Appropriate salary to buy a Supercar

[Deep Thought]

jakesmith said:

I don’t think those on a normal wage have an alternative funding source really. Whilst there are a few exceptions, if we’re talking about a £130k car, and it’s hard to think of a cheaper supercar than say an early 458, 540c type thing, I do t see them on the driveways of houses under £2m. I’ve lived in some very expensive areas. I’d say household income of £250k to own a car like that on the whole, remember they can throw £10k bills as well. Yes it can be done on less but it generally isn’t.

I think there are some, as you say. Theres probably a reasonable (but probably still small percentage of people) who have access to say £50K who could and have chosen to run a supercar with it.

But yes, once you break £100K that becomes much more unlikely (as i had put in my post also) - particularly as even a low percentage yearly depreciation can become quite a big number. Then you're in to the realms of one of more of high salary or high periodic bonuses or high net worth.

[gangzoom]

phumy said:

gangzoom said:

phumy said:

Exactly but no private school fees anyway. Bought it cash 16 months ago and now looked after by my pension, its easy.

I recon am 20 years to state retirement - maybe longer given the long term financial impact of COVID. But at least in a few years time the mortgage will be at a 'reasonable' level, well low enough for me not to worry at all about interest rates. Luckily no private school fees for at least 5 years to worry about.

I look forwards to been in your position come 2040 .

Im not at state pension age yet either, i have 13 months to go yet. Good luck on your goal and hope there are still some nice V8 or V12 petrol cars still around, dont miss out now, im really pleased i have done it now with the V12, it is magical..

Just realized I forgot how old I am, 30 years till retirement......2050 seems like a long way away!!

[W201_190e]

jakesmith said:

Kent Border Kenny said:

PrinceRupert said:

Absolutely, if you don't buy breakfast and lunch you can easily afford a supercar on 30k.

The £25 per day mentioned is over £6,000 per year. That’s not Bugatti money, but it’ll definitely cover a DB9, or an R8.

Not sure about that. You can only get a personal loan up to £25k and those cars are a bit more than that. So if you’re buying with dealer finance you’re talking higher APRs and maximum terms of 3-4 years. Running costs of those cars are several £k per year. And they’re not supercars either. £30k a year is take home of what £1800 a month. Whilst it is theoretically possible to shoehorn into an expensive car that then can’t be properly maintained at that level, I doubt many do. That’s why PCP and S-Line, MSport and AMG line are so popular. Get a car that looks like an M4 etc but can be insured and run for much much less. You used to be able to buy a Ferrari for £25k, my mate got a 348 for £25k and sold it for £25k a year later without spending a penny on it apart from fuel. those days are long gone.

I don't know anything about Ferrari's really. But you can buy an Aston, usually a, DB7 for less than £20k... they don't seem ludicrous to run, especially the earlier 6 Cylinders. Whether or not they're any good is a different matter. They don't seem overly complicated, and share most of their parts that aren't bespoke with other more run of the mill brands.

My experience of running semi-expensive to own cars has been easier on a normal salary as I've spent so much of my life in the motor trade, I can't remember the last time I paid full price for anything. I, like my colleagues, know so many people who can help. And all of us here have a plethora of information on this very site. I can't begin to imagine how much money I've saved by googling my problem, and adding "Pistonheads" at the end of the search. That's just my experience.

Pre Covid I saw £22k DB9's, Vantages etc. I saw £14k DB7's! High flighers aren't likely to be buying at this end of the market, so who is?

[jakesmith]

The question is about supercars though and for me that starts with 570, 458, maybe Gallardo at a push, can’t say a DB7 or DB9 is a supercar.

[fastraxx]

jakesmith said:

The question is about supercars though and for me that starts with 570, 458, maybe Gallardo at a push, can’t say a DB7 or DB9 is a supercar.

This. Almost always 100k+ in my mind. #canofworms.

[W201_190e]

jakesmith said:

The question is about supercars though and for me that starts with 570, 458, maybe Gallardo at a push, can’t say a DB7 or DB9 is a supercar.

I agree with that.

[anonymous-user]

Here you go...

[Kent Border Kenny]

I’d not thought of it that way. I suppose I’ve been there or thereabouts in recent years.

[gangzoom]

For me this is the kind of money you need access to buy a Supercar, drop £300k on a Lambo, 'because I didn't need the money'.

The rest of us can just keep on dreaming.

https://youtu.be/4jAywLPdYCo

[limpsfield]

Schmed said:

Here you go...

Hang on, so you need to have a net worth of 575,000 English pounds to buy a 4 year old BMW 3 series?

