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

[Nasher]

I know someone who just bought an AMG GT 63s Four door which was over 700% his salary. He has a better car than the general manager of our site! Before you ask i do not know where he got the money from!

This is why people get in to financial trouble

(Or is a drug dealer or pimp).

 

[[TW]Fox]

Lots of single figures here. Clearly we have some very well off people. Are we talking deposits paid upfront or list prices?

Or lots of 1500 quid cars?

 

[vanpeebles]

Or lots of 1500 quid cars?

Exactly

 

[chaparral]

About 55%

 

[ahenners]

About 33% at purchase and the bank loan is about 6% of take home.

 

[rodenal]

About 24% of my own income for my car and about 25% of our combined for both cars (value when they were bought anyway)

 

[leoncuprar]

Used car, bought outright... 25%

 

[Sin_Chase]

30-35%

 

[FlapR]

Used car bought outright 4 years ago 33%.

 

[a1ex2001]

18% and I'm still driving it 11 years later it might finally have to go next year for reasons beyond my control otherwise i'd drive it for a good few more.

 

[Simon]

Pre or post tax ? Outright is very diff to pcp.

 

[Amp34]

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

Agreed.

I feel there’s a lot of self selection going on here.

The average new car is around £28k, while the average salary is also around £28k. Obviously not everyone buys a new car, but still - average owned car price is around £13k, which is just under 50% of average income.

Last car was around 50% of my income (and around 25% of household income). 50% deposit and the rest paid off in 5 months. Individual income is pretty irrelevant as we pool our income.

 

[ahar]

28% of gross annual salary on list price, with a PCP that's 7% of take home pay each month.

I'm not rich, it's a Skoda

 

[Pyscho_Si]

Technically my Lexus was about 50% of my gross salary ... however my car allowance covered 75% of the PCP repayments.

 

[Kei]

2 year old used car bought outright at around 70% of post tax income. Was initially looking at stuff nearer to 85% but couldn’t justify the extra outlay.

 

[DarrenM343]

Probably <25% (run own business so it fluctuates). Most expensive car I've bought but wanted someone new as never bought new before. Paid cash. There's no rule on this really. If someone has hit all their financial goals, even 100%+ isn't too much if it's something they want.
I want to retire early/do other things/stop the daily grind so not sure I'll spend as much again. I tend to run two cars too, rather than spending too much on one. It's nice to have a cheap runabout.

 

[Uther]

This is why people get in to financial trouble

(Or is a drug dealer or pimp).

Or did well with crypto.

 

[Jez]

Or lots of 1500 quid cars?

And why the numbers are meaningless. There are far too many variables, everyone has a different situation.

 

[grudas]

5% for my current daily driver..

 

[stuie]

well over 50% paid 15k at 2 years old for my is200 I was probably only around 22kish a year at the time, I was living with parents though and had oodles of disposable income