MK5 Golf GTI
General => Random Chat => Topic started by: Poverty on May 06, 2010, 10:30:51 pm
-
After reading some comments from the Golf R thread it made me think (RR), how much do you think a person needs to earn as a basic annual wage to afford a 35k car with a minimal deposit?
So lets have two scenarios one pcp, one hp.
Oh and lets say that other than the monthly car payments the only other outgoings a month on bills total £600 a month.
So to pcp a 35k car with a 10% deposit over 42 months @ 10% apr would cost £679 a month.
To hire purchase the same car with the same deposit @ 6.5 apr would cost £840 a month.
So you have two options, how much do you feel someone would have to take home a year to afford such a luxury?
Could be interesting reading
-
geez i wish my out goings were near 600 a month! i guess you still live with your folks??
and the poll is a bit pointless really as people earn lots of money but dont have any to spend and vice versa people on low wages manage to spend it all.
-
geez i wish my out goings were near 600 a month! i guess you still live with your folks??
and the poll is a bit pointless really as people earn lots of money but dont have any to spend and vice versa people on low wages manage to spend it all.
This isnt about me dude, I was just wondering really, wanted to try and make the poll sorta balanced, as im sure alot of the older members on have their mortgages paid off, or their mortgage is from the 80's and 90's with a repayment less than most of us spend on v power a month, and wanted to gauge their experienced views.
-
I'd want to be on at least 40k before paying those figures a month for a car.
-
I would say you would need to be earning £35k+ a year.
That would give you around £2200ish per month so minus the £1279 would still leave you £921 or about £225 per week for food, fuel and other incidentals.
-
It depends really as i have household earnings (as in myself and the missus) which puts me on alot higher than my earning at the moment. Our outgoings are high though with the mortgage being close to £1000 a month before anything else! So 35k is a bit too much at the moment. Im going to wait untill i bring in our current joint income until purchasing my next car which is about the value you have used (an RS4 avant) as i will be more comfortable to pay for it and my mortgage drops in 18 months by a few hundred a month so will help.
I dont think its what you earn but more what your circumstances are. My best mate earns £10k less a year than me but has much more expendable cash as he lives at home.
Would rather own my own property than have a £35k car at the moment, its makes more sense to buy a house in the current low market than a car (as much as i would love to)
-
Would rather own my own property than have a £35k car at the moment, its makes more sense to buy a house in the current low market than a car (as much as i would love to)
wise words :drinking:
-
Would rather own my own property than have a £35k car at the moment, its makes more sense to buy a house in the current low market than a car (as much as i would love to)
wise words :drinking:
Indeed but wiser words are... wait and buy a house when the repossession begin to fill the housing market as the interest rate returns northwards people are going to be caught out.. particularly those who think they have a bargain now.
Sit tight and save for now
-
Really depends.. Will your only outgoings be the car? I presume you pay payments on the K1?
I guess you just need to think how much you need a month for 'playing' really..
-
Its not just the price of the car, it's the upkeep and running aswell.
£35k gets you a tidy second hand 996 turbo, can you imagine the upkeep on that! :scared:
-
everyone thinks this is about me lol. Couldnt ever pay 679 a month to pcp something, 840 a month on hp is also alot of money. I mean say I was taking home 2200 a month and pay 860 a month on the car that would leave 1340 a month, and once you have paid for v power, insurance,mods and maintenance and just general living thats not alot?
Another reason that made me start this poll is because of the amount of 30-40k cars I see around london, and not the rich parts either, owned by people with families etc, and I just wonder how they do it?
-
Joint income mate. If i increase to where i should and the missus stays on or increases slightly i could afford a nissan gtr in 2 years, wont happen though as life is never that straight forward!
-
Would rather own my own property than have a £35k car at the moment, its makes more sense to buy a house in the current low market than a car (as much as i would love to)
wise words :drinking:
Indeed but wiser words are... wait and buy a house when the repossession begin to fill the housing market as the interest rate returns northwards people are going to be caught out.. particularly those who think they have a bargain now.
Sit tight and save for now
Its not that simple mate, many many more variables. I saved £40k buying mine when i did as its increased by that now so im happy.
-
I would say if your in a 3-40k+ job your likely to have a company car and it would work out cheaper anyway. It works like that for a family member. Gets an allowance and can add to it if he requires. Basically get a GTI for about £60 a month or something ridiculous.
-
More than a 10% deposit imo is how they do it! Maybe trade in + savings?
