Appropriate salary to buy a Supercar
Discussion
Deep Thought said:
98elise said:
fastraxx said:
Thankyou4calling said:
You’d have to be absolutely top drawer in some of those positions to be earning £100k.
Granted you can but the average in those roles won’t be in my opinion .
For oil rig worker, you absolutely do not have to be top drawer for 100k, plenty of the onshore operators are making more than that too.Granted you can but the average in those roles won’t be in my opinion .
You don't even need to be particularly good, just competent.
I think theres around 25,000 IT contractors in the UK.
av185 said:
bennno said:
Never owned a shiny suit, or pointed shoes, have travelled the world through work and glad to have the reassurance of working in a recession proof industry.
Bet you are bricking it given focus on hotels and car dealerships?
Small number of boutique hotels still reasonably busy but obviously very challenging environment atm.Bet you are bricking it given focus on hotels and car dealerships?
Car dealerships generally busy year but alot quieter last 3 weeks.
London seems to be the exception, presumably because the international clientele is staying away. Luckily there is loads of stuff for kids in London so we're off there for half term, even if it feels too close to home to be on holiday.
Thankyou4calling said:
Deep Thought said:
98elise said:
fastraxx said:
Thankyou4calling said:
You’d have to be absolutely top drawer in some of those positions to be earning £100k.
Granted you can but the average in those roles won’t be in my opinion .
For oil rig worker, you absolutely do not have to be top drawer for 100k, plenty of the onshore operators are making more than that too.Granted you can but the average in those roles won’t be in my opinion .
You don't even need to be particularly good, just competent.
I think theres around 25,000 IT contractors in the UK.
As you say, a decent contract will pay £100k a year, but many wont.
A small percentage will pay significantly more.
Deep Thought said:
Yeah i guess you're right there.
As you say, a decent contract will pay £100k a year, but many wont.
A small percentage will pay significantly more.
Honest question how do I get into this? I've always been the geeky guy at work and school, I'm always fixing tech problems (minor one's) before they call the IT technician in. As you say, a decent contract will pay £100k a year, but many wont.
A small percentage will pay significantly more.
I've got a master's degree in pharmacy, do I need to go back to university? Do I need to start at the bottom as a 1st line tech support?
67Dino said:
Here’s my ready reckoner for calculating how much to spend on a car, depending on your base salary:
Up to £10k: a fifth
£10-20k: a quarter
£20-40k: a third
£40k +: a half
So if a (new) Supercar costs £125k+ then by my calculations you need to earn £250k.
Disclaimer: this is, of course, just a bit of fun. I know it takes no account of living costs, savings, bonuses, life stage, life style, interest in cars, financing options, or any one of a million other factors. It’s very very rough. But heck, it’s a starting point for a discussion
Really though it’s about annual cost of owning the car. I had a Ferrari F430 Spyder and it was by far the cheapest car I ever owned (the only car that ended up net profitable to own!).Up to £10k: a fifth
£10-20k: a quarter
£20-40k: a third
£40k +: a half
So if a (new) Supercar costs £125k+ then by my calculations you need to earn £250k.
Disclaimer: this is, of course, just a bit of fun. I know it takes no account of living costs, savings, bonuses, life stage, life style, interest in cars, financing options, or any one of a million other factors. It’s very very rough. But heck, it’s a starting point for a discussion
I would want to allocate no more than about 1/6 of annual post tax income to motoring costs. So if a £250k car has depreciation and running costs of say £40k a year for 3 years then I’d want a minimum of £240k a year post tax (so call it £500k salary).
Which by chance happens to be the same result as your 1/2!
Going back to the original question.
There are so many different variables like how long have you been earning a good amount, house, kids etc.
My opinion is 150k a year for around 5-10 years. That way you tend to build up some savings pay off your house get to a situation where if it is your bag could put together a big chunk and finance the rest or save up.
Obviously if you also like 10k holidays and yachts it won’t happen.
There are so many different variables like how long have you been earning a good amount, house, kids etc.
My opinion is 150k a year for around 5-10 years. That way you tend to build up some savings pay off your house get to a situation where if it is your bag could put together a big chunk and finance the rest or save up.
Obviously if you also like 10k holidays and yachts it won’t happen.
MrManual said:
Honest question how do I get into this? I've always been the geeky guy at work and school, I'm always fixing tech problems (minor one's) before they call the IT technician in.
I've got a master's degree in pharmacy, do I need to go back to university? Do I need to start at the bottom as a 1st line tech support?
It's generally developers that make the decent money, or the database admins. And Finance pays more than any other sector but you can also work for a nice client and it will pay. You need to be good enough to command a daily rate of £500 plus and keep getting work.I've got a master's degree in pharmacy, do I need to go back to university? Do I need to start at the bottom as a 1st line tech support?
However, contracting has died on its arse thanks to a combination of IR35 and Covid.
Thankyou4calling said:
Deep Thought said:
98elise said:
fastraxx said:
Thankyou4calling said:
You’d have to be absolutely top drawer in some of those positions to be earning £100k.
Granted you can but the average in those roles won’t be in my opinion .
For oil rig worker, you absolutely do not have to be top drawer for 100k, plenty of the onshore operators are making more than that too.Granted you can but the average in those roles won’t be in my opinion .
You don't even need to be particularly good, just competent.
I think theres around 25,000 IT contractors in the UK.
Thinking back at one point on a salary in UK of Bout 45k I was driving a 3yr old Car that cost 44k and depreciated 1k a month. Ridiculous. But no kids, dual income and small house made it doable.
I'm not happy paying more than 30k for a car currently and it has to have bottomed out depreciation wise. Stick a 10k deposit, rest over 2 years and if ever things get sticky I can get out of it painlessly.
