How much of your salary would you spend on a car?
Discussion
cringle said:
Despite being in a recession, there are still legions of new Range Rovers/Porsches etc on our roads, which made me think, how much do people spend on their cars in relation to their income? And are all these cars likely to be bought on finance?
All those cars are likely to be bought on finance. I aim to spend roughly 10% of my income in any given year on purchasing a car, aiming to last for three years or so. Needless to say that puts me in not-quite-sheds.
When I was in my 20's - all my available cash.
Now am I have just hit my 40's I am willing to spend very little to be honest - have a small amount to pay off on my mortgage (maybe another year) and that's the most important priority for my cash at the moment.
I just can't bring myself to drop a load of cash on something silly. I think I have gotten old and cars no longer seem to be my priority even though I still love them and spend endless hours on here and browsing the classifieds.
Now am I have just hit my 40's I am willing to spend very little to be honest - have a small amount to pay off on my mortgage (maybe another year) and that's the most important priority for my cash at the moment.
I just can't bring myself to drop a load of cash on something silly. I think I have gotten old and cars no longer seem to be my priority even though I still love them and spend endless hours on here and browsing the classifieds.
cringle said:
Despite being in a recession, there are still legions of new Range Rovers/Porsches etc on our roads, which made me think, how much do people spend on their cars in relation to their income? And are all these cars likely to be bought on finance?
Some, but proportionately it will be all the new Fiestas and Clios out there that are more likely to be on £199/month PCP deals where the car is never owned, just effectively rented. I can't be bothered to google my answers from last time.
I've spent more on a car than I earned in a year.
I've also spent less on a car than I've earned in an hour.
So I have to say it depends.
Edit to add: Both cars were paid for in full, in cash.
I've spent more on a car than I earned in a year.
I've also spent less on a car than I've earned in an hour.
So I have to say it depends.
Edit to add: Both cars were paid for in full, in cash.
Edited by Captain Muppet on Thursday 10th January 09:48
For a cash buy it was about half a months wages.
For a finance car it was about 2-3 days wages a month over 3 years.
I'd guess a lit of prestige cars are bought on finance/lease by peopke who are happy to spend X per month permanently for a decent car.
I'd also guess there are a lot of company cars.
For a finance car it was about 2-3 days wages a month over 3 years.
I'd guess a lit of prestige cars are bought on finance/lease by peopke who are happy to spend X per month permanently for a decent car.
I'd also guess there are a lot of company cars.
its a stupid question cause someone that earns 20k will spend most of salary on mortgage/rent/utilities/food and other necessities.Where as someone on 180k will also buy necessities like food and utilities yet they will be a much lower percentage of overall salary than those on a much lower income ,as how much bread/meat and heating can one consume?
ok housing is a little different as the more one earns the more they genrally spend on accommodation so therefore the more one earns the more disposable income one will have as they can only consume so many necessites so therefore all surplus funds are either spent or save ,if they are spent well its normally luxury goods .
ok housing is a little different as the more one earns the more they genrally spend on accommodation so therefore the more one earns the more disposable income one will have as they can only consume so many necessites so therefore all surplus funds are either spent or save ,if they are spent well its normally luxury goods .
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