What percentage of your income do you spend on cars?
Discussion
Gents,
I would be interested to know what percentage of your total monthly income do you spend on all of your cars and motorcycles?
I've worked out my figure is 20%!
This number takes into account the cost of financing, servicing, garaging, insuring, taxing, car clubbing and petrol for both of my cars (one of which is an inexpensive classic) on average in any given month as a percentage of my total income.
I'd be interested to know whether this is broadly in line with other Pistonheads?
Cheers!
Nick
I would be interested to know what percentage of your total monthly income do you spend on all of your cars and motorcycles?
I've worked out my figure is 20%!
This number takes into account the cost of financing, servicing, garaging, insuring, taxing, car clubbing and petrol for both of my cars (one of which is an inexpensive classic) on average in any given month as a percentage of my total income.
I'd be interested to know whether this is broadly in line with other Pistonheads?
Cheers!
Nick
Thanks everybody - I calculate the Pistonheads average to be about 15% from all observations received so far.
That places me slightly above average which doesn't surprise me as I run two cars, both with six cylinder engines and do not have have a family to look after (yet..) so can probably allocate more to cars and bikes!
That places me slightly above average which doesn't surprise me as I run two cars, both with six cylinder engines and do not have have a family to look after (yet..) so can probably allocate more to cars and bikes!
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...
Which is why I asked the question as I was beginning to think my 20% was a little on the high side!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...
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.
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