How realistic is it owning a V8 on an average salary?
Discussion
I was just wondering what other PH'ers thought of this- You're on an average salary (£15-£25k?), have no kids etc...
It's my situation really, average salary, I rent, no kids, live with the other half.
Now I firmly believe in the good old saying that if you have to ask, you can't afford it. But technically I can! Hear me out!
Take for example any high powered car: M3, SLK 55 AMG, S4 etc.. You can get a good one of any these for about £20k or less. They've done most of the depreciating. So you can afford the car. And then you think to yourself the MPG will be horrendous. But then you think I'll be doing less than 250 miles a week. Shouldn't matter too much,will be fine. Insurance is still a bit of a killer on an AMG- about £1500 is best I can find. I'd never spend over a grand on insurance normally, but these cars aren't "normal" as such. So I justify it that way.
But then you think, parts and maintenance. And that's the bummer- if it needs brakes etc.. Thing is surely those £20k cars are going to be bought by people like you and me, mr & mrs average as Mr & Mrs above average are not going to mess about with second hand out of warranty cars. So then I think well surely that means it's ok then, I can afford it
I'm a couple of weeks away from my 27th birthday, petrol prices are going up and it might be my last opportunity to get something I'll truly cherish. Should I??!
It's my situation really, average salary, I rent, no kids, live with the other half.
Now I firmly believe in the good old saying that if you have to ask, you can't afford it. But technically I can! Hear me out!
Take for example any high powered car: M3, SLK 55 AMG, S4 etc.. You can get a good one of any these for about £20k or less. They've done most of the depreciating. So you can afford the car. And then you think to yourself the MPG will be horrendous. But then you think I'll be doing less than 250 miles a week. Shouldn't matter too much,will be fine. Insurance is still a bit of a killer on an AMG- about £1500 is best I can find. I'd never spend over a grand on insurance normally, but these cars aren't "normal" as such. So I justify it that way.
But then you think, parts and maintenance. And that's the bummer- if it needs brakes etc.. Thing is surely those £20k cars are going to be bought by people like you and me, mr & mrs average as Mr & Mrs above average are not going to mess about with second hand out of warranty cars. So then I think well surely that means it's ok then, I can afford it
I'm a couple of weeks away from my 27th birthday, petrol prices are going up and it might be my last opportunity to get something I'll truly cherish. Should I??!
The answer is "It depends upon your priorities".
You earn £20k, and you're prepared to spend £20k on a car?! I suspect you're like a lot of other PHers in that, but to my mind, that makes no sense.
Still, if you've convinced yourself you can afford that, therin lies your answer. I just think that if you spend less, you'll be able to spend some of the saving on insurance, and keep the remainder for something sensible. Or for repairs.
Equally, one could take the view that if you have to borrow to buy it, you can't afford it.
Not the answer you wanted, I suspect...
You earn £20k, and you're prepared to spend £20k on a car?! I suspect you're like a lot of other PHers in that, but to my mind, that makes no sense.
Still, if you've convinced yourself you can afford that, therin lies your answer. I just think that if you spend less, you'll be able to spend some of the saving on insurance, and keep the remainder for something sensible. Or for repairs.
Equally, one could take the view that if you have to borrow to buy it, you can't afford it.
Not the answer you wanted, I suspect...
In a word; yes.
But go in with your eyes and your wallet open. If you have loads of money there is no decision to make but you would probably find that most people on this site sacrifice some other aspect of their lifestyle or savings to run their dream cars.
Do the sums first though - a second hand 20k car will still probably lose 30-50% of value over a three to five year ownership period, especially if it is a car which is going out of fashion. Your 250 miles per week is probably the best part of a 100 quid and rising, so that is five grand a year in fuel. You have insurance covered. Set aside a realistic budget for unexpected maintenance or repair by talking to people on here with real ownership experience (and ignore those who trot out the old 'a sixty grand car so expect sixty grand repair costs') - some expert knowledge should help you to get value when you have to spend.
Then, don't tell your better half what the crippling costs are and go for it!
If it doesn't add up then on your salary level I would find some lower cost thrills. A cheaper V8 modern classic or an older six cylinder sports car - both of which will let you off the depreciation hook.
But go in with your eyes and your wallet open. If you have loads of money there is no decision to make but you would probably find that most people on this site sacrifice some other aspect of their lifestyle or savings to run their dream cars.
Do the sums first though - a second hand 20k car will still probably lose 30-50% of value over a three to five year ownership period, especially if it is a car which is going out of fashion. Your 250 miles per week is probably the best part of a 100 quid and rising, so that is five grand a year in fuel. You have insurance covered. Set aside a realistic budget for unexpected maintenance or repair by talking to people on here with real ownership experience (and ignore those who trot out the old 'a sixty grand car so expect sixty grand repair costs') - some expert knowledge should help you to get value when you have to spend.
Then, don't tell your better half what the crippling costs are and go for it!