I'm not happy paying more than 30k for a car currently and it has to have bottomed out depreciation wise. Stick a 10k deposit, rest over 2 years and if ever things get sticky I can get out of it painlessly.
Deep Thought said:
GT03ROB said:
....and 100k contracting is not the same as 100k as PAYE....
Indeed. Not as good as it was but you still pay significantly less in tax than PAYE.Of course, using the most tax efficient methods might not help the cashflow of someone trying to run a super car!
kingston12 said:
Yes. I guess a lot depends on the level of package included with the permanent role, but I’d have thought that £100k paid into a Ltd Co and taken out in the most tax efficient way would be better than most.
Of course, using the most tax efficient methods might not help the cashflow of someone trying to run a super car!
True. But to rival the £100k/£5.5k pcm take home, you incur only a modest tax bill. Of course, using the most tax efficient methods might not help the cashflow of someone trying to run a super car!
Strictly not like for like as of course that £5.5k draw as largely dividend does then require you to put aside a small amount of it to cover the tax liability.
kingston12 said:
Deep Thought said:
GT03ROB said:
....and 100k contracting is not the same as 100k as PAYE....
Indeed. Not as good as it was but you still pay significantly less in tax than PAYE.Of course, using the most tax efficient methods might not help the cashflow of someone trying to run a super car!
I enjoy being a high functioning depressive - and those that don’t get out of bed for less than 100k I took the same attitude and it was funny, people started throwing money at me even in covid times, anyway probs do £120k ish a year doing what unlike and I live on about 10% I drive an 03 Passat 150pdi with 140k on the clock.
In my mind super car = millionaire
My Passat is all I deserve in my mind.
In my mind super car = millionaire
My Passat is all I deserve in my mind.
Whatsmyname said:
I enjoy being a high functioning depressive - and those that don’t get out of bed for less than 100k I took the same attitude and it was funny, people started throwing money at me even in covid times, anyway probs do £120k ish a year doing what unlike and I live on about 10% I drive an 03 Passat 150pdi with 140k on the clock.
In my mind super car = millionaire
My Passat is all I deserve in my mind.
Feeling like you deserve something is an important part of anything to me, i’ve always had to suffer through hard work or sacrifice to make the reward feel worth anything.In my mind super car = millionaire
My Passat is all I deserve in my mind.
Just finished a 10 year stint of the aforementioned and absolutely loving the rewards now no guilt whatsoever, no matter how much others are suffering, i empathise with them but its fek all to do with what we deserve right now.
I’ve flirted with the idea of one of those £30k down and £1k/month supercar pcp deals - McLaren or V10 R8, Huracan etc...
Fortunately, I’m too sensible and know I wouldn’t feel great about the financials, which would take the shine off of owning’ such a car.
More so though, I think I haven’t done it as none of my colleagues have... I can think of 5 or 6 who all earn the same or more than me and are all into cars, all own second/weekend cars alongside a nice daily driver/wife’s car, but there isn’t a supercar between us. Which tells me that none of us really earn enough to own a supercar!
Fortunately, I’m too sensible and know I wouldn’t feel great about the financials, which would take the shine off of owning’ such a car.
More so though, I think I haven’t done it as none of my colleagues have... I can think of 5 or 6 who all earn the same or more than me and are all into cars, all own second/weekend cars alongside a nice daily driver/wife’s car, but there isn’t a supercar between us. Which tells me that none of us really earn enough to own a supercar!
As has been said, depends on what your situation and priorities are at the time.
When I was younger, I had a VX220 turbo then an Elise on lease deals - usual money down and £XXX/month. Enjoyed it at the time and wouldn't change my decisions looking back.
Now I have a £2.5K ST220 Mondeo day to day and an old MR2 turbo for track days, plus my R1 for when I need to clear the cobwebs out.
Folks who live next door to me just bought a 20-plate Q7, and his wife a new Range Rover Sport. He told me they were both leased but not how much the monthlies were - thinking they must be over £1K a month for the two though.
He asked me why I don't get a "better" car. Laughed it off and didn't answer but in honesty I'm happier now with what I have and owning outright than shelling out 3-4 figures a month on a lease.
Funny thing is that we all work in London, none of us have kids and (pre-Covid) they parked in the same station car-park as me 5 miles away daily and don't seem to use their cars at the weekend.
I can't fathom why they would pay that much per month just to do that.
Everyone is different though, I'm happy with my lot, they seem happy with theirs. Would be boring if we were all the same, and also if no-one bought a new car I'd be screwed for bargains in coming years!!
When I was younger, I had a VX220 turbo then an Elise on lease deals - usual money down and £XXX/month. Enjoyed it at the time and wouldn't change my decisions looking back.
Now I have a £2.5K ST220 Mondeo day to day and an old MR2 turbo for track days, plus my R1 for when I need to clear the cobwebs out.
Folks who live next door to me just bought a 20-plate Q7, and his wife a new Range Rover Sport. He told me they were both leased but not how much the monthlies were - thinking they must be over £1K a month for the two though.
He asked me why I don't get a "better" car. Laughed it off and didn't answer but in honesty I'm happier now with what I have and owning outright than shelling out 3-4 figures a month on a lease.
Funny thing is that we all work in London, none of us have kids and (pre-Covid) they parked in the same station car-park as me 5 miles away daily and don't seem to use their cars at the weekend.
I can't fathom why they would pay that much per month just to do that.
Everyone is different though, I'm happy with my lot, they seem happy with theirs. Would be boring if we were all the same, and also if no-one bought a new car I'd be screwed for bargains in coming years!!
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