Appropriate salary to buy a Supercar

[okgo]

selym said:

London is an anomaly; not sure why we are using it as a benchmark? Around the rest of the country, I'd imagine £510 is close to the average.

Because that's where he lived.

[Thankyou4calling]

okgo said:

Because that's where he lived.

If you’re referring to me, again, you need to read my posts ( this is becoming boring)

I never said I lived in London and nor did I live in London.

[Gladers01]

Kent Border Kenny said:

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.

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

[selym]

okgo said:

selym said:

London is an anomaly; not sure why we are using it as a benchmark? Around the rest of the country, I'd imagine £510 is close to the average.

Because that's where he lived.

But does he?

[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.

[fridaypassion]

Kent Border Kenny said:

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.

5 to 10% shows a real lack of commitment

[kingston12]

Kent Border Kenny said:

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.

I’d say that’s ultra-cautious, but of course it’s a sliding scale - 5-10% of a good income is still quite a healthy fund, where as on an average income it wouldn’t provide for much of a car at all.

It certainly redefines the original question though - it is a very large income that is required to run a supercar if you’d only want to spend a maximum of 10% of that income on it.

[bobbysmithy]

kingston12 said:

I’d say that’s ultra-cautious, but of course it’s a sliding scale - 5-10% of a good income is still quite a healthy fund, where as on an average income it wouldn’t provide for much of a car at all.

It certainly redefines the original question though - it is a very large income that is required to run a supercar if you’d only want to spend a maximum of 10% of that income on it.

And I can say with certainty that there are many many owners of cars Mclaren, ferrari and porche betwen 80-100k spending more than 10% of their salary! (and plenty more also with 360's, r8 v10s which are sub 80k)

[kingston12]

bobbysmithy said:

And I can say with certainty that there are many many owners of cars Mclaren, ferrari and porche betwen 80-100k spending more than 10% of their salary! (and plenty more also with 360's, r8 v10s which are sub 80k)

Indeed. It shows that the appropriate salary will be different for everybody as everyone has different priorities.

One thing is for sure, if everyone put a limit of 10% of their income on buying/running a car it would become very rare to see anything approaching a supercar on our roads.

I like the approach though, and my total expenditure on my car would only ever breach 5% of my income on a very expensive year for repairs.

[okgo]

Thankyou4calling said:

If you’re referring to me, again, you need to read my posts ( this is becoming boring)

I never said I lived in London and nor did I live in London.

Ah, I didn't remember correctly, I thought you were talking about when you lived in Chelsea or whatever the other day.

Tbf your posts stick in my mind as I almost never agree with them in any way shape or form.

[NickCQ]

okgo said:

Tbf your posts stick in my mind as I almost never agree with them in any way shape or form.

[klan8456]

Kent Border Kenny said:

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.

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.

[kingston12]

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.

Nothing about that area of London gives me a warm fuzzy feeling, although I do like the look of the apartment that the OP posted.

[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.

[pb8g09]

All this talk of expensive service charges - can someone please just buy my house that's on the market near the beach in Bournemouth/Poole, I'm dying to move! 3 bed Victorian semi anyone?!

[Shnozz]

selym said:

okgo said:

W201_190e said:

Well ours is £510 a month, my in-laws is around £1800 so ours is tiny in comparison!

It’s a tiny mortgage.

You couldn’t rent a room in London for 550.

London is an anomaly; not sure why we are using it as a benchmark? Around the rest of the country, I'd imagine £510 is close to the average.

My 30 second google showed in 2018 the national average was £670. So even by that £510 is low.

£510 in the SE is remarkably low IMO and far from average.

Just goes to show that everyone's circumstances are unique which is the point of the topic. However, I stand by the view that in the "real world" example given, the low mortgage assisted greatly with spare cash to run a supercar.

Then there is the fact that the chap saved £1750 of £2800 PCM for 2 years to achieve his goal - fair play to him in doing that. However, if arguing the mortgage "isn't tiny", you can see that for 2 years he was living off 80% of the national minimum wage. That in itself says to me that his monthly outgoings total well below the average.

I really am not knocking the guy; as he says, he focussed, knuckled down and achieved his dream and enjoyed it. I doth my cap in that respect. However, his suggestion that he holidayed, ate out, had an average mortgage, etc etc on £45k a year, whilst saving for a supercar in 2 years and then running it, is something I think wouldn't be so easy to replicate for most folks no matter how petrolhead they might be.

[Gladers01]

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!

Agree totally, you could live in the car at a push, try driving that new state of the art kitchen around Europe

[GordonGekko]

Considering the 4 principal legitimate ways to make money:
1. Sell your time for money (employee)
2. Become an expert and sell your time for premium (professional)
3. Own businesses
4. Investor

what salary is needed to run a supercar is an odd question and could be a poor life choice.

The majority of supercar owners I know fall in either 3. or 4. above, and do not receive a salary at all.

If living in 1. or 2. it seems more sensible to move in to 3. or 4. improving income and cost advantages so vehicle related costs become less significant