Year's salary on a car
Discussion
StescoG66 said:
I would think it s very easy to spaff a years salary - and more - on even an average car these days...... prices are nuts when even a mid spec Corsa lists at 24k.......
Quite, the current UK average salary is around £38,000. There are probably more new cars for sale that cost more than that than there are for sale costing less than that.I don't see a problem unless you know their exact financial situation.
PH loves to frown on people who lease/pcp/pch cars on mumflies. But if you have a secure job, can afford it, then it's a fantastic way into a new reliable car. Same as all these money advisors who tell people to stop buying coffees each day. I can spend and enjoy what I want!
PH loves to frown on people who lease/pcp/pch cars on mumflies. But if you have a secure job, can afford it, then it's a fantastic way into a new reliable car. Same as all these money advisors who tell people to stop buying coffees each day. I can spend and enjoy what I want!
I never understand these threads. They come a lot.
Why would a neighbour even tell you this? Is it a boast? A confession? I've no idea but it seems a strange thing to talk about. But then for someone else to try to extrapolate such a tiny piece of information into an affordability judgement just seems absurd. And then ask for public consultation....
Remember when some knobhead (but undoubtedly entrepreneurial) declared that we should all spend x-times salary on an engagement ring. No further information required. Imagine if banks did this when applying for a mortgage? Or maybe they did and that is why the mortgage market collapsed in 2008.
Sorry, I think I'm in a bad mood this morning!
Why would a neighbour even tell you this? Is it a boast? A confession? I've no idea but it seems a strange thing to talk about. But then for someone else to try to extrapolate such a tiny piece of information into an affordability judgement just seems absurd. And then ask for public consultation....
Remember when some knobhead (but undoubtedly entrepreneurial) declared that we should all spend x-times salary on an engagement ring. No further information required. Imagine if banks did this when applying for a mortgage? Or maybe they did and that is why the mortgage market collapsed in 2008.
Sorry, I think I'm in a bad mood this morning!
For my money, if i was spending that kind of sum I'd want something a damn sight better than a poxy golf. Years salary or not. Heavens, you could have an Aston for that kind of money! I won't say they shouldn't spend the money, as maybe they've been saving for a while, but lord above there were so many more interesting choices to have made.
Vsix and Vtec said:
For my money, if i was spending that kind of sum I'd want something a damn sight better than a poxy golf. Years salary or not. Heavens, you could have an Aston for that kind of money! I won't say they shouldn't spend the money, as maybe they've been saving for a while, but lord above there were so many more interesting choices to have made.
Me too. A year's salary and all you have to show for it is some white goods. I'm sure that the German economy will be grateful for his support however. Austin Prefect said:
A neighbour has apparently spent approx a years salary on a nearly new Golf.
What's the PH opinion of this kind of ratio? Totally insane? Understandable as a one off for your dream car? Or not unusual for a petrolhead?
“ apparently “What's the PH opinion of this kind of ratio? Totally insane? Understandable as a one off for your dream car? Or not unusual for a petrolhead?
Surprised you got to gossip over the garden fence at this time of year mind.
Have a good look at yourself man .
Sticker price of 1 year's salary financed? So in reality spending 1/3 or 1/4 of their take-home on repayments depending on the deal? Not unheard of I'd have thought. Spending a chunk of cash equivalent to 1 year's salary probably less common though.
We spend about 1/12 of our monthly net on car finance, which will go up to about 1/10 when the OH takes delivery of her Multivan, which I suspect is a bit lower than average, especially on PH.
We spend about 1/12 of our monthly net on car finance, which will go up to about 1/10 when the OH takes delivery of her Multivan, which I suspect is a bit lower than average, especially on PH.
The real number that matters, to me at least, is how much per year it costs and not the value of the car. Just because you’ve spent a years salary on a car doesn’t mean you won’t get nearly all of that back if you sell it.
You could quite easily buy a mundane £60k Korean EV and lose £20k in a year. You could quite easily buy a £125k Porsche 911 GT3 and lose £10k in a year. I know which is the more sensible purchase, but an outsider wouldn’t see it that way.
You could quite easily buy a mundane £60k Korean EV and lose £20k in a year. You could quite easily buy a £125k Porsche 911 GT3 and lose £10k in a year. I know which is the more sensible purchase, but an outsider wouldn’t see it that way.
StescoG66 said:
I would think it s very easy to spaff a years salary - and more - on even an average car these days...... prices are nuts when even a mid spec Corsa lists at 24k.......
More so when it's a performance car. A Honda Civic is more than a typical gross salary if you want one with a little red logo.
Buster73 said:
Austin Prefect said:
A neighbour has apparently spent approx a years salary on a nearly new Golf.
What's the PH opinion of this kind of ratio? Totally insane? Understandable as a one off for your dream car? Or not unusual for a petrolhead?
apparently What's the PH opinion of this kind of ratio? Totally insane? Understandable as a one off for your dream car? Or not unusual for a petrolhead?
Surprised you got to gossip over the garden fence at this time of year mind.
Have a good look at yourself man .
I wasn't making a judgement, either accusing him of being extravagant or of being a cheapskate. Just asking a question as to how common this was. This particular individual's financial position is irrelevant to the question, I only mention it to explain what prompted the question.
Austin Prefect said:
He mentioned to me that even being low mileage used it was about a year's pay.
I wasn't making a judgement, either accusing him of being extravagant or of being a cheapskate. Just asking a question as to how common this was. This particular individual's financial position is irrelevant to the question, I only mention it to explain what prompted the question.
What are your thoughts?I wasn't making a judgement, either accusing him of being extravagant or of being a cheapskate. Just asking a question as to how common this was. This particular individual's financial position is irrelevant to the question, I only mention it to explain what prompted the question.
People used to talk about spending 2 months salary on their wife-to-be’s wedding ring.
What should be a starting point for buying a low mileage car?
We replaced our EV just over a year ago. Got a low mileage ex-demo for about ⅓ off new list price.
Price paid (cash plus 5yr old EV) was around half what I ‘earn’ (pensions + some savings). I could imagine spending a year’s salary if that is the only major outgoing.
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