Car value to income ratio

RobAMerc

ok, I am always wondering, how much would I have to be getting paid before I could afford to buy a Ferrari.

This got me thinking - Is there an average car value to income ratio ?

eg - car is worth about 10k earn 50k p/a = 20%

I am not asking anyone to disclose any details about the cars value or their income a simple %age will do

I will start - 30% ish

Owen

41% ish here.

prendy

im upgrading after xmass so at the moment my ball of sh*t is about

4%

woodseb

ok, 42% , was a bit shocked when i saw that:D

barryfitz

Mine is 3.4%, But I do earn a collossal amount of money

Owen

barryfitz wrote: »

Mine is 3.4%, But I do earn a collossal amount of money

You must do! Your car is on adverts for 11k, so do the math, and that's 323k per annum. Jammy git!

L1011

14%.

alias no.9

~5%

peasant

< 10 %

kluivert

0% - Even given a minimum trade in value.

I think you should change the question to, what is the average spend on a new car by a person who earns between:

1. 10-20k
2. 20-30k
3. 30-50k
4. 50-80k
5. 80k - 100k a year.

etc.

cashmni1

40%, I would break that down over the 4 year period that I would be paying for it though, to get a real % per anual salary fig. Then it works out @ a more realistic figure -->10%

Mena

40% as well

sesswhat

kluivert wrote: »

0% - Even given a minimum trade in value.

Your car is completely worthless?

kluivert wrote: »

I think you should change the question to, what is the average spend on a new car by a person who earns between:

1. 10-20k
2. 20-30k
3. 30-50k
4. 50-80k
5. 80k - 100k a year.

etc.

Then people would have to give some indication of their salary. I think you would get more realistic answers with the OP's question.

In my case about 25%.

mvpr

About 18%

sosulio

about 5%

drdre

I dont earn anything (well just alittle bit) but my car is worth 35k.I had money saved up

Ice_Box

30% every 3 or 4 years. Its currently worth 22%

The Novacastrian

about 4%

Vegeta

goslie wrote: »

about 4%

me too

Nelly23

My current car works out at around around 7% but im selling it and the car im hope to upgrade too will work out at around 20% of my wages over 3 years!! This doesnt take into account raises in my salary over the next three years but unfortunantely doubt it would make a big difference:mad:

astraboy

Prob about 35% but I'm a student!:)

Cyrus

em its a difficult qn, my car is worth around 22.5% of my annual salary but the loan i have on it is half of its value so that makes it 11%

what makes more sense imo is how much of your net monthly wages are on make car loan repayments. For me its 11%

JohnCleary

drdre wrote: »

I dont earn anything (well just alittle bit) but my car is worth 35k.I had money saved up

And you spend it on a car? Gobsh1te :rolleyes:

How do you afford to keep it on the road - Daddys boy are ya?


Last car was about 20% .... before VRT

Ice_Box

Cyrus wrote: »

em its a difficult qn, my car is worth around 22.5% of my annual salary but the loan i have on it is half of its value so that makes it 11%

what makes more sense imo is how much of your net monthly wages are on make car loan repayments. For me its 11%

That wouldnt apply to me as I never take out a car loan. Instead I save up between each car for the next one. So instead of paying interest on a loan Im earning it. Thats saves thousands.

cornbb

12%. Interesting thread, a poll would be cool.

Cyrus

Ice_Box wrote: »

That wouldnt apply to me as I never take out a car loan. Instead I save up between each car for the next one. So instead of paying interest on a loan Im earning it. Thats saves thousands.

not on my loan managed to get a very good deal with the bank so i pay something silly like €80 interest on every 1,000 over 3 years, itd be silly for me not to borrow the money

plus i change every 9-10 mths so id never have time to save up

drdre

Cyrus wrote: »

not on my loan managed to get a very good deal with the bank so i pay something silly like €80 interest on every 1,000 over 3 years, itd be silly for me not to borrow the money

plus i change every 9-10 mths so id never have time to save up

What bank is that

Copper

0.08%. A beautiful 95 Cinquecento S:D. 800cc of raw power.

bill_ashmount

5% for me

barryfitz

ned78 wrote: »

You must do! Your car is on adverts for 11k, so do the math, and that's 323k per annum. Jammy git!

Ha! I wish! Thats my dads on adverts.

gurramok

8% for me, same criteria as Cyrus.

colm_mcm

around 10%. (hard to know as both figures fluctuate!)

littlejukka

6% or so. piece of poo.

testicle

barryfitz wrote: »

Ha! I wish! Thats my dads on adverts.

Does he know?

drdre

testicle wrote: »

Does he know?

ahhaha

drdre

JohnCleary wrote: »

And you spend it on a car? Gobsh1te :rolleyes:

How do you afford to keep it on the road - Daddys boy are ya?


Last car was about 20% .... before VRT

No i have been working since i was 14 in my fathers business and i have taken around 2 month off due to college exams.I like my cars so i spend my money on them, never drink, no drugs and dont smoke so i have saved alot as i dont have those hobbies.

Im not a daddies boy.I found a VERY cheap 07 GTI so couldnt say not to the oppourtunity of a car i always wanted as a kid.

Rowley Birkin QC

Combine this thread with this thread and some spare time and you got yourself the first annual boards.ie motors thread Rich List.

For the record mine is about 35%, but I'm a mangy student.

TripleAce

2% - Hopefully will go down to 1.5% next year

Gran Hermano

10%

Cassiel

If I were ever to buy a new car, I'd figure on a years wages as my limit. With payback over five years, DIY calculation that, don't need reminding of interest etc.

But in the real world, car/salary is about 30%

stepbar

About 7% of my gross salary.

Webmonkey

~200% actually

NiSmO

This post has been deleted.

sesswhat

NiSmO wrote: »

This post has been deleted.

Nor do half the car owners in this country. The question is about your income

Pherekydes

100% for me, too.

ninty9er

I'd be reckoning that it was about 18-20% last year, but now that I'm relaxing a bit more between lectures About 65-70%

ArphaRima

50%. But saved loads, and will only have loan for 30% of salary. Should have it paid off in just about a year too (pay rise etc..)

barryfitz

testicle wrote: »

Does he know?

Not unless hes a Boardsie!!:D:D:D

Turbulent Bill

Slow coach wrote: »

100% for me, too.

If you've no income, shouldn't this go to infinity? Anyone on the Maths forum could tell you that :).

bman

5%, just started a new job though so I'll probably be upgrading soon to about 15% (as long as i pass my driving test, damn insurance!).

Gran Hermano

On a semi-related side note

Insurance: 0.75% of gross salary - they joys of being an older git