Running costs

[Peerzy]

We all talk about unless you have x stuffed away in the bank I wouldn't try and run this car or that car, or if you don't have an official warranty or minted no point buying car y as it'll eat you alive but I was chatting with someone today who was basically saying he has £750-£1k spare each month put aside for general running costs (this excludes fuel, insurance, tax, depreciation etc) so basically to cover repairs, servicing and anything a garage would need to do.

Out of interest what sort of car could you run for that sort of money a month?

Surely £750-£1k a month could pretty much cover anything and everything bar your Lambo's, AM's, Bentley's. Ferrari's etc? Would it cover a 5/6 year old 911? A 5 year old M3? A Nissan GTR? A Ford Fiesta 1.25?

Obviously each example of a car is slightly different but interesting to know what people recon they could run for £750-£1k a month, or £500 a month?

I recon over a year I can run mine on about £50 a month, £600 for a year should easily cover the servicing and repairs at the moment.

 

[Jez]

I worked out that my old s-class was averaging about 400 or something doing big miles over a long period of time - so taking a hammering.

The SL has had £24k spent in 7 years. So thats £285/month roughly.

Id say you could run virtually anything for that budget excluding those items.

 

[NathWraith]

My running costs per month range between £90 and £130 depending how much mileage I do

 

[[TW]Fox]

£1k a month is £12,000 a year! Thats a lot to spend on general running costs.

The problem most people have is they either have the financial management skills of a dead fruit OR plenty of other outgoings, so they dont save the money, meaning that when a £3k bill appears they dont have the money to pay the bill.

Mine has averaged out at £160 of non-fuel expenditure a month.

Sounds reasonable, right? Yea, it does. Until you add it up and it comes to £8500 over 4.5 years!

 

[Peerzy]

I worked out that my old s-class was averaging about 400 or something doing big miles over a long period of time - so taking a hammering.

The SL has had £24k spent in 7 years. So thats £285/month roughly.

Id say you could run virtually anything for that budget excluding those items.

Wow that is supprising, £24k sounds so much but when you put it down to less than £300 a month it's not that much. I guess very little was spent in the first 3 years and it's all been more recently.

£1k a month is £12,000 a year! Thats a lot to spend on general running costs.

Indeed, he is also saving for a new car and said he puts away £1k a month, when he gets his new car he will continue to put away £1k a month to cover running costs. He was looking at Boxster S's (new shape 05ish) or 335i etc... and I said surely you could run a slightly older 911.

 

[DM]

Anything you want on 12k a year, even with the odd disaster.

 

[Jez]

Wow that is supprising, £24k sounds so much but when you put it down to less than £300 a month it's not that much. I guess very little was spent in the first 3 years and it's all been more recently.

Well, 8 grand of it was in a single visit.

This goes back to the point which fox just made about things like this not being consistent.

 

[[TW]Fox]

Spending £1000 on running costs of a car is a massive waste of money unless you already own 4 properties, 3 businesses or have a 6 figure salary.

It's completely ridiculous, unless your friend is a top drawer stockbroker or 55 years old he probably needs to look at his priorities.

Running costs is cash you never, ever, ever see again.

FWIW my predicted 335i running costs are £150 a month including tax, tyres, servicing, warranty and misc. But thats based on sub 10k miles a year in a car new enough for comprehensive warranty throughout the ownership period, before you start getting too excited.

 

[DM]

Spending £1000 on running costs of a car is a massive waste of money unless you already own 4 properties, 3 businesses or have a 6 figure salary.

It's completely ridiculous, unless your friend is a top drawer stockbroker or 55 years old he probably needs to look at his priorities.

Running costs is cash you never, ever, ever see again.

FWIW my predicted 335i running costs are £150 a month including tax, tyres, servicing, warranty and misc. But thats based on sub 10k miles a year in a car new enough for comprehensive warranty throughout the ownership period, before you start getting too excited.

Did you honestly sit and work that out?

I think thats outstanding my kids wouldnt dream of working that lot out.

 

[Morba]

Spending £1000 on running costs of a car is a massive waste of money unless you already own 4 properties, 3 businesses or have a 6 figure salary.

It's completely ridiculous, unless your friend is a top drawer stockbroker or 55 years old he probably needs to look at his priorities.

Bit hard to really make that statement surely. If you own a car that commands that sort of running costs then you must be doing something right in life.

 

[Peerzy]

Personally I think it's mental and he's got his sums wrong as well (my mate, not Fox). He said he's gonna spend £20k on the car then up to £750-£1k to cover running costs, I said why not save another few months and spend £30k on a 911 and even then £750 should cover it easily.

 

[DM]

Personally I think it's mental and he's got his sums wrong as well (my mate, not Fox). He said he's gonna spend £20k on the car then up to £750-£1k to cover running costs, I said why not save another few months and spend £30k on a 911 and even then £750 should cover it easily.

Your mate has lost the plot, the only 20k car with them running costs is Mondial or old Maserati and you wouldnt want one of those.

 

[Morba]

What on earth is he planning on buying for £20k that has those running costs?!
He could put a big deposit on a 355 and run it given the money he is talking, let alone almost anything else!

 

[Kenai]

Bit hard to really make that statement surely. If you own a car that commands that sort of running costs then you must be doing something right in life.

....hence his references to property and 6 figure salaries etc.

If on the other hand you own that car but live with your mum and never go out because it consumes all your money, that's probably an issue with priorities.

 

[Joe T]

When I was running the 330d I put £200 a month into a savings account to cover all non-fuel expenditure. I think over 5 years (80k miles) I only had to add to it on the odd occasion.

FYI depreciation worked out at £150 a month. Therefore total non-fuel costs were £350 a month.

 

[Morba]

....hence his references to property and 6 figure salaries etc.

If on the other hand you own that car but live with your mum and never go out because it consumes all your money, that's probably an issue with priorities.

Well, it's not is it. If someone is happy ****ing their money up the wall on a car then that is up to them, if they get the enjoyment from it that is worth the value they are spending then its not a waste.

 

[Gaygle]

With my 330i, i think i spent about £1200 in one year (excl. insurance, tax, MOT). I never put money away into just a "car fund". I just have a savings account.

Even with something like an M5, i'd say £400 per month would be plenty (excl. insurance, tax, MOT).

 

[Kenai]

I suppose it depends on whether you consider never moving out etc. as 'doing something right in life' or just sponging off your parents.

 

[DM]

I suppose it depends on whether you consider never moving out etc. as 'doing something right in life' or just sponging off your parents.

You can live at home and not sponge you know, not that id know anything about that

 

[Peerzy]

What on earth is he planning on buying for £20k that has those running costs?!
He could put a big deposit on a 355 and run it given the money he is talking, let alone almost anything else!

Boxster S or something, the £750-£1k is to cover it. Doesn't all need to be spent I assume.

I'm gonna try and tempt him to get a 911 for that sort of money.