Only on PH. I am going to have to sell my cars and buy a 20 year old Fiat Cinqueqento so I know my place!

[Shnozz]

gangzoom said:

For me this is the kind of money you need access to buy a Supercar, drop £300k on a Lambo, 'because I didn't need the money'.

The rest of us can just keep on dreaming.

https://youtu.be/4jAywLPdYCo

Nice transparent video where he only discloses the figures for a special lease deal he gets as an ‘influencer’ with then all figures omitted on the ones of interest.

[Am43]

Shnozz said:

gangzoom said:

For me this is the kind of money you need access to buy a Supercar, drop £300k on a Lambo, 'because I didn't need the money'.

The rest of us can just keep on dreaming.

https://youtu.be/4jAywLPdYCo

Nice transparent video where he only discloses the figures for a special lease deal he gets as an ‘influencer’ with then all figures omitted on the ones of interest.

I found it also misleading when describing finance all he mentions is a PCP deal like that’s the only option, what about nice and simple HP !!
The one car he apparently actually owns the aventador he drives on trade plates, all very odd.

[jamespink]

I run a £2M t/o high profit company, live in a nice house with no mortgage but no way would splash £300k on a lead baloon supercar. I spank about in a "paid for, slightly appreciating" M5 not a care in the world.

[wastedyouth86]

jamespink said:

I run a £2M t/o high profit company, live in a nice house with no mortgage but no way would splash £300k on a lead baloon supercar. I spank about in a "paid for, slightly appreciating" M5 not a care in the world.

Good for you James well done, However with all this cash your piling up what are you spending it on you must have some aspect of life where money is no object, be it wine, cigars, cars or women haha

[okgo]

wastedyouth86 said:

Good for you James well done, However with all this cash your piling up what are you spending it on you must have some aspect of life where money is no object, be it wine, cigars, cars or women haha

Probably saving it for the day when it isn't a 2 mio t/o business with high profit margin, which does come for many.

[Shrimpvende]

Cheap finance and manufacturer backed deals to get rid of stock cars (looking at you Aston and McLaren) have made supercars far more accessible than before. New ones often come with a few years free servicing and are under warranty, so you don't need a servicing/bork fund equivalent to the value of a family hatchback to run one either.

£100k of car finance on PCP is roughly £10k down and £1k per month on the right deal. The £10k down is a fair wedge, but if you've not got kids/dependents or a mortgage and a decent income then £1k a month isn't outside the realms of possibility for some. Tyres aren't even that expensive, especially when most diesel German saloons are running on 20" low profile tyres so £250+ per corner has become the norm to many. Other than that on a new car you're not really exposed to any other costs, under the new RFL system a new-ish supercar costs no more to tax than the aforementioned German saloon and it costs me more to insure my Range Rover than my Aston.

Priorities also play a big part, a PCP like the above would cost similar or less per year than sending one child to private school. Also, I guess there are a fair few petrolheads out there whose houses don't reflect what's on the driveway - I probably fall into that category but I don't have a big mortgage as a result, and a large house for 2 people and 2 cats is daft in my book, we're already rattling around in this one.

I'd wager that those still buying the expensive/exclusive stuff aren't PAYE customers, but the sheer quantity of supercars now being produced and the cheap debt being used to pay for them means they're more accessible than ever, new and secondhand. The acid test would be how many people could afford them if you had to pay cash at the RRP price. I daresay at that level you'd need to be earning a very large salary or be drawing a large income from capital gains/dividends.

[Davyf]

The problem is the definition of a supercar, for example I seen a program on TV recently which labeled a Mustang as a supercar!! Personally my label for the same car is a butt ugly monstrosity, which should have stayed in the USA.....

[Thankyou4calling]

Indeed. What constitutes a Supercar?

If you went to a wedding with relatives you’d not seen for sometime and arrived in this

https://www.autotrader.co.uk/car-details/202009294...

On a sunny afternoon.

I’ve no doubt most guests would absolutely consider it a Supercar.

Of course in the echelons of PH it’s an entry level Sports convertible.

But it £30,000 so is that the answer?

[PrinceRupert]

Thankyou4calling said:

Indeed. What constitutes a Supercar?

If you went to a wedding with relatives you’d not seen for sometime and arrived in this

https://www.autotrader.co.uk/car-details/202009294...

On a sunny afternoon.

I’ve no doubt most guests would absolutely consider it a Supercar.

Of course in the echelons of PH it’s an entry level Sports convertible.

But it £30,000 so is that the answer?

Eh? It isn't even close to being a supercar.

[Thankyou4calling]

To you no

To most?

I’d say it does