Who is driving all the new RR Vogues, 7 Series, S Class etc in Ireland?

jjmcclure

You see some very expensive cars around Dublin, and they are not rare. Who's is driving them?? I mean what do they do OR how do they pay for them?? I consider myself to be very well paid but spending 140k+ on a car (I could get the finance) seems crazy unless you earn 1 million ++.

How much would you need to earn (personally) before spending that kind of money?

colm_mcm

A lot of people spend a years wages on their car.

Agricola

Consultants from a wide spectrum of professions, especially medical. Law firm partners. Banking executives. Lots of people in jobs where they're making more money than they know what to do with.

gibbon75

colm_mcm wrote: »

A lot of people spend a years wages on their car.

Yes and most of them can't afford the price of a mirror or a lamp for their new car or a decent brand of tyres after a year or two.
We have five agencies and I wittness this every day.

benjamin d

I suspect a lot of people who could afford it held off during the recession years so as not to look too conspicuous. So there's probably plenty of money around for new cars in the last couple of years.

CeilingFly

Ifsc is full of international financers.
Grand canal dock is full of very well paid googlers, Facebook staff etc.

Take Facebook - less than 4 years ago shares were $20. Most staff had share options at that price.

Today the shares are $170

Even after tax, there's a lot of cash there.

Oafley Jones

It's all relative, but threads like these make you realise the disparity between ourselves and some other European cities. It's eye opening when you're confronted with serious wealth abroad.

Cloudio9

jjmcclure wrote: »

I consider myself to be very well paid

You're an employee so your earning is somewhat capped. Successful self employed or SME business owners are kind of under the public radar but can earn a lot when business is good.

benjamin d

Oafley Jones wrote: »

It's all relative, but threads like these make you realise the disparity between ourselves and some other European cities. It's eye opening when you're confronted with serious wealth abroad.

I do have to laugh when I see and hear people giving off about our super-rich class. A 5 series or E class Merc is not mega wealthy.

Oafley Jones

benjamin d wrote: »

I do have to laugh when I see and hear people giving off about our super-rich class. A 5 series or E class Merc is not mega wealthy.

To be fair, he said s class etc. but yes they wouldn't register. We're as a country, still only just coming in from the fields. We really don't have a historic wealth. The IFSC is mostly back office stuff and just at a starting level financially.

jjmcclure

Cloudio9 wrote: »

You're an employee so your earning is somewhat capped. Successful self employed or SME business owners are kind of under the public radar but can earn a lot when business is good.

Yeah I know. I thought a 350 k salary was good money. It's the middle class really

Atlantic Dawn

A lot of them are leased by self employed individuals where it's more in their interest to put it as a business expense than to pay 52% in tax on their income. Very few will actually buy one from new when they can take advantage of the tax system intead. Doctors, dentists etc would go this route.

Voodoomelon

Atlantic Dawn wrote: »

A lot of them are leased by self employed individuals where it's more in their interest to put it as a business expense than to pay 52% in tax on their income. Very few will actually buy one from new when they can take advantage of the tax system intead. Doctors, dentists etc would go this route.

Maybe i'm not as read up on the subject, but being self employed myself, i'm not aware of any way that a vehicle purchase or lease can be applied as a tax free allowance, or tax delectable cost in the eyes of Revenue. Unless its a commercial vehicle of course or if you're in the limo or taxi game.

There's the whole benefiit in kind malarky which as far as i'm aware is exceptionally meagre with recent revisions. No way can a flagship saloon or sports coupe etc be used to reduce your tax bill, it costs you full whack.

carsfan2

Self employed can't write off a car against tax. I'm self employed and wish I could!
As to who is buying these cars, I think there has always been wealthy people that can afford to drive 100k plus cars in Ireland.During the recession it wasn't politically correct to have one but it seems that thinking is over now.
It's actually only when you go to the uk or big European cities and see the volume of very high end motors you realise we are still only in the hal'penny place.

jacksie66

This post has been deleted.

bidiots

jacksie66 wrote: »

Landlords..

hi5

jacksie66 wrote: »

Landlords..

3 bedroom house, 16 tenants, €445 per month.........in 2 years you'll have an
S Class;)

http://www.98fm.com/Bunk-Bed-in-Portobello-House-Costs-445-Each

Atlantic Dawn

Atlantic Dawn wrote: »

A lot of them are leased by self employed individuals where it's more in their interest to put it as a business expense than to pay 52% in tax on their income. Very few will actually buy one from new when they can take advantage of the tax system intead. Doctors, dentists etc would go this route.

They might well be leased but BIK will ensure the bottom line is much the same for revenue whether the car is leased by a company or paid for by the person net.
Unless of course the folks you mention are doing serious business miles, >40k kms business miles required to get BIK to 12% of OMV ........ 32,001 to 40,000 kms gets 18% .........

jjmcclure

jjmcclure wrote: »

............ I consider myself to be very well paid but spending 140k+ on a car .............

jjmcclure wrote: »

Yeah I know. I thought a 350 k salary was good money. It's the middle class really

€350k salary .......... presuming you are nicely sorted with pension contribs etc you'd (the generic you rather than you specifically )have to be on €13/€14k a month net.

€3k month would sort a €140k car easily changing every 3 years.

SBPhoto

carsfan2 wrote: »

Self employed can't write off a car against tax. I'm self employed and wish I could!
As to who is buying these cars, I think there has always been wealthy people that can afford to drive 100k plus cars in Ireland.During the recession it wasn't politically correct to have one but it seems that thinking is over now.
It's actually only when you go to the uk or big European cities and see the volume of very high end motors you realise we are still only in the hal'penny place.

Not quite true, You get 12.5% depreciation on your Cars value against your income tax if your self employed and use your car for your business. also all expenses associated with the Car is Tax deductible and if Diesel and your VAT registered you can claims back the VAT.

SBPhoto

SBPhoto wrote: »

Not quite true, You get 12.5% depreciation on your Cars value against your income tax if your self employed and use your car for your business. also all expenses associated with the Car is Tax deductible and if Diesel and your VAT registered you can claims back the VAT.

And if you do less than 24k kms business mileage per annum you'll have a 30% BIK applied for the privilege.

nompere

SBPhoto wrote: »

Not quite true, You get 12.5% depreciation on your Cars value against your income tax if your self employed and use your car for your business. also all expenses associated with the Car is Tax deductible and if Diesel and your VAT registered you can claims back the VAT.

The 12.5% only applies to a maximum cost of Eur 24,000 - and may be further reduced if the car doesn't fit into emissions categories.

SBPhoto

The 24k business miles only apples if your a limited Company as does the emissions categories, not a sole trader. and yes the 12.5% only applies to a maximum of €24,000

sword1

When you see all the cars in Houston under water you realise what a disposable expenditure they are. Not worth working a few months of the year to mainly pay for a car.