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

[Amp34]

I thought as much. Lovely car. I was looking at importing one as they are stupidly cheap over the pond but the vat and duties they then add on makes it pointless. Also it will be the last of an era I imagine because they have started putting the eco boost engines in now and it's only a matter of time with the electric model being launched before the 5 litre disappears altogether.

The 5.0 will probably disappear when they cut it from the F-150 lineup (economies of scale, they put a lot more Coyotes in the trucks than the Mustangs). There was talk of the 2021 model having the 5.0 cut (replaces by a slightly smaller V8), but it looks like it’s going to be around for a few years in the trucks yet, so it’ll probably be in the Mustang for the next 3-5 years too.

The Ecoboost are great, but the 5.0 has far more potential after modifications than the Ecoboosts that already rely on twin turbos. A remap adds a lot of additional power to them, but it’s dwarfed by the installation of a stage 2 supercharger on the Coyote.

 

[Gibbo]

The 5.0 will probably disappear when they cut it from the F-150 lineup (economies of scale, they put a lot more Coyotes in the trucks than the Mustangs). There was talk of the 2021 model having the 5.0 cut (replaces by a slightly smaller V8), but it looks like it’s going to be around for a few years in the trucks yet, so it’ll probably be in the Mustang for the next 3-5 years too.

The Ecoboost are great, but the 5.0 has far more potential after modifications than the Ecoboosts that already rely on twin turbos. A remap adds a lot of additional power to them, but it’s dwarfed by the installation of a stage 2 supercharger on the Coyote.

My mate is running around 880HP on his Whipple Powered one, driving it and 4th and 5th fear acceleration is mental you hit the 170mph top end in 5th in seconds, it just blast down the road.

 

[naefeart]

51%.

As people have discussed, this figure alone isn't enough to make any sound financial decisions on.

On the face of it, this percentage with no context sounds like a bad idea, however I have a good salary, can afford to run it as third car and don't feel its going to depreciate much. It also came with a 2 year manufacturer's warranty which I'll extend in time. Running costs should also be relatively low.

 

[SeatIbiza]

About 70%. However, I bought it in cash (my own not parents or whatever) and my company pays quite a good car allowance so I "pay" myself back with that.

The way I see it, I have a nice car and they pay my depreciation. I've had it just over 2 years and what they've paid me ~£16k has more than covered the depreciation.

My biggest issue is I want to change it as it's got 72k on it but I don't know what for. It's the 3l bitdi in an A6. I'd like a March 2017 one (pre wealth tax just because) but these cars are rare, let alone one that specific!

I suppose I'm in an unusual boat as I also own 2 other cars: a B5 RS4 and a Mk1 TT 225 convertible (was my for my ex). But both of those together were less than a 1/3 the cost of the current car (I got the RS4 at a steal sort of, but did a lot to it). So all together, about 100%!

 

[HangTime]

10-15% if we are talking gross income. I know these type of threads are just a bit of fun, but I think it would be better if it looked at total spend over a longer period, because someone spending 50% of their gross income 10 years ago and still driving the same car today is different from someone spending 50% of the gross but then doing the same again every two years. So average net outlay (i.e. including sale price of cars you dispose of) per annum as a ratio of average gross income might be a more interesting metric. But I guess it depends on what conclusions people are looking to draw from it, and there isn't really such a thing as a 'fair' or 'unfair' comparison they are just 'different' comparisons. Some people will be wealthy but with relatively low incomes for example.

 

[skaif]

Looking at this from a level of yearly income is meaningless as people will be in different tax bands and earning different amounts. Best toook at how much it costs you net monthly, especially if OP is considering a finance deal of sorts.

My monthly expenditure on cars was always around 10% of my take home.

I'm now in another country earnigg more and eyeing up a purchase that will cost me around 20% of my take home...

 

[Journey]

As I'm in the market for a new car, I was just wondering what seems to be an average spend in relation to income - I was just curious as to what OcUK deems as affordable and worthwhile.

Given that you have a massive variation of people on here, some of whom will be retired, unemployed, in zero hours jobs, or earning 6 figures. It is irrelevant to you what people on here spend in relation to income.

If you have to ask then you should also be asking how much do you spend on fuel, maintenance and other such non recoverable items, and what their car is used for, is it used as tool, or just as a taxi for the kids and to get to work, or do you have it just for fun etc.

What matters is what you think is affordable and/or worthwhile.

If you earn £38,500 but spend £1,500 per month on mortgage and bills, you have £1000 left after taxes etc. for investments, holidays, going out, paying for everything else. But equally you can have someone earning the same £38,500 but have no mortgage, and only paying out £450 in bills, leaving them £2,000 per month for everything else.

I'll repeat it, the figures here are irrelevant to you, and pointless to anyone else as well, they have no substance behind them.

Some people would thing 100% of £38,500 is fine, others would say you can't afford it if you have to finance it, and then you'll have the people that chose to drive around something that cost £400 but the earn a really high wage. My FIL's neighbour has a 1978 Cortina, bought from new, I wonder how much of his salary that cost? And after 40 years what percentage it would have been added up in terms of a percentage of his total wages over those years?