Possible Poll - What percentage of annual income was your car worth at time of purchase?

Haggisman · 4 Dec 2019 at 15:40

MacRS4 said:
^^ Needs man maths spreadsheet.

I'm going to spend ALL this money so I can save *some of this money*.

...Says the man who took delivery of an M2 comp 2 September has now done 600 ish miles :-/

Haha, I see your point, although i didn't say it was actually saving me money over all XD

It is only costing me ~£100/month more than the old one however, which for me is worthwhile to a) have a nicer/newer car and b) not have the worry/inconvenience of it potentially breaking down with catastrophic bills

MacRS4 · 4 Dec 2019 at 15:54

I wasnt being negative, more sarcastic about how we sell things to ourselves. My old car only had 12k.on it for example. Man math .

Juicy Jama · 4 Dec 2019 at 16:32

mattx2 said:
If your using PCP its probably better to look at it as a monthly payment as the actual value of the car doesn't matter as your not paying the full amount and your paying it off over a few years. Personally I wouldn't want to spend more than 10% of monthly take home on a car

I agree

ttaskmaster · 4 Dec 2019 at 16:34

Brand new, my car would have cost up to £18,800 and change... and back then, my annual salary would have been around £19k, so 99.7% of salary!!
However, it's not worth anything like that today and I got mine as a gift.

Even if I were pulling in enough to buy an Aston Martin outright, I'd likely just go second hand. Depreciation in the first few months or so just doesn't seem worth it.
As is, I doubt I'll ever buy something this expensive on PCP (unless I'm also taking PCP) as I hate having any debt, and even under PCP I couldn't really afford it in the first place.

panthro · 4 Dec 2019 at 16:51

What's the point of this poll? I mean what are you going to learn from it?

PermaChanged · 4 Dec 2019 at 16:55

panthro said:
What's the point of this poll? I mean what are you going to learn from it?

To see if I'm being ridiculous in considering a £30k+ splurge on a car - it's not out the realms of possibility and relative to income falls in to a category which seems widely accepted here, but to me it still seems expensive!

Russinating · 4 Dec 2019 at 16:55

How are some people so low?! The <10%ers must be on some seriously high salaries whilst simultaneously driving bangers

.

Nasher · 4 Dec 2019 at 16:59

New my car was just over 28k in 2013. I paid just under 14k cash for it 3 years ago, now worth about 11-12k as I don't put many miles on it. So hardly lost anything really. Sometimes you just get lucky.

Jonnycoupe · 4 Dec 2019 at 19:00

Lol wut.

Deus Ex · 4 Dec 2019 at 19:16

<10% of my wage, £3k car £37k wage. More important is what percentage of your networth is it, at the time it was <3%, now its probably <1% of my net worth

mjt · 4 Dec 2019 at 19:17

Nasher said:
New my car was just over 28k in 2013. I paid just under 14k cash for it 3 years ago, now worth about 11-12k as I don't put many miles on it. So hardly lost anything really. Sometimes you just get lucky.

I’ll bite, coz it’s you. What do you drive then, for it to only lose £2k in depreciation over 3 years because you “don’t put many miles on it”?

Dis86 · 4 Dec 2019 at 19:49

mjt said:
I’ll bite, coz it’s you. What do you drive then, for it to only lose £2k in depreciation over 3 years because you “don’t put many miles on it”?

GT86, if it's a 2013 model with sub 40k miles then it's worth 11k+

Armageus · 4 Dec 2019 at 20:09

Current Car: 15-20% - 4 year old focus at the time it was bought
Notable car: >100% - Brand new Mini Coooper S ~£22.5k when I was earning around £20k (still living with parents and bought on HP)

Nasher · 4 Dec 2019 at 20:17

Dis86 said:
GT86, if it's a 2013 model with sub 40k miles then it's worth 11k+

Even higher mileage ones can get that around here. Which was annoying when shopping around, you need to drive way up north to find lower prices for some reason :/

shadow_boxer · 4 Dec 2019 at 20:28

Surely this is pointless. Aren't there too many variables to make any meaningful conclusions. For example whether they were financed and how, out right cash purchases, bank loans? It doesn't really show affordability.

Lopéz · 4 Dec 2019 at 20:39

Maccapacca · 4 Dec 2019 at 20:46

HoneyBadger · 4 Dec 2019 at 21:12

10-15% based on the second hand price we paid with trade in on our joint income. (We both paid for it)

Mr_Sukebe · 4 Dec 2019 at 21:15

4%, though being fair, I've already spent another 3% on the cosmetic touches, servicing, brakes and so forth and will be spending another 2% next year to resolve the chassis rails.
Being fair, not that many people buy a 17 year old MX5 with the intention of saving it from rot.

NVP · 4 Dec 2019 at 21:43

First car was ~15%
2nd car was ~40%
...
Last car was ~15%

Possible Poll - What percentage of annual income was your car worth at time of purchase?

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