Eating out was actually cheaper than eating in the hotel as well!
How much would you need to be earning...
- Thread starter M0T
- Start date
Eating out was actually cheaper than eating in the hotel as well!
So over 10K take home a month to afford a 40K car? There's being careful with your money and theres being tight
He must mean before tax....otherwise in the worst case you'd have to make circa 190K gross!
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
No, this whole thread is pointless as is LOL YOU NEED £100k a year to buy an Audi A6 diesel ha ha.
Yeah, I mean it would be bit of a struggle to run a 40K car on that wage
Must live on beans on toast!Surely its more than that though, unless you take on a crazy length finance deal?
It is a bit pointless though. Everyone has different financial positions in life and salary isn't necessarily the be-all end-all!
I know someone that is on about £40k/pa but the vast majority of that goes straight to his ex-wife and their son. Anything he has left over is spent on lawyers so he can keep seeing his son...
.. which most people do?
There's generally two types of people... the first can afford the car outright and pays in full cash. The other can't afford the car but desperately wants it anyway (in dirtydog terms this is called "living outside your station in life"
) so he/she takes out a finance deal...Actually there's 3 types... the third type simply leases the car...
Actually a fourth type... he/she gets it as a company car...
Completely, its more about disposable income than actual income.
.. which most people do?
Do they? I would have thought 5-7 years would be the most you could take out, which even at £400 a month isnt long enough
Man of Honour
- Joined
- 5 Jun 2003
- Posts
- 91,829
- Location
- Falling...
[TW]Fox;11567142 said:
I spend nearly that much on food my self (probably closer to £80 a week), and I go on 2 or 3 holidays a year to numerous places around the world and easily spend more than that on hols, I've never really spent less than 1k even when I'm staying in my house/flat in other countries.
Petrol, well probably close to £200 at least a month.
I rent, so it's much more affordable, but even that's £460 quid a month, and then on top of that council tax and utilities.
i'm siding with Muncher on this one - if we're being sensible. However it is about disposable income, I have a bit more thanks to renting and having a stupidly cheap rent for a HUGE flat and I'm sharing it with a mate so our money goes a long way.
I'm a petrol head but I love my creature comforts, hence why I like holidays, good food, and a decent sized property. I like a good quality of life, buy decent things - I'm not going to compromise on that. However I still like my nice cars and spending money on them.
It depends how much you can save a month really, and whether you buy it out right or finance it. A lot of people finance 40k cars.
Yeah, I mean it would be bit of a struggle to run a 40K car on that wage
Depends how good your credit rating is I suppose. Although yeah I doubt many banks would be willing in the current economic climate!
Don't forget about deposits and balloon payments though.
True, there is that side of things to consider.
I saw a new GT2 last year in a showroom, with example deposit, repayment and balloon payment numbers next to it as a guide;
Assumed deposit: £30,000
36 x monthly payments of: £1180
Balloon payment: £83,000
:O
If you can't afford to buy outright, or a sensible finance package, you can't afford it.
Assumed deposit: £30,000
36 x monthly payments of: £1180
Balloon payment: £83,000
:O
If you can't afford to buy outright, or a sensible finance package, you can't afford it.
It's completely dependent on the person's situation and disposable income. Someone on six figures might struggle to afford a Ford Focus because their money is tied up elsewhere whereas someone on £30k might drive a £40k car because they have no other financial commitments.
Let's say your average £40k car would cost in the region if £650-ish a month to finance on a PCP assuming at least a 10% deposit and reasonable residuals. Bring that figure up to a grand to account for petrol, insurance and general running. If you have a grand spare at the end of the month afer paying for everything else then I suppose you could afford to drive a £40k car.
I personally would want to be on about £65k before I considered running a £40k car.
Let's say your average £40k car would cost in the region if £650-ish a month to finance on a PCP assuming at least a 10% deposit and reasonable residuals. Bring that figure up to a grand to account for petrol, insurance and general running. If you have a grand spare at the end of the month afer paying for everything else then I suppose you could afford to drive a £40k car.
I personally would want to be on about £65k before I considered running a £40k car.
A lot of people that finance in this way get out of the car before the balloon payment, so for just over a grand a month you've got a 100K + car.
/Pops off down to Lambo Birmingham
Caporegime
- Joined
- 11 Mar 2005
- Posts
- 32,253
- Location
- Leafy Cheshire
Erm yes, provided you can find and the write off the 30k deposit...
As said, its more about disposeable income. I'd have to be earning quite a wedge. I get the feeling we're very much in the minority these days, but I'm self employed and my wife doesnt work (well, she looks after the kids and does the ironing and cooking haha). So that means we have one salary but a lot of expenses. That salary is the equivalent of a fair bit more than the £40K car but theres no way I could comfortably afford the repayments on a £40K car and still have a decent lifestyle - eating out, holidays, gadgets etc. And I dont even have a big mortgage or any loans. Which is why I drive a Focus and have a bike for fun.
Realistically I'd agree with the post that said you'd want to be on over £100K. But most people that drive £40k cars are doing so through their company, which works out a lot cheaper.
Realistically I'd agree with the post that said you'd want to be on over £100K. But most people that drive £40k cars are doing so through their company, which works out a lot cheaper.