Appropriate salary to buy a Supercar
Discussion
Shnozz said:
Which is the point okgo keeps making and is conveniently never responded to.
Time it right and buy the right car and get fortunate with maintenance and you can run a £50k car on very little income and still pay a mortgage, go on holiday etc.
But assuming you have those regular monthly bills in the years previous, how do you save £50k to buy it on £45k a year? Yes, some will save for 25 years to buy their dream, but it’s hardly a common factor to say anyone on £45k could buy and run a supercar. Run one, yes.
As I said earlier, the car was £42000 cash plus my Phaeton. Time it right and buy the right car and get fortunate with maintenance and you can run a £50k car on very little income and still pay a mortgage, go on holiday etc.
But assuming you have those regular monthly bills in the years previous, how do you save £50k to buy it on £45k a year? Yes, some will save for 25 years to buy their dream, but it’s hardly a common factor to say anyone on £45k could buy and run a supercar. Run one, yes.
I lived in a very nice house mortgage was £550 a month, partner paid the other bills so I had well over £2000 a month disposable each month.
Had some nice holidays and ate out a lot probably cost £300/£400 a month.
Set my sights on a Ferrari and saved the rest.
Took just over 2 years.
Thankyou4calling said:
As I said earlier, the car was £42000 cash plus my Phaeton.
I lived in a very nice house mortgage was £550 a month, partner paid the other bills so I had well over £2000 a month disposable each month.
Had some nice holidays and ate out a lot probably cost £300/£400 a month.
Set my sights on a Ferrari and saved the rest.
Took just over 2 years.
Fair play, 360 is certainly still a supercar to me. Assume there was some finance in that.I lived in a very nice house mortgage was £550 a month, partner paid the other bills so I had well over £2000 a month disposable each month.
Had some nice holidays and ate out a lot probably cost £300/£400 a month.
Set my sights on a Ferrari and saved the rest.
Took just over 2 years.
Thankyou4calling said:
Thanks
No finance as I said all saved
360 Spider, Grigio Alloy with blue leather.
Manual car, 13,000 miles. I had it for 2 years and loved every moment.
Well worth the sacrifice, I wanted it.i mean REALLY wanted it and got it. Didn’t earn a fortune but I’d imagine people thought I did.
Yeah I seen 'saved the rest' but wasn't sure if that meant you had enough/put it all into the car but you clearly managed to save 40odd k in 2 years, fair play. I have been in one and followed a couple of drives and the sound with a modified exhaust is unbelievable from another car.No finance as I said all saved
360 Spider, Grigio Alloy with blue leather.
Manual car, 13,000 miles. I had it for 2 years and loved every moment.
Well worth the sacrifice, I wanted it.i mean REALLY wanted it and got it. Didn’t earn a fortune but I’d imagine people thought I did.
Jonstar said:
It's really not that difficult, some people don't really like/prioritise cars as much as they like to believe so aren't prepared to spend much of their income on them, I suspect they're the ones saying you need a huge income to buy one.
Yeah. My current car ownership (used value) is almost as much as my salary because that's what I have spent my money on.Thankyou4calling said:
As I said earlier, the car was £42000 cash plus my Phaeton.
I lived in a very nice house mortgage was £550 a month, partner paid the other bills so I had well over £2000 a month disposable each month.
Had some nice holidays and ate out a lot probably cost £300/£400 a month.
Set my sights on a Ferrari and saved the rest.
Took just over 2 years.
Fair play to the dedication. Saving £1750 a month from a take home salary of £2800 is a big dedication and to have the advantage of such a tiny mortgage no doubt helped. I lived in a very nice house mortgage was £550 a month, partner paid the other bills so I had well over £2000 a month disposable each month.
Had some nice holidays and ate out a lot probably cost £300/£400 a month.
Set my sights on a Ferrari and saved the rest.
Took just over 2 years.
It goes to show just how subjective and personal finances are (and partners tolerance to sacrifices).
£550 a month isn’t a tiny mortgage at all but I made the decision, focussed and got what I wanted.
