Percentage of your salary spent on your car?

I spent 50% on my car, but when you put it into context that i get 4 grand a year, its not much. car wasnt bought from my wages though, was from savings i had.
 
11.5% fuel
8.5% finance
3.5% insurance
1.25% tax
2% service
7% this year in repairs and brakes tyres etc

so that's a massive 33.75 of my yearly wages being spent on my car!
 
arknor said:
im wondering what spie's is :D
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A little over 5% on the latest I'd say.

There are some really high percentages here, 28, 30, 50%!
No way is any car worth a third to a half of my working time.

My car was 20% of annual wage when bought new some 4 years ago. Paid off in full and now costs around 4% maybe for everything excluding depreciation.
 
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Total cost of the car? 4% of my salary :D

Running costs are about

14% on fuel (I'm sure with my latest driving this is a bit too much :( )
7% insurance
1% tax
2% servicing and other bits

Cheap happy motoring :cool:
 
some people spend way too much on their cars. seriously 50% of salary on a car is OTT. better to get a cheaper car and spend your money wisely than fork 50% of salary on a car (I hope that 50% at least covers gas, insurance, parking, etc...;)). cars depreciate like mad and cost to upkeep. buy what you can afford.

bought my car w/ no borrowing, and it costs me less than 1% of salary annually to maintain, insure, fill up. I realize I may make more, but honestly would never consider spending large portions of salary for a car. To put it in perspective, I wouldn't spend more than 25% of gross income for house repayments. what happens when something unexpeted creaps up?

we wonder why we are in a financial mess when some over-extend on things they clearly cannot afford.
 
LizardKing said:
Mines about 20% :eek: that's just fuel + insurance
but then if i didn't spend that i'd earn less than 80% of my current wage.
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fair enough I guess. but if it's a work tool, you probably could consider it has an investment/ cost of doing business - which changes the calculations completely - like renting office space
 
The next car I'm looking at will be approximately 33% of my yearly income (based on purchase price, and yearly income pre-bonuses).
 
lunarwolf said:
some people spend way too much on their cars...more sense
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In my case all of my income is disposable, so not much of a problem.

I think it depends on what other expenses you have, I as a lot of others it seems don't need to pay for accomodation and utility bill etc, atm anyway.
 
lunarwolf said:
some people spend way too much on their cars. seriously 50% of salary on a car is OTT. better to get a cheaper car and spend your money wisely than fork 50% of salary on a car (I hope that 50% at least covers gas, insurance, parking, etc...;)). cars depreciate like mad and cost to upkeep. buy what you can afford.
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Whilst I agree that a lot of people spend way beyond their means when it comes to getting a car, lets not forget that for many it's a good which is both a necessity for commuting and a luxury.

Fifty percent is ridiculous though I agree. Part of the problem with British culture is people 'splash the cash' far too easily. Look at all these bankers whining about their job losses, if the morons had actually saved some of their disposable income and not spent it on yachts and Lamborghinis then they'd actually have some money to maintain their accustomed lifestyle when the times get rough. The same applies to doctors, students, teachers, dustbin men, the entire spectrum of earners.

It is funny though. The amount of times you see crappy, cheap houses with M3s and RS4s parked outside. Priorities people, priorities.
 
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