Appropriate salary to buy a Supercar

[Kent Border Kenny]

kingston12 said:

Assuming your username is roughly representative of your location, doesn’t that actually give you access to some of the best state schools in the country?

I’ve not looked into it much yet, mine are too young, but I’ll need to think about it soon.

[Kent Border Kenny]

kingston12 said:

It’s quite location specific, but a lot of people in those areas wait until the 11+ exam was or whatever they are called now.

A pass and they are more likely to leave them in the state sector, a fail means private for those that can afford it.

In the context of this thread, the difference of £50-£60k a year for two children could fund supercar ownership in itself I’d have thought.

We’re fortunate in that both of us are relatively senior in investment banking, so if that continues (which is never certain of course) then we’ll be able to make the choice without needing to make compromises in other areas.

[Kent Border Kenny]

Triple Six said:

A lot of talk about private education in this thread; I have no children of my own (and hopefully not for a while yet!) but it's something I've never thought about.

I went to a public school, I was brought up by parents who drummed into me the importance to work hard while I was there - they certainly could not afford to send me to private school. I have no complaints with my education, I knuckled down and did well.

Ironically, many of the students from the local private schools left after GCSE's and came to the public school I was at for sixth form. Many went on to do the same university courses as those from the public school, and a few of them were complete wasters.

Perhaps I'm missing something, or is a private education favored by large employers in the real world?

I went to a crappy state comp, and would prefer if my children went to a local state school, but the main factor for me will be proximity. I want them to be able to walk or cycle to school, and the closest one is private.

[Kent Border Kenny]

kingston12 said:

Is that mental? Less than 10% of net income on a car lease is probably less than most people who rent a new car on an average salary are paying out.

It’s not less than 10% of net income. The lease is £51,000 over three years, which is £17,000 per year.

You can’t leave the initial payment out of the calculations; if you look at leasing you need to include all the payments over the term.

[Kent Border Kenny]

anonymous said:

[redacted]

It’s more than I’ve ever considered spending, and more than I’m expecting any of my current cars to cost.

I suppose that if someone expects to see their wages increase significantly then it might feel more sensible, but to me, it’s a lot.

[Kent Border Kenny]

anonymous said:

[redacted]

I’m saying that if I was on that salary I’d only want to spend £17k per year if I knew that my salary would be going up, as it’s more than I would be comfortable spending.

[Kent Border Kenny]

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.

[Kent Border Kenny]

bobbysmithy said:

A grand a month on a service charge for what?!

Maintenance and insurance is most of it, as it’s in a 200 year-old grade-1 listed building.

[Kent Border Kenny]

bobbysmithy said:

They must have seen you coming

edit: theres plenty of people being taken for a ride like you https://www.theguardian.com/money/2017/sep/01/serv...

Edited by bobbysmithy on Saturday 14th November 18:47

I’m in the board of the building, so arrange the insurance and maintenance. It’s the right price for what we are getting. Old buildings, even ones built as solidly as this one are expensive.

It’s a nice building, in a good location.

[Kent Border Kenny]

bobbysmithy said:

I must admit. That does have a lot more of a feeling than the modern boxes everywhere.

I’m not happy with the service charge mind. It’s an awful lot of money to lay out each year, but it is what it is, there’s nothing to b done about it

[Kent Border Kenny]

bobbysmithy said:

So its an expensive building so a significant insurance cost....whats the split of insurance/maintenance? I'd pay it of course, if I could easily afford.

I think insurance is over half of the total bill, it’s gone up a lot in recent years.

Maintenance is a bit hard to judge, as there’s a significant sinking fund for the big jobs if and when they come up.

[Kent Border Kenny]

RSbandit said:

Know that building I'm not far away from there just around South Quay...you have parking for the 650s there?

The parking is over the road at the back, we’ve one level of the multi-storey by the Cineworld.

[Kent Border Kenny]

RSbandit said:

Entry and exit are a little tight there!

Fortunately ours is the gates at the West side, so straight in and out.

The big downside is that you can see in from street level, so I’ve had a few motorbikes stolen down the years.

[Kent Border Kenny]

Gladers01 said:

What does the Op consider to be an appropriate salary to justify buying a secondhand supercar in the £100k price bracket ?

Going by what others have posted, it seems that I was in a position to buy one quite a few years ago, but I seem to be more cautious than others.

I reckon I’d want to spend no more than 5-10% of net salary on running a car.

[Kent Border Kenny]

klan8456 said:

Was wondering about that, looked at a few apartments in 1 West India Quay, but the parking situation didn’t give me a warm fuzzy feeling.

It’s two-tier there, as in some have good spaces directly below, but others are in the multi-storey, on the floor above mine.