I pay 1k a month on mortgage n bills only just leaves enough for the gti, food, insurance, fuel, savings n living. Can't see £2200 being enough!
-
You can't really quantify this in terms of your salary!
It all depends on what your outgoings are and what your priorities are. When I was a lot younger, I earned £15k a year, but still spend £18,500 on an S3 because my outgoings were low and the car was my priority.
I wouldn't really want to spend that amount now even on a MUCH higher salary as I have bigger priorities
-
Add children into the mix and you're in for trouble. I see over £700 a month disappear in nursery fees :laugh:
Had you considered that a lot of these people might be leasing these cars? I know a few people, one with an R8 and another with an Aston V8 Vantage N400 who are leasing them. It's much easier to lease a car than get finance or an unsecured loan for one.
-
It's much easier to lease a car than get finance or an unsecured loan for one.
No its not, its harder at the moment - we are finding it easier to get customer though on finace than leasing - They want a lot more info to lease. People always think it easier to lease, and this has never been the case!
-
Ah right, they seemed to suggest otherwise. Perhaps they were just trying to get me in a Aston!
-
I wouldnt take either of those options, both are far to expensive for a loan on a car, especially not if the total other out-goings are less. And they would certainly have to be well inside the higher rate of tax, 40+
-
What you probably find is ppl have put down sizeable deposit or a p/x which is fully paid for. To put it into perspective if you have an 05 gti which is worth circa £10k paid for (say purchased new over 5 years) 25K on finance is just £400 per month. This make the car more affordable if you have the disposable income.
I have friends in similar circumstances, both need cars they have one low value, cheap to run car and then a nice new family car. Both myself and the wife both like cars so we have 2 nice cars, but if I could I would change and have a banger and a Golf R :evilgrin: :evilgrin: :evilgrin:
-
After reading some comments from the Golf R thread it made me think (RR), how much do you think a person needs to earn as a basic annual wage to afford a 35k car with a minimal deposit?
....I don't have a clue, mate - I've always bought my cars cash outright.
-
my grandad always told me that you should never spend more than 10% of the value of your house on a car..
best to get your priorities in order first imo :happy2:
-
my grandad always told me that you should never spend more than 10% of the value of your house on a car..
....What sort of cars were around in your grandad's day?
-
my grandad always told me that you should never spend more than 10% of the value of your house on a car..
best to get your priorities in order first imo :happy2:
good advice in a way, but doesnt work for people who inherit houses. The amount of people I come across in lackheath who live in these mini mansions worth millions of pounds, yet cant even afford to update their central heating system or get the system flushed out and working efficiently is beyond me.
But actually thinking about it alot of people with flash cars on the drive are the same, "sir, for your central heating to work properly it needs £700 worth of work" to which they reply "I cant afford that" and me then thinking to myself they cant afford to stay warm and comfortable, yet have a new 30+ k car on the drive. And I dont think their beemer can keep them warm either :grin:
-
Poverty,
I agree with you. I know someone in that situation, both have very good jobs, stunning house, nice cars but they aint got a bean of surplus cash. I mean you walk in through the front door of the house is like watching Ashes to Ashes :signLOL: :signLOL: :signLOL:
For me theres a fine line. I will be honest and I think I am just the wrong side of it, I mean I have fully refurbed my house inside 5 yrs ago but if Im honest the house needs painting and the facia and guttering needs sorting but I havent got the cash at present to do it. Would I down grade my motors to sort, NOPE!!! I enjoy my cars to much!!! Its all about priorities, but in now way would I have the cars if the house need something as fundemental as a new central heating system etc etc
Smudge
-
....
A car is a big status symbol for a lot of people, perhaps more so than a house because it's mobile. @ Poverty: It's not just the big houses - Look at the expensive cars (Golfs included!) on some of the drives of estates of modern houses which are not much more than low ceilng boxes of tiny rooms which all look the same or very very similar. Often more than one car too.
My home needs a bit of attention but it's comfy and everything works and I'd much rather spend on modding/maintaining my beloved red chariot.
(https://www.mk5golfgti.co.uk/forum/proxy.php?request=http%3A%2F%2Fdaz.co%2Fmedia%2FRedRobin_05%2FRR%2FHall.jpg&hash=ef0ba006078548a556656cbd9cf7e6d7a213e5e9)
-
Add children into the mix and you're in for trouble. I see over £700 a month disappear in nursery fees :laugh:
Had you considered that a lot of these people might be leasing these cars? I know a few people, one with an R8 and another with an Aston V8 Vantage N400 who are leasing them. It's much easier to lease a car than get finance or an unsecured loan for one.
just loan the car for a few days. I see a lot of asians who drive around with lambos, ferraris, R8 who just loan them.
