrate on your own game & don't give a fig about what anybody has or does not have. Don't go comparing your material possessions to other people & remember to appreciate what you've got! A hundred-million quid in the bank is pretty meaningless to a man just diagnosed with terminal cancer. There are plenty of people who have started out poor & become wealthy & if they've remained grounded they'll appreciate the value of a pound & how everything is relative. Don't get caught up over-stretching yourself to compete with people who are in different life circumstances or are prepared to take risks with which you're uncomfortable. Happiness is a way of travelling, not a destination.
Now that is a proper post 
In fact I'm going to frame that and hang it in the bathroom
Great post Penguinracer. I'd just add that if a) you have to ask 'can I afford it' then you probably can't/shouldn't and b) if you have to ask 'what's the best finance package for a +£100k car' how the hell have you managed to get to the position of being able to buy one and remained such a financial innocent! NEITHER comment aimed at OP btw.
Edited by Pugsey on Thursday 13th September 13:17
I think the suggestion of Ecurie25 would be the best answer. I'm really tempted to join but just need a few more months for some disposable income to come my way.
As I see it you know EXACTLY what it's going to cost you at the outset. If you buy a ferrari / lambo / porsche etc you're entering the unknown with regards to servicing costs, depreciation etc. Plus you're not tying up ahuge amount in one place, or comitting to a 3yr finance deal.
As I see it you know EXACTLY what it's going to cost you at the outset. If you buy a ferrari / lambo / porsche etc you're entering the unknown with regards to servicing costs, depreciation etc. Plus you're not tying up ahuge amount in one place, or comitting to a 3yr finance deal.
Erich Stahler said:
Sparky69 said:
r5gttgaz said:
about the same as it costs to run a 15k TVR. 
My mate has an f430 and he laughed at me when i told him how much serviceing was for my cerbera!Some very good posts... looking back 10 years, I was in a much better position at 22 to buy a 100k car than I ever have been since - less commitments etc. But even then I didn't think it was viable. (it probably was though.... what a stupid boy I was...
As already said everything is relative and I've had a few nice cars/things, but I'm sure everyone would agree, it IS very true that life is about living and you don't get another chance, but it's also heartbreaking when you can't really enjoy your pride and joy because your worrying so much about the repayments.
Move the slider around and find the balance that works for you - if it ends up at £50k there are plenty of exotics in that area - Ferrari 360's 355's etc. If it ends up in the 20's again - I'm sure no one would sniff at a 308/328 etc... even 348.
Personally there is nothing worse than the day when you have to sell becauase of a new house/baby or whatever - it's gutting. So try to buy and account someway towards these things happening. I know it's not always possible.
Still, good luck, and hope you find a way.
Cheers,
JC
As already said everything is relative and I've had a few nice cars/things, but I'm sure everyone would agree, it IS very true that life is about living and you don't get another chance, but it's also heartbreaking when you can't really enjoy your pride and joy because your worrying so much about the repayments.
Move the slider around and find the balance that works for you - if it ends up at £50k there are plenty of exotics in that area - Ferrari 360's 355's etc. If it ends up in the 20's again - I'm sure no one would sniff at a 308/328 etc... even 348.
Personally there is nothing worse than the day when you have to sell becauase of a new house/baby or whatever - it's gutting. So try to buy and account someway towards these things happening. I know it's not always possible.
Still, good luck, and hope you find a way.
Cheers,
JC
Pugsey said:
Great post Penguinracer. I'd just add that if a) you have to ask 'can I afford it' then you probably can't/shouldn't and b) if you have to ask 'what's the best finance package for a +£100k car' how the hell have you managed to get to the position of being able to buy one and remained such a financial innocent! NEITHER comment aimed at OP btw.
I dont really agree with that at all Pugsey.Edited by Pugsey on Thursday 13th September 13:17
People like to use money different ways, so some people may not buy it outright even if they can afford to, and there is NO harm asking questions, doing research. Its exactly what Im doing so I KNOW when I'm in the position to purchase the car I want... and yup Im a financial noob, pleb, moron ect. Thus I made a question regarding finance options just because I haven't a clue about it.
This is one of the great things about this site, is that we can learn from each other
RobPhoboS said:
Pugsey said:
Great post Penguinracer. I'd just add that if a) you have to ask 'can I afford it' then you probably can't/shouldn't and b) if you have to ask 'what's the best finance package for a +£100k car' how the hell have you managed to get to the position of being able to buy one and remained such a financial innocent! NEITHER comment aimed at OP btw.
I dont really agree with that at all Pugsey.Edited by Pugsey on Thursday 13th September 13:17
People like to use money different ways, so some people may not buy it outright even if they can afford to, and there is NO harm asking questions, doing research. Its exactly what Im doing so I KNOW when I'm in the position to purchase the car I want... and yup Im a financial noob, pleb, moron ect. Thus I made a question regarding finance options just because I haven't a clue about it.