Plenty of people on double or more of my income will say it’s not possible and I fully understand that.
They have other things to spend on, fine, but I did it.
To say you can’t simply isn’t the case.
The dealer I bought the car off was most insistent that the vast majority of his customers were pretty regular people who had a dream.
That was me.
Plenty of people on double or more of my income will say it’s not possible and I fully understand that.
They have other things to spend on, fine, but I did it.
To say you can’t simply isn’t the case.
The dealer I bought the car off was most insistent that the vast majority of his customers were pretty regular people who had a dream.
That was me.
Edited by Thankyou4calling on Saturday 14th November 14:24
bobbysmithy said:
Shnozz said:
Which is the point okgo keeps making and is conveniently never responded to.
Time it right and buy the right car and get fortunate with maintenance and you can run a £50k car on very little income and still pay a mortgage, go on holiday etc.
But assuming you have those regular monthly bills in the years previous, how do you save £50k to buy it on £45k a year? Yes, some will save for 25 years to buy their dream, but it’s hardly a common factor to say anyone on £45k could buy and run a supercar. Run one, yes.
It should be possible for lots of people on 45k a year to put away a grand a month if they're not living in London so its a simple case of save and finance like the chap that spoke here earlier with the r8 v10 (hes probably on a lot more than 45k but he's saved and has some finance to afford it). If we are talking 100k cars its still possible with mclarens but doubt anyone would take such a risk.Time it right and buy the right car and get fortunate with maintenance and you can run a £50k car on very little income and still pay a mortgage, go on holiday etc.
But assuming you have those regular monthly bills in the years previous, how do you save £50k to buy it on £45k a year? Yes, some will save for 25 years to buy their dream, but it’s hardly a common factor to say anyone on £45k could buy and run a supercar. Run one, yes.
It can be done, but it is, of course, circumstantial.
Edited by Triple Six on Saturday 14th November 14:34
Thankyou4calling said:
£550 a month isn’t a tiny mortgage at all but I made the decision, focussed and got what I wanted.
A quick google tells me in 2017 the UK average mortgage was £670 PCM. Perhaps tiny is a bit of a stretch, but its less than the average. For a property befitting a Ferrari driver, I should imagine its very much lower. But that is the point here, its a matter of priorities.I remain of the view that £550 is a tiny mortgage and certainly don't know of many of my peer group with that being the monthly cost. For some, the service charge isn't far short of that. Even chucking in a FTB'er on a £150k house with 10% deposit gives a repayment of £640 PCM and that is at today's ridiculous rates.
Anyway, you are the proof that it can be done, with extreme dedication and low monthly outgoings. Going back to earlier comments about running costs, in your case I should imagine they were a drop in the ocean having gone from saving £1750 from £2800 every month for 2 years to save for it.
Triple Six said:
bobbysmithy said:
Shnozz said:
Which is the point okgo keeps making and is conveniently never responded to.
Time it right and buy the right car and get fortunate with maintenance and you can run a £50k car on very little income and still pay a mortgage, go on holiday etc.
But assuming you have those regular monthly bills in the years previous, how do you save £50k to buy it on £45k a year? Yes, some will save for 25 years to buy their dream, but it’s hardly a common factor to say anyone on £45k could buy and run a supercar. Run one, yes.
It should be possible for lots of people on 45k a year to put away a grand a month if they're not living in London so its a simple case of save and finance like the chap that spoke here earlier with the r8 v10 (hes probably on a lot more than 45k but he's saved and has some finance to afford it). If we are talking 100k cars its still possible with mclarens but doubt anyone would take such a risk.Time it right and buy the right car and get fortunate with maintenance and you can run a £50k car on very little income and still pay a mortgage, go on holiday etc.
But assuming you have those regular monthly bills in the years previous, how do you save £50k to buy it on £45k a year? Yes, some will save for 25 years to buy their dream, but it’s hardly a common factor to say anyone on £45k could buy and run a supercar. Run one, yes.
It can be done, but it is, of course, circumstantial.
