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Original poster

How do lots of people afford the brand new luxury cars ?

361 replies

Stroganoffo · 02/02/2023 15:24

Keep seeing 22 plate Mercedes, Audi , BMW and tesla, when I was little these were quite rare as only the wealthy had them. Now it seems everyone has one considering the average wage isn't that high and the cost of one is 50k. I have a good wage and still don't want to fork out lots. How are people affording them. Is it all on credit ? Aren't people worried with everything else going up and the cost of living crisis ?.

OP posts:
Wnikat · 02/02/2023 15:35

Leased or company cars. Particularly Teslas as they avoid benefit-in-kind tax.

glasgow1983 · 02/02/2023 15:34

Remember that not all of these models are luxury cars.

The BMW 320d / Audi 35, Mercedes 180d are your base spec cars which actually come in cheaper on a monthly basis than a "normal" car, because the residual value at the end of lease or PCP agreement will be higher.

Nothing unusual about leasing or using debt to fund a depreciating asset.

I prefer to buy and sell years down the line, but if you have a two earner household then a £400 monthly payment which minimises servicing and repair costs is a perfectly reasonable decision to make.

Activelyannoyed · 02/02/2023 15:33

Op, being serious for a moment. I think you have folks answering who don’t have one, will never have one and don’t know.

to have one you need to be able to afford it. Be it on monthly repayments via finance or pcp. Or you need to have a job at a sufficient level which gives this kind of car, or you need to have the money to buy it.

Activelyannoyed · 02/02/2023 15:30

These answers are silly.

you need to have the income to get the credit. You need to be able to pay it back every month, if it’s pcp or finance. So doesn’t explain it.

and few jobs get 50 grand cars.

lgiveitarestbt · 02/02/2023 15:30

Lease

RJnomore1 · 02/02/2023 15:30

It’s all on PCP or lease deals.

They don’t ever own them.

(I don’t mean no one owns one btw I mean if you lease/PCP you never do)

drpet49 · 02/02/2023 15:29

Leasing

CoffeeRightNow · 02/02/2023 15:28

Leasing, most likely.

Wheredideveryonego · 02/02/2023 15:27

Debt it most cases I imagine

gogohmm · 02/02/2023 15:27

Pcp or company cars.

Activelyannoyed · 02/02/2023 15:26

You do know to get credit you need to habe the income right? It’s not like you can be low income with lots of outgoings and they just throw you fifty grand?