This is one of the great things about this site, is that we can learn from each other
Edited by Pugsey on Thursday 13th September 17:45
Pugsey said:
Fair points mate - my view was/is really only that I feel that anyone who is seriously in a financial position to buy a +£100 car should probably know their way round the various pretty simple finance options available already - given that they will prob. have already owned a fair few decent cars already? Wasn't meant as a biggy or put down.
I think as you say most people who can afford either a 100k car outright or at least the payments on a finance deal will likely know the options available. Still doesn't mean they don't need to ask who the best providers are, who's offering the best rates etc. or even what type of finance is best for them.
Hi thanks for the comments guys. Getting a lot of good information and various views.
I started this thread as I just want some information about it all as I didn't have much of an idea.
I deffinately can not afford to buy 100k car now, but i dont think that should mean i can't ask questions.
Yes if i did have the money this thread would probably not exist.
What I have learned is that life IS short but I also want to be able to enjoy driving it, without the worry of a massive loan over my head.
It makes sense to invest my extra cash for now and try and make it work for me. Hopefully i can turn a few hundred quid into a few grand etc etc and then I know I can afford it when the time comes.
Thanks again
I started this thread as I just want some information about it all as I didn't have much of an idea.
I deffinately can not afford to buy 100k car now, but i dont think that should mean i can't ask questions.
Yes if i did have the money this thread would probably not exist.
What I have learned is that life IS short but I also want to be able to enjoy driving it, without the worry of a massive loan over my head.
It makes sense to invest my extra cash for now and try and make it work for me. Hopefully i can turn a few hundred quid into a few grand etc etc and then I know I can afford it when the time comes.
Thanks again
I always wanted something a little more special car wise and have always lusted after a lambo/ferrari/aston etc. Ended up buying a 4 year 996 911 (which can be had for £30k for a facelift decent one, although I paid more last year.......) and I have to say feels like way more than £30k's worth of car and feels very special to me! For me was a fairly easy way into serious sports car ownership!
Has cost a bit to maintain but then I expected that and the payments on it are fairly reasonable. Just need to work out how to afford an upgrade to a Galardo/DB9/360...............
Has cost a bit to maintain but then I expected that and the payments on it are fairly reasonable. Just need to work out how to afford an upgrade to a Galardo/DB9/360...............
What a fascinating thread - kind turned from Pistonheads in Philosophy today!
Great post by Penguinracer - fully agree.
On a non-philosophical, real world example, in 1998 I spent £28k on a second-hand car, when I grossed about £47k income and owned a house worth about £110k (no mortgage), so that was about 20% of my net worth at the time, I suppose. I was, and still am, unmarried, no kids. The spend came from savings, so no nasty interest on top. With hindsight it was absolutely the right decision - I loved the car and the experience of owning it, and got into no financial problems. Very much a case of satiating the "you only live once" fear.
Everyone will have different circumstances financially, based on income, job security and commitments on that income, but everybody should set their happiness goals on what genuinely makes them happy, and not what others tell them they should aspire to. Don't get something to keep up with the Jones'. Don't buy something because media advertising tells you to. If a cheap old classic is what you really like then get it and enjoy it, even if you can afford a Ferrari but wouldn't like one. Know yourself, like yourself, and be confident in what you are. Don't get bullied by social pressure - be your own person and be proud of it.
I'm now in the position of having an increased, but much less secure income, and trying to decide what I can afford. I really want a Gallardo, but I'm having trouble figuring out if I can afford it. My main considerations are whether buying one would excessively compromise my current lifestyle (which is not excessively expensive), or in the worst case result in me having to selling it quickly/cheaply - maybe next year.
Great post by Penguinracer - fully agree.
On a non-philosophical, real world example, in 1998 I spent £28k on a second-hand car, when I grossed about £47k income and owned a house worth about £110k (no mortgage), so that was about 20% of my net worth at the time, I suppose. I was, and still am, unmarried, no kids. The spend came from savings, so no nasty interest on top. With hindsight it was absolutely the right decision - I loved the car and the experience of owning it, and got into no financial problems. Very much a case of satiating the "you only live once" fear.
Everyone will have different circumstances financially, based on income, job security and commitments on that income, but everybody should set their happiness goals on what genuinely makes them happy, and not what others tell them they should aspire to. Don't get something to keep up with the Jones'. Don't buy something because media advertising tells you to. If a cheap old classic is what you really like then get it and enjoy it, even if you can afford a Ferrari but wouldn't like one. Know yourself, like yourself, and be confident in what you are. Don't get bullied by social pressure - be your own person and be proud of it.
I'm now in the position of having an increased, but much less secure income, and trying to decide what I can afford. I really want a Gallardo, but I'm having trouble figuring out if I can afford it. My main considerations are whether buying one would excessively compromise my current lifestyle (which is not excessively expensive), or in the worst case result in me having to selling it quickly/cheaply - maybe next year.
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