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Author 'normal' % of salary to spend on a car?
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Oct 08 at 16:47   View User's Profile U2U Member Reply With Quote
just looking over a few things as I think we'll consider taking out some finance on a nice car at some point....

What is kinda normal to spend in relation to your income? (joint income perhaps)

The only cars I (we) like are aprox 50k upwards, with the exeption of an NSX and sl55 amg if old enough

richc
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Registered: 24th Mar 07
Location: Ilkeston
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3rd Oct 08 at 16:56   View User's Profile U2U Member Reply With Quote
well depends on your commitments really - ie mortage, children etc

But being a young long living at home i would probably do 20% of my monthly income, because my insurance will not me much off that again (fucking joke isnt it ).

You come across very wealthy buy a ferrari or somert

[Edited on 03-10-2008 by richc]
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Oct 08 at 16:58   View User's Profile U2U Member Reply With Quote
thats a point, why am i bothering thinking about total value... should just be seeing what we can do monthly i suppose.

Thinking of moving to singapore in a bit, and just looking at car prices there... yikes
Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
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3rd Oct 08 at 17:32   View User's Profile U2U Member Reply With Quote
I've calmed down now, but when I first got my bike I was spent a grand on it within a month for bits, aswell as a few bits for my car too. I couldn't keep doing that I don't think though, it all seems a waste now, I'm getting old too quick
SVM 286
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Registered: 13th Feb 05
Location: pain
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3rd Oct 08 at 17:42   View User's Profile U2U Member Reply With Quote
I spend almost every penny I earn on cars so fill yer boots Adam.
Colin
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Registered: 4th Apr 02
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3rd Oct 08 at 17:47   View User's Profile U2U Member Reply With Quote
Id happily spend my full years income on a car spread over say 4 years on finance. Though deffo depends on other factors, how big your mortgage/bills are, if you go out alot etc
deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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3rd Oct 08 at 18:29   View User's Profile U2U Member Reply With Quote
Depends if your cars are your hobby too, although isn't that what your have the track Datsun for etc?!

Like when I get my first proper car, it won't be anything much, 'cause my main hobby is biking and I'd rather spend £3k on a bike etc
mwg
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Registered: 19th Feb 04
Location: South Lakes
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3rd Oct 08 at 18:33   View User's Profile U2U Member Reply With Quote
Mine cost slightly more than my salary at the moment.

But its a monthly thing so I have plenty of spare cash still.
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Oct 08 at 19:13   View User's Profile U2U Member Reply With Quote
Fee - get a feckin wage rise woman and buy an R8
Colin
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Registered: 4th Apr 02
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3rd Oct 08 at 21:15   View User's Profile U2U Member Reply With Quote
White R8
CorsAsh
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Registered: 19th Apr 02
Location: Munich
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3rd Oct 08 at 21:19   View User's Profile U2U Member Reply With Quote
I concur. I'll get them to put white ribbons on as a wedding present when you pick it up.
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Oct 08 at 22:04   View User's Profile U2U Member Reply With Quote
why cant there be something online that just tells you everything

For instance...

Deposit needed, monthy payments over X years etc for the following cars

R35 GTR
R8
993 Turbo / GT3RS
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Oct 08 at 22:05   View User's Profile U2U Member Reply With Quote
wedding pressie is possibly going to be a car... but not an R8
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Oct 08 at 22:12   View User's Profile U2U Member Reply With Quote
brand new R8

Autobytel Price: £78,300.00
Deposit: £6,999.00
Finance Amount: £71,301.00
Repayment Term: 36 months
Monthly Payment: £2,233.11
*Total amount payable: £87,640.96
APR: 8.5%
SVM 286
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Registered: 13th Feb 05
Location: pain
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3rd Oct 08 at 22:14   View User's Profile U2U Member Reply With Quote
That seems like a rather good rate. It is only 3 years though.
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Oct 08 at 22:17   View User's Profile U2U Member Reply With Quote
i'd rather 3 years than a 10yr car mortgage
Kano
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Registered: 29th Aug 04
Location: Fife
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3rd Oct 08 at 23:11   View User's Profile U2U Member Reply With Quote
You should get a much better rate than 8.5 for that sort of borrow..

When I sold cars it was scary to see how much people spent in proportion to there pay, many over 30%.. Dont know if I'm just over cautious but I wouldnt like to see that sort of % of my pay going out on a car payment..
richc
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Registered: 24th Mar 07
Location: Ilkeston
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4th Oct 08 at 00:10   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Kano
You should get a much better rate than 8.5 for that sort of borrow..

When I sold cars it was scary to see how much people spent in proportion to there pay, many over 30%.. Dont know if I'm just over cautious but I wouldnt like to see that sort of % of my pay going out on a car payment..


im car mad but im reluctant for 20
Fee
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Registered: 16th Nov 05
Location: With AK
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4th Oct 08 at 01:01   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by AK
Fee - get a feckin wage rise woman and buy an R8


Lets friggin move then
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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4th Oct 08 at 08:01   View User's Profile U2U Member Reply With Quote
30% of montly or 30% of early?

30% of monthly is worse, but still on equates to 30% of yearly i suppose.... in my view thats feck all!!

say Joe Blogs is on 30k - that gives him 10k :/

or do you mean 130% car value over salary? so he'd spend 39k....
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
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4th Oct 08 at 08:54   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by SVM 286
I spend almost every penny I earn on cars so fill yer boots Adam.


+1
allza
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Registered: 14th Jun 04
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4th Oct 08 at 09:10   View User's Profile U2U Member Reply With Quote
Id say spend 50 percent of yearly wage on a car. So say you earn 30k a year buy a car for 15k. But i know a lot of people who spend 2 years wages on a car. So would spend say 60k on a car when they only earn 30k a year. But they buy it on finance over 4 or 5 years.
Ben J
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Registered: 31st Jan 05
Location: Cheshire
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4th Oct 08 at 09:28   View User's Profile U2U Member Reply With Quote
It all depends on circumstances, savings, combined household salaries etc.

I spent 20k on my VXR.

Unfortunatley thats getting near 80% of my yearly salary, due to the stupid industry I chose work in.

But i'm married and so with two salaries combined, and considering my wife earns £12k more than me ( ) so spending 20k on a car isn't really big issue.

But also I was able to buy the car outright with no loan or finance due to a pretty huge inheritance I got when my grandma died.

So again, its all down to personal circumstances.



[Edited on 04-10-2008 by Ben J]
chr15barn3s
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Registered: 5th Oct 03
Location: Farnborough
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4th Oct 08 at 10:41   View User's Profile U2U Member Reply With Quote
I have just put an order in for a new car for 23k and I earn just under that. I will be financing it over 4 years and paying about 30% of monthly salary on it. I still live at home though. You may think im stupid but the way the housing market is going im not going to move out just yet so figured I would spend my money on a car
corsa-sxi
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Registered: 11th Jul 03
Location: Kingston upon Hull
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4th Oct 08 at 12:02   View User's Profile U2U Member Reply With Quote
this is the dilemma im facing, i was thinking of spending 1/2 my salary on a car in total, but cant help but think its too much lol, i live at home, dnt pay rent or bills, only outgoings are petrol/insurance and phone, if i wasnt such a bad poker player, i reckon id still have about 70% of my monthly wage sitting in the banks...

[Edited on 04-10-2008 by corsa-sxi]

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