How much would you want to earn before spending 30k?
Discussion
I've got a golf which gets used daily by the other half for commuting and for occasional long trips to family etc.
As I'm often left without a car I'm thinking of getting a second and although I've looked at lots of cheaper used 5k-15k cars, my heart wants a 30k 2010 5 series.
The thing is I might only use this car once or twice a week and am concious it's a lot of money. How much should I be earning before splashing out that much money on a car, for the subsequent depreciation and running costs not to really matter?
Would it be crazy on an income of say £30k to spend the same amount on a car if I had most of it in savings?
Edit: I'm not saying I do earn 30k, so ignore that scenario. As the first replies have pointed out, it would be madness, so what would be a sensible salary to be able to spend that much on a car?
As I'm often left without a car I'm thinking of getting a second and although I've looked at lots of cheaper used 5k-15k cars, my heart wants a 30k 2010 5 series.
The thing is I might only use this car once or twice a week and am concious it's a lot of money. How much should I be earning before splashing out that much money on a car, for the subsequent depreciation and running costs not to really matter?
Would it be crazy on an income of say £30k to spend the same amount on a car if I had most of it in savings?
Edit: I'm not saying I do earn 30k, so ignore that scenario. As the first replies have pointed out, it would be madness, so what would be a sensible salary to be able to spend that much on a car?
Edited by BBYeah on Wednesday 29th June 17:17
How much you earn is irrelevant. How much disposable income you have is relevant, which is not the same thing at all.
The question is, how much will the car depreciate over the period you intend keeping it. If you can afford to fully replenish your savings (or fully pay off a loan) over the period you intend to keep the car out of the money you currently have left at the end of the month, and can't think of anything else you'd rather spend it on, then you are earning enough.
There is a big difference between spending 30k on a 911 that you intend to keep for 20 years and 30k on a fully loaded Mondeo you intend to keep for six months.
The question is, how much will the car depreciate over the period you intend keeping it. If you can afford to fully replenish your savings (or fully pay off a loan) over the period you intend to keep the car out of the money you currently have left at the end of the month, and can't think of anything else you'd rather spend it on, then you are earning enough.
There is a big difference between spending 30k on a 911 that you intend to keep for 20 years and 30k on a fully loaded Mondeo you intend to keep for six months.
I really like the older 5 series, but I'm a worrier (hence this post) and the new 5 has great NCAP ratings and the old 5 not so good.
If I start a family next year that'd be even more important to me and we'd probably be driving around a lot more to relations etc.
If I start a family next year that'd be even more important to me and we'd probably be driving around a lot more to relations etc.
Edited by BBYeah on Wednesday 29th June 17:27
It's not so much how much you earn but how much you have spare. My business partner and I earn the same but he has far more family to support, mortgage to pay etc than I do. So I can blow money on cars and other things that he can't afford simply because I'm not paying a mortgage or supporting expensive kids through school and university.
No salary is sensible to be spending 30k on a boring 5 series that you'll use once a week to move yourself about in. That's just plain daft, sorry.
Okay, maybe if you were well into 3 figures... still a waste of car and money though.
ETA: Ohh talk of family on the way. More sensible now.
Okay, maybe if you were well into 3 figures... still a waste of car and money though.
ETA: Ohh talk of family on the way. More sensible now.
OK, so get a "fill the gap car" for max. £2k until next year when you start a family and then buy a more appropiate safe family car. Even then you can still find a min. 4* NCAP car for alot less that £30k, half it and then half it again and you will still get a decent family wagon eg. Volvo V70/S60, Mondeo, Avensis, etc.....
Buy this instead:
http://www.pistonheads.com/sales/2218833.htm
Then keep 10 for maintenance and you won't lose much if anything in depreciation.
A 5 series, in my opinion, isn't a twice a week toy. Get something like a classic porsche that will be fun to drive and driving twice a week won't have ridiculous depreciation attached.
http://www.pistonheads.com/sales/2218833.htm
Then keep 10 for maintenance and you won't lose much if anything in depreciation.
A 5 series, in my opinion, isn't a twice a week toy. Get something like a classic porsche that will be fun to drive and driving twice a week won't have ridiculous depreciation attached.
Sukh13: Don't tempt me! Someone in my village has one of those and I gaze at it longingly each time I see it go past or parked up. But with plans for a family next year I am going to have to get something practical (+ safe as possible) now and maybe part-ex the golf for something more fun in a year or two.
rossw46: Yes but having a safe a car as possible is a key factor for me. I was really asking when disposable income wise it would be sensible to spend that much on a car.
rossw46: Yes but having a safe a car as possible is a key factor for me. I was really asking when disposable income wise it would be sensible to spend that much on a car.
Edited by BBYeah on Wednesday 29th June 18:28
I'm not sure safety has improved much over the last one, wasn't that a 5* car already? I remember the one I drove feeling solid enough.
And you can get a nice one for £6-7k now. Like this one:
http://www.pistonheads.com/sales/2868493.htm
And you can get a nice one for £6-7k now. Like this one:
http://www.pistonheads.com/sales/2868493.htm
I would not want to clear out savings to buy a car
especially if you plan on expanding/starting a family
the car will get neglected and the spare cash to keep in as you'd like will disappear as will the second income whilst maternity/paternity leave is in place.
I'd estimate having £1000 spare after all bills/food fuel paid
I'd not want to spend £30k on a fast depreciating car.
we recently purchased an Stype not renown for slow depreciation
but it stands us in for £18k with nothing to pay on it,
trade in +cash
BUT we have had kids etc and won't have anymore.
so the financial burden is limited for us.
especially if you plan on expanding/starting a family
the car will get neglected and the spare cash to keep in as you'd like will disappear as will the second income whilst maternity/paternity leave is in place.
I'd estimate having £1000 spare after all bills/food fuel paid
I'd not want to spend £30k on a fast depreciating car.
we recently purchased an Stype not renown for slow depreciation
but it stands us in for £18k with nothing to pay on it,
trade in +cash
BUT we have had kids etc and won't have anymore.
so the financial burden is limited for us.
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