How much do u need to earn to afford and run a £100k+ car
Discussion
Pum said:
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.
This is an excellent post and many would do well to read and digest your thoughts!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.
Mobsta said:
Great thread. This forum seems to have quite a cross section of various readers at various stages in their lives, it certainly makes for good reading!
Holy Thread Resurrection, Batman!Actually, this is a great thread for those thinking about trying to run a Supercar. As can be seen by the market at the moment, there are pitfalls in tying up so much money. We're in this mess because of easy finance and people living beyond their means!
jshell said:
As can be seen by the market at the moment, there are pitfalls in tying up so much money. We're in this mess because of easy finance and people living beyond their means!
Holy Broken Record Batman 
Yes, the whole reason for price falls is due to people living beyond means.
kryten22uk said:
jshell said:
As can be seen by the market at the moment, there are pitfalls in tying up so much money. We're in this mess because of easy finance and people living beyond their means!
Holy Broken Record Batman Yes, the whole reason for price falls is due to people living beyond means.
What's your take on this then ? Those big nasty banks forcing people to borrow too much money? Don't blame the banks, blame the people who have defaulted on them. that's how the market's confidence went and caused a "credit crunch". Now they are looking to lend more responsibly, 75% mortgages to those who may consider repaying and are still getting slated. Can't win really.
Sorry, bit off topic. Owning one of these wonderful cars is a labour of love. Not many of us will be lucky enough to do it economically, let alone at a profit. But whatever you buy will depreciate, spend your money on what makes you happy.
Jules360 said:
What's your take on this then ?
Its a huge situation, with many causes and effects, and to come out with a statement such that the poor car market is because people once bought expensive cars they now cant afford is just daft. That might mean more people selling, but the main issue at moment is that noone is buying. And that is nothing to do with people having loaned too much.kryten22uk said:
Jules360 said:
What's your take on this then ?
Its a huge situation, with many causes and effects, and to come out with a statement such that the poor car market is because people once bought expensive cars they now cant afford is just daft. That might mean more people selling, but the main issue at moment is that noone is buying. And that is nothing to do with people having loaned too much.
You have been watching the news? People who can't afford money have been borrowing like crazy and like Pyramid Selling schemes, it all comes crashing down at the end. Easy finance includes mortgages, credit cards, personal loans, Sub-Prime and self-certified mortgages, not to mention crazy car finance deals with massive baloon payments on the end that are more than the intrinsic value of the car itself. If everyone is living on credit, and then banks stop giving credit, the economy is fvcked - kinda like what's happening right now.
I stand by what I said, the state of the whole economy, including the purchase of exclusive cars, is suffering because of bad debt.
Why does it have to be a £100k supercar? I mean, why would you want say an F430 for £100k, when you could have a prettier, better looking F355 for less than £40k? And the F355 wont really depresciate.
I think if you make a few sacrifices, its perfectly easy to run a Ferrari, Porsche or Lamborghini on a sensible budget. I run mine on the basis that if it needs anything important doing to it, it gets it done right, and if that means I cant run it that month, I wont.
I think if you make a few sacrifices, its perfectly easy to run a Ferrari, Porsche or Lamborghini on a sensible budget. I run mine on the basis that if it needs anything important doing to it, it gets it done right, and if that means I cant run it that month, I wont.
Good balance of views in this thread. To the OP , I was in your position 5 years ago and how time flies when youre having fun(?). With the same mortgage payment as you I felt comfortable with a £250 payment on an R32 which judging by the people around me was viewed as 'that must be someone doing well'. (At this point can I state that image is not overly important to me but the views of my family who could be argued as sensible folk is.)
Fortunately I now find myself on a (regular) 6 figure salary but the garage has probably not improved all that much. The house has. I take a lot of stick off my mates for being too conservative with my car spending but the truth is that I would feel UNcomfortable at the age of 29 floating around in anything more flash than the 330ci I drive now. What you will also find is that your porker fund takes a battering along the way for the more everyday things, like the new kitchen, and the mortgage payments on a family proof bigger house. Whilst a new porsche would be great to drive everyday I spend more time in our new kitchen and I like to cook. Its a balance as everybody in this thread has stated and whilst I would love and could afford the brand new porsche my views in the last 5 years have changed to the extent that I prefer to be able to spend disposable income in fine restaurants and on holidays for the memories which I will always treasure.
I consider myself a petrolhead with the degree to which I change my cars but with each one it becomes a bit boring after a couple of months no matter what it is. I am positive the 911 will be the same. The murci maybe not so much
The question is really do you want to go down the pub and talk about the murci in your garage or what fun you had in paris last weekend, london the weekend before that, and thailand in the summer?
Fortunately I now find myself on a (regular) 6 figure salary but the garage has probably not improved all that much. The house has. I take a lot of stick off my mates for being too conservative with my car spending but the truth is that I would feel UNcomfortable at the age of 29 floating around in anything more flash than the 330ci I drive now. What you will also find is that your porker fund takes a battering along the way for the more everyday things, like the new kitchen, and the mortgage payments on a family proof bigger house. Whilst a new porsche would be great to drive everyday I spend more time in our new kitchen and I like to cook. Its a balance as everybody in this thread has stated and whilst I would love and could afford the brand new porsche my views in the last 5 years have changed to the extent that I prefer to be able to spend disposable income in fine restaurants and on holidays for the memories which I will always treasure.
I consider myself a petrolhead with the degree to which I change my cars but with each one it becomes a bit boring after a couple of months no matter what it is. I am positive the 911 will be the same. The murci maybe not so much
The question is really do you want to go down the pub and talk about the murci in your garage or what fun you had in paris last weekend, london the weekend before that, and thailand in the summer?
kryten22uk said:
Jules360 said:
What's your take on this then ?
Its a huge situation, with many causes and effects, and to come out with a statement such that the poor car market is because people once bought expensive cars they now cant afford is just daft. That might mean more people selling, but the main issue at moment is that noone is buying. And that is nothing to do with people having loaned too much.Gassing Station | Supercar General | Top of Page | What's New | My Stuff