If it doesn't add up then on your salary level I would find some lower cost thrills. A cheaper V8 modern classic or an older six cylinder sports car - both of which will let you off the depreciation hook.
Edited by H on Wednesday 28th April 08:02
If you can afford to buy it, run it and generally keep it good nick, why the hell not? If it's something you're passionate about go for it, it's not like that money will be gone forever, if circumstances change or you need to free up some cash it can always be sold on.
I'd certainly check up and see what potentially ruinous bills you could be faced with during ownership though, something that you'd normally expect to pay a few hundred quid for can very easily end up costing a grand or two. Even then though, you could always spend a smidgen less and keep a few quid squirrelled away to cover any unexpected stuff.
I'd certainly check up and see what potentially ruinous bills you could be faced with during ownership though, something that you'd normally expect to pay a few hundred quid for can very easily end up costing a grand or two. Even then though, you could always spend a smidgen less and keep a few quid squirrelled away to cover any unexpected stuff.
I own a Cooper S- which is worth around £14k. Not a penny on credit- so I wouldn't be spending £20k.
All my money goes on cars and always has done- I get tired of people round me saying, how do you do it? Simple I don't go mad on buying clothes, the latest this and that, etc..
Motoring is a passion for me, so it's worth every penny getting the right car!
All my money goes on cars and always has done- I get tired of people round me saying, how do you do it? Simple I don't go mad on buying clothes, the latest this and that, etc..
Motoring is a passion for me, so it's worth every penny getting the right car!
You couldn't justify having one when you've other commitments i.e. Kids etc.
If your other half is fine with it and you can cope with the maint and insurance side of it, then do it. Next time you get a chance to do this you'll probably be close to retirement!
You only live once!
Make sure you do some research prior to deciding. A fair few years back now, a mate of mine was looking at a 4 yr old Lotus, good condition and FSH. On contacting his local Lotus dealer, discovered that at 5 yrs the engines on that particular model got an overhaul which involved removing the lump and replacing all the seals, about £3500 worth of work and we're talking 15 or so years ago, so in today's money that's more like £5-6K! Good luck whatever you go for
If your other half is fine with it and you can cope with the maint and insurance side of it, then do it. Next time you get a chance to do this you'll probably be close to retirement!
You only live once!
Make sure you do some research prior to deciding. A fair few years back now, a mate of mine was looking at a 4 yr old Lotus, good condition and FSH. On contacting his local Lotus dealer, discovered that at 5 yrs the engines on that particular model got an overhaul which involved removing the lump and replacing all the seals, about £3500 worth of work and we're talking 15 or so years ago, so in today's money that's more like £5-6K! Good luck whatever you go for
Whilst it may be true in its exact sense, I think you're kidding yourself rather when you say cars like that "have done most of their depreciating". They will still loose many thousands of pounds a year.
However, it is perfectly possible to run that kind of car on the average wage, you'll just have a less money to spend on other things like accommodation. If you're willing to live in a shed and eat only beans on toast, you could probably run a Ferrari on 20k a year.
However, it is perfectly possible to run that kind of car on the average wage, you'll just have a less money to spend on other things like accommodation. If you're willing to live in a shed and eat only beans on toast, you could probably run a Ferrari on 20k a year.
Edited by kambites on Wednesday 28th April 08:05
Leicesterdave said:
I was just wondering what other PH'ers thought of this- You're on an average salary (£15-£25k?), have no kids etc...
It's my situation really, average salary, I rent, no kids, live with the other half.
Now I firmly believe in the good old saying that if you have to ask, you can't afford it. But technically I can! Hear me out!
Take for example any high powered car: M3, SLK 55 AMG, S4 etc.. You can get a good one of any these for about £20k or less. They've done most of the depreciating. So you can afford the car. And then you think to yourself the MPG will be horrendous. But then you think I'll be doing less than 250 miles a week. Shouldn't matter too much,will be fine. Insurance is still a bit of a killer on an AMG- about £1500 is best I can find. I'd never spend over a grand on insurance normally, but these cars aren't "normal" as such. So I justify it that way.
But then you think, parts and maintenance. And that's the bummer- if it needs brakes etc.. Thing is surely those £20k cars are going to be bought by people like you and me, mr & mrs average as Mr & Mrs above average are not going to mess about with second hand out of warranty cars. So then I think well surely that means it's ok then, I can afford it
I'm a couple of weeks away from my 27th birthday, petrol prices are going up and it might be my last opportunity to get something I'll truly cherish. Should I??!
the service costs and parts , tyres etc are the real killers , not only on V8's but any performance car It's my situation really, average salary, I rent, no kids, live with the other half.
Now I firmly believe in the good old saying that if you have to ask, you can't afford it. But technically I can! Hear me out!
