Wasn't sure whether to put this here or in Motors, but (and I am making figures up here to avoid disclosing how much money I have) if you had for instance, £15K in the bank, how much of it would you be comfortable spending on a car?
What percentage of your worth would you spend on a car?
- Thread starter Akagi
- Start date
- Status
Completely depends on individual circumstance....
Are you saving for a mortgage deposit or are you already a home owner?
I'm actually saving for a deposit however I did need a new car, so it suited me to put a few £K down as a deposit on a 1 year old car and got decent car finance on the rest. Doing it this way I've got a new car and I haven't destroyed my life savings on a depreciating metal box.
Are you saving for a mortgage deposit or are you already a home owner?
I'm actually saving for a deposit however I did need a new car, so it suited me to put a few £K down as a deposit on a 1 year old car and got decent car finance on the rest. Doing it this way I've got a new car and I haven't destroyed my life savings on a depreciating metal box.
Last edited:
Right so, let's assume you are working minimum wage and have outgoings of £400 a month, but aren't saving for anything.
Noooooo, if you have £15K and it is ALL OF YOUR MONEY for example, how much of it would you spend on a car? £4K? £2K? £6K
So what car is making you want to blow £15K?
Noooooo, if you have £15K and it is ALL OF YOUR MONEY for example, how much of it would you spend on a car? £4K? £2K? £6K
So what car is making you want to blow £15K?
acme isn't spending 15k on a car
His Polos aren't worth a 1/3rd of that -runs 
E; what min wage are we talking? Your min wage is £2.30 whereas Cosmo is £6 summin
My minimum wage isn't £2?! Where do you think I live for Christ's sake?
My minimum age is £5.03 or £9750 ish a year, but I meant the 21+ minimum wage of £6.?? per hour.
When I got my first car I was 18, had £3K, and I spent half of it.
My minimum age is £5.03 or £9750 ish a year, but I meant the 21+ minimum wage of £6.?? per hour.
When I got my first car I was 18, had £3K, and I spent half of it.
I have no idea what I am actually worth in those kind of terms. I set a budget and buy the best car within that budget that appeals to me. My budget is set by how much money I have in my Car Savings account at the time I want to change, usually between £20k-£40k depending on how long I have owned my current car. (I save £10k a year for it)
My wife pretty much budgets everything for me (lots of accounts for this and that), that way I don't buy stupid stuff and blow all our available cash reserves on a Ferrari or a motor yacht...
My wife pretty much budgets everything for me (lots of accounts for this and that), that way I don't buy stupid stuff and blow all our available cash reserves on a Ferrari or a motor yacht...
My minimum wage isn't £2?! Where do you think I live for Christ's sake?
My minimum age is £5.03 or £9750 ish a year, but I meant the 21+ minimum wage of £6.?? per hour.
When I got my first car I was 18, had £3K, and I spent half of it.
Oh yeah you're an old fart so you qualify for NMW. If you were younger it'd be £2.68.
Depends on the amount and what you want from the car though.
You are never going to get a straight answer to this question because it depends on so many other factors!
With income that low, I would spend as little as possible on a car. Or none at all, if I could go without.
£15k will be hard to replace on minimum wage. I wouldn't want to break into it at all.
(Unless I had loads of other assets: like a mortgage-free house)
£15k will be hard to replace on minimum wage. I wouldn't want to break into it at all.
(Unless I had loads of other assets: like a mortgage-free house)
I already said lets assume that you are on the minimum wage, have £400 a month outgoings, and are not saving for anything.
I have no idea what would be considered "normal".
/Abandon thread, its stupid and useless.....
Shock as a vague thread gets vague answers.
When I was younger the % would be much higher as I didn't have responsibilities. Now I have a mortgage and a child, a car is less important. Reliability and running costs are now paramount. There are so many factors that people cannot answer your question.
Ask yourself this, how much money do you need to have available for other things? How much money will you need to put to one side for repairs and running costs?
When I was younger the % would be much higher as I didn't have responsibilities. Now I have a mortgage and a child, a car is less important. Reliability and running costs are now paramount. There are so many factors that people cannot answer your question.
Ask yourself this, how much money do you need to have available for other things? How much money will you need to put to one side for repairs and running costs?
Am I living alone, with friends, with parents, with a partner, do I have kids, do I commute, etc. It really does depend on your situation!
OK - here's a random answer based on some random arbitrary set of assumptions: if I have absolutely nothing else that I could possibly need or want to use that money for, then I'd spend it all on a car. Why not?
/Abandon thread, its stupid and useless.....
Good idea
I have now requested that this thread be closed.
However to answer your question quickly, the situation is, you are 19, you are obsessed with cars, all you can think about is getting a new car, you have minimal outgoings, you are too stupid to put your money aside for something important like a deposit, and you genuinely enjoy driving around on B roads "like a tool"
However to answer your question quickly, the situation is, you are 19, you are obsessed with cars, all you can think about is getting a new car, you have minimal outgoings, you are too stupid to put your money aside for something important like a deposit, and you genuinely enjoy driving around on B roads "like a tool"
However to answer your question quickly, the situation is, you are 19, you are obsessed with cars, all you can think about is getting a new car, you have minimal outgoings, you are too stupid to put your money aside for something important like a deposit, and you genuinely enjoy driving around on B roads "like a tool"
Give the money to your parents to look after it for you
Sounds like you've already made your decision - spend a chunk of your money, get a car you'll enjoy for a few years and have some fun. Just make sure you're going into it with your eyes open.
- Status