-
if you need hp/pcp that costs £500 + a month imo you cant afford it , end of :scared:
i know you dont get any discounts for buying out right in cash nowadays but i see my car as a bit of a safty net , if i loose my job etc i can sell my car and have its value in ready cash :happy2:
-
Add children into the mix and you're in for trouble. I see over £700 a month disappear in nursery fees :laugh:
....I guess if both parents feel they must both work you'll have nursery fees - But do they really need to both work? Overdo your debt commitments in terms of house and cars etc and you're into having to both work. I ask what kind of mother wants to work? I've had 2 children and never spent a penny on nursery fees - Too many children grow up without enough parental contact in my opinion.
-
Add children into the mix and you're in for trouble. I see over £700 a month disappear in nursery fees :laugh:
....I guess if both parents feel they must both work you'll have nursery fees - But do they really need to both work? Overdo your debt commitments in terms of house and cars etc and you're into having to both work. I ask what kind of mother wants to work? I've had 2 children and never spent a penny on nursery fees - Too many children grow up without enough parental contact in my opinion.
:notworthy: thats why i look after my son and he has just started doing 12 free hours at nursery and i will never pay for it as the sums did not add up for us s my job was sh1t :laugh:
-
^^^^
Good on you, Mat! I'm very amused that consecutive replies from you to 2 of my posts include one with a :P and the other with a :notworthy:. I love your upfront honesty :drinking:
-
Add children into the mix and you're in for trouble. I see over £700 a month disappear in nursery fees :laugh:
....I guess if both parents feel they must both work you'll have nursery fees - But do they really need to both work? Overdo your debt commitments in terms of house and cars etc and you're into having to both work. I ask what kind of mother wants to work? I've had 2 children and never spent a penny on nursery fees - Too many children grow up without enough parental contact in my opinion.
:notworthy: thats why i look after my son and he has just started doing 12 free hours at nursery and i will never pay for it as the sums did not add up for us s my job was sh1t :laugh:
dude your lazy :P
-
yeah i am lazy :signLOL: do i give a fook noooooooooooooooo :signLOL: i am honest and i dont care life is for living (says that while sitting here on my mac) :laugh: and Robin u know i love u :laugh:
-
joking aside, what is this thread about? earnings dont always have much to do with cars, i know people on 200k plus who would not dream spending 50k on a car, when i bought my first decent car it cost what i earnt a year, now with kids and divorce :signLOL: i could never afford to do that, if your at home on 30k you could easily buy and run a 996 turbo never mind an r
-
joking aside, what is this thread about? earnings dont always have much to do with cars, i know people on 200k plus who would not dream spending 50k on a car, when i bought my first decent car it cost what i earnt a year, now with kids and divorce :signLOL: i could never afford to do that, if your at home on 30k you could easily buy and run a 996 turbo never mind an r
I was on 30k when I was a qualified "apprentice" payed 460 a month for the k1 and 200 a month to my old dear and at the end of each month the only time I had a one or two hundred left was when I didnt drive the k1 as much. Buying the car is easy, putting petrol in it, modding it and maintaning and fixing it is the expensive part, especially when driving it like it should be. 450 a month on v power :scared: :confused:
Actually now I know why whatever I earn its never enough. Mods and petrol, if I was a geek and didnt like fast cars id be minted lol :signLOL:
-
you doing 30000 a year? would be cheaper to buy a diesel as a second car!!! :signLOL: most people dont do that sort of milage in a performance car so my initial post still stands
-
at first I read your post as a joke, but then towards the end im not sure anymore lol. :signLOL:
K1 pleasure mileage only, I have a van for work duties
-
you doing 30000 a year? would be cheaper to buy a diesel as a second car!!! :signLOL: most people dont do that sort of milage in a performance car so my initial post still stands
I think he meant he was on £30k not 30k miles. :happy2:
-
£450 a month on v power must be 30000 miles a year ish, thats what i meant mate. sorry if made no sence!!
-
£450 a month on v power must be 30000 miles a year ish, thats what i meant mate. sorry if made no sence!!
not at 14mpg average :driver: :jumping:
-
£450 a month on v power must be 30000 miles a year ish, thats what i meant mate. sorry if made no sence!!
arhh sorry no worries. :signLOL:
-
£450 a month on v power must be 30000 miles a year ish, thats what i meant mate. sorry if made no sence!!
not at 14mpg average :driver: :jumping:
defo need to buy a diesel if your getting average :signLOL: suprised you still got a lisence!!!! i get that on track!