Take for example any high powered car: M3, SLK 55 AMG, S4 etc.. You can get a good one of any these for about £20k or less. They've done most of the depreciating. So you can afford the car. And then you think to yourself the MPG will be horrendous. But then you think I'll be doing less than 250 miles a week. Shouldn't matter too much,will be fine. Insurance is still a bit of a killer on an AMG- about £1500 is best I can find. I'd never spend over a grand on insurance normally, but these cars aren't "normal" as such. So I justify it that way.
But then you think, parts and maintenance. And that's the bummer- if it needs brakes etc.. Thing is surely those £20k cars are going to be bought by people like you and me, mr & mrs average as Mr & Mrs above average are not going to mess about with second hand out of warranty cars. So then I think well surely that means it's ok then, I can afford it
I'm a couple of weeks away from my 27th birthday, petrol prices are going up and it might be my last opportunity to get something I'll truly cherish. Should I??!
are you paying cash or going for a loan ? 20k loan
Do your homework check service schedules etc spare parts and get a realistic idea of the costs per year , on 20k a year , , how much could you realisticaly afford if you have to fork out for a couple of grand for an unscheduled service it soon mounts up , tyres 150/ 200 a throw !
My brother had a penchant for Jags , V8 XK8 ,XJR , really good cars , However he got stung twice
Ist was on a second hand 40k XK8 , it went in for a service expected 400 quid , no problem , until the mechanic found two of the bushes were worn , needed replacing , the whole of the suspension had to be taken apart to replace them , bill was 2.5k !!
There are some bargains to be had , , and you only live once so check , be realistic and go for it
MC Bodge said:
Unless you want to spend all of your non-sustenance money on your car, then it seems unrealistic to me. It may seem unfair that there are people on PH with Ferraris and the like, but it is just that, unfair.
Get a motorbike.
Think you may have the wrong site. LOLGet a motorbike.
If you want to run a V8 on an average salary you can, very easily. It has been said before though that it does depend on what your priorities are. Go for it mate.
You will be quite surprised by how reasonable the running costs are on a V8, take my monaro for an example around town 19mpg, on the motorway it returns 27mpg and thet is without trying to get good results i would actually go as far to say that is better than a scooby or an evo. The main bills are for brakes at £700 per pair of discs and that is when you fit them yourself. Insurance is quite reasonable too we pay £550 fully comp with business use. Do it cos you will not regret it 
Leicesterdave said:
Should I??!
Yes you should!I'm in the same situation as you are, and the thing is, without kids it's more than possible. I've done the math several times, and I'll be having my sports car in a couple of years (not now as I bought a house a couple of years ago and my o/h just started working).
I'll be doing this because it's becomming more and more expensive.
For comparison: just for getting your car on the road (one-time cost tough):
159 1.9 85kw = 85 €
159 1.9 100kw = 350 €
159 2.4 147kw = 2000 €
And prices of higher powered cars going up at an exponential rate.
As you said, do it now or forever wonder why you didn't do it while you could!
vxrandy said:
You will be quite surprised by how reasonable the running costs are on a V8, take my monaro for an example around town 19mpg, on the motorway it returns 27mpg and thet is without trying to get good results i would actually go as far to say that is better than a scooby or an evo.
I had an Impreza P1 and a Corvette C5 at the same time and the Vette got much better fuel returns than the Subaru. Probably because you didn't feel you needed to drive it at mach schnell 100% of the time.
C'mon OP, now don't piss about with that German stuff, you need one of THESE on a classic insurance policy, and offset the fuel cost against minimal depreciation! Then put some dosh aside to keep it in that condition. Do that and it'll never be worth less than £10k. And that one's only an hour and a half from you!
Look into my eyes... Look into my eyes...
In true PH fashion, I heartily urge you to grow some!
Look into my eyes... Look into my eyes...
In true PH fashion, I heartily urge you to grow some!
Edited by pacman1 on Wednesday 28th April 08:29
kambites said:
Whilst it may be true in its exact sense, I think you're kidding yourself rather when you say cars like that "have done most of their depreciating". They will still loose many thousands of pounds a year.
If you really want a V8, there must be cheaper cars to run than newish AMG Mercs and S4 Audis which still cost £20k.Older Mustang/Camaro? (surprised 300bhp/ton hasn't already commented on this thread)
Monaro?
E34/E39 BMW 540i?
Lexus?
Discovery/Grand Cherokee?
I think you should, but maybe consider a £10k limit if you are unsure (which you seem to be). How about an previous gen Aplina B10? If you find one with an LPG conversion will save you money on petrol too, leaving you more cash for maintenance if and when... Think Evo ran such a car and paid initially well under £10k.
It's not how much you earn that's importannt - it's how much you have left after forking out for the essentials each month that's the real question. Once you've answered that, then you move on to how much more a V8 would cost than a ordinary Eurobox that you'd be running anyway, then that's the cost you need to identify.
Find that, then see if how much you have left will cover it then that's the answer.
If it's not then do some Man Maths until it is.
Find that, then see if how much you have left will cover it then that's the answer.
If it's not then do some Man Maths until it is.
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