Edited by Triple Six on Saturday 14th November 14:34
Shnozz said:
A quick google tells me in 2017 the UK average mortgage was £670 PCM. Perhaps tiny is a bit of a stretch, but its less than the average. For a property befitting a Ferrari driver, I should imagine its very much lower. But that is the point here, its a matter of priorities.
I remain of the view that £550 is a tiny mortgage and certainly don't know of many of my peer group with that being the monthly cost. For some, the service charge isn't far short of that. Even chucking in a FTB'er on a £150k house with 10% deposit gives a repayment of £640 PCM and that is at today's ridiculous rates.
Anyway, you are the proof that it can be done, with extreme dedication and low monthly outgoings. Going back to earlier comments about running costs, in your case I should imagine they were a drop in the ocean having gone from saving £1750 from £2800 every month for 2 years to save for it.
500 a month service charge? London presumably?I remain of the view that £550 is a tiny mortgage and certainly don't know of many of my peer group with that being the monthly cost. For some, the service charge isn't far short of that. Even chucking in a FTB'er on a £150k house with 10% deposit gives a repayment of £640 PCM and that is at today's ridiculous rates.
Anyway, you are the proof that it can be done, with extreme dedication and low monthly outgoings. Going back to earlier comments about running costs, in your case I should imagine they were a drop in the ocean having gone from saving £1750 from £2800 every month for 2 years to save for it.
My service charge is about 5k pa but there's a gym and pool on site ( this is in Canary Wharf), £3k of that would have been spent on gym memberships for myself and Missus otherwise so don't think thats too bad ...the brand new buildings around here would be double that in service charge for an apartment like mine...that's when it would start to make alot less sense tbh.
My craziest ratio of cars to wage was probably when I had a z4m I think that was slightly over what my annual salary was at the time but bear in mind this was in the days before PCP. All the lads I used to work with thought I was a drug dealer. With 2 of us working and no kids and a small mortgage we were living the dream at that time (2009). We did however have to sell it as I'd impregnated the wife during the one road trip we managed in it 
Fair play to anyone that wants one so badly they are willing to make these sacrifices though its good to have a reward for your efforts.
These days with PCP and manufacturers like Ferrari doing 7 years servicing free they can be frighteningly accessible. The peak PCP years are behind us for the moment though as finance companies have pretty much stopped self cert and are putting ever more checks in place. This coupled with the over pricing of new cars and move away from traditional engines I to the Supercar game is at the start of what will be a long decline.
Fair play to anyone that wants one so badly they are willing to make these sacrifices though its good to have a reward for your efforts.
These days with PCP and manufacturers like Ferrari doing 7 years servicing free they can be frighteningly accessible. The peak PCP years are behind us for the moment though as finance companies have pretty much stopped self cert and are putting ever more checks in place. This coupled with the over pricing of new cars and move away from traditional engines I to the Supercar game is at the start of what will be a long decline.
tommo99 said:
I reckon, as a rule of thumb, someone can afford a car equal to their annual salary if they are happy to take 'some' sacrifice in other areas of their life; half their annual salary is very affordable for most people. Nothing I've read so far has proven this far wrong!
Happy to - I don't sacrifice anything to afford cars worth my salary but it was helped by a few years on day rate rather than wage salve.Man of gas said:
I forgot about my mortgage, mine is 3K per month which probably explains why my disposable income is so much lower however I bought my first flat 24 years ago and climbing the london property ladder has been one of my more astute decisions so far (touch wood)
Haha that'll put a buffer on things. I was wondering what mortgages people were paying with these low salaries and junior supercars. Kind of proves outgoings > salary is what can get/keep you a in a supercar (+security of it).
RSbandit said:
My service charge is about 5k pa but there's a gym and pool on site ( this is in Canary Wharf), £3k of that would have been spent on gym memberships for myself and Missus otherwise so don't think thats too bad ...the brand new buildings around here would be double that in service charge for an apartment like mine...that's when it would start to make alot less sense tbh.
That’s quite good. Mine’s £12,000 a year there without a gym.Gassing Station | Jobs & Employment Matters | Top of Page | What's New | My Stuff