-
My ST used to do around 16mpg around town and I was doing around 20-25k a year kept it a year and got rid just too much which Is why I now have the diesel golf...
I'm only on a lowly £25k-£28k pa but my car is paid for and my mortgage is only about £320 pm I don't have child care cos my wife is at home, the joys of a partner who is a child minder :happy2:
Still wouldn't buy a R but i'm at present saving to buy a bigger house or move to Oz and also planning on 1 more little terror cos Liah is feeling lonely.
Once every thing has calmed down I would like really goto town on my golf a rip it to a bare shell and start from scratch with an S3 engine and work round that, better than spending on a new motor any day.
Darren :happy2:
-
Poverty i doubt you'd be even asking this question if you'd herd Jonny's TTRS on the dyno today :notworthy:. I think you'd be at the Audi dealer putting a deposit down.
We both know thats what this thread is about you buying a TTRS :evilgrin:
-
Poverty i doubt you'd be even asking this question if you'd herd Jonny's TTRS on the dyno today :notworthy:. I think you'd be at the Audi dealer putting a deposit down.
:grin: :grin:
And its only going to get louder!! :evilgrin:
-
Cats out the bag then about my plans :grin:
Im saving as we speak, taking on two extra jobs every night after my normal shift as well as doing 10 jobs on saturdays now. A TTRS will be mine hoping to have a big enough deposit to make the repayment around the same as the K1 so I then have loads of money left to spunk on mods and v power each month. The dealers tried to convince me to pcp a RS, but it doesnt make sense to me to pay all that money for something you have to hand back. They say the clever people pcp, im not convinced though.
Hopefully get the car when I come back from holiday so late august or september.
This thread still isnt about me though lol, I know what I need to do to get the RS lol. :driver:
-
Poverty i doubt you'd be even asking this question if you'd herd Jonny's TTRS on the dyno today :notworthy:. I think you'd be at the Audi dealer putting a deposit down.
:grin: :grin:
And its only going to get louder!! :evilgrin:
any vids? :jumping:
-
AwesomeGTi always vid there dyno days but take about 2 months to put them on the website and besides vids just wont do it justice :evilgrin:
-
any vids? :jumping:
Just done an update on VagOc mate :happy2:
-
any vids? :jumping:
Just done an update on VagOc mate :happy2:
Just watched it and it sounds the danglies. I could just imagine how much better it sounds in real life, the stock TTRS as it is sounds good in person, so yours must be on another level.
4 more months to go till I get to play :driver:
-
Just watched it and it sounds the danglies. I could just imagine how much better it sounds in real life, the stock TTRS as it is sounds good in person, so yours must be on another level.
4 more months to go till I get to play :driver:
Its tough to get the true impression of sound from a video as always..
Good stuff, sooner the better! :smiley:
-
if you need hp/pcp that costs £500 + a month imo you cant afford it , end of :scared:
Not true, i take £500 a month out of my business(ltd company) a month to cover the car, tax free! Why would I buy a car outright when I can get it on a LP? Its horses for courses, every situation is different. I would rather use lumps of cash to pay of my mortgage than owning a car outright??? - That makes far more sense. Cash flow is far more important to me.
Just my tuppence :happy2:
-
if you need hp/pcp that costs £500 + a month imo you cant afford it , end of :scared:
Not true, i take £500 a month out of my business(ltd company) a month to cover the car, tax free! Why would I buy a car outright when I can get it on a LP? Its horses for courses, every situation is different. I would rather use lumps of cash to pay of my mortgage than owning a car outright??? - That makes far more sense. Cash flow is far more important to me.
Just my tuppence :happy2:
....Totally valid, Oli, but you run a car business and have your own perspective. I guess that as we each have different circumstances, we each prefer different options.
-
A topic like this is always going to split opinions.. So long as your happy, thats what counts.. :grin:
Now go and order that f*cking RS! :happy2:
-
....Totally valid, Oli, but you run a car business and have your own perspective. I guess that as we each have different circumstances, we each prefer different options.
Nothing to do with the car business, anyone that runs their own business(ltd), can take money out tax free to cover the miles they claim for, e.g 40p for the first 10k then 25p thereafter. Its easy when you know how. I am just fortunate enough to be 'in the business' so can get better prices and cheaper finance, and know all the ins and outs :happy2: