to ask how you afford your posh car?

[SteveHarringtonsChestHair]

My DS (22) is becoming increasingly frustrated by the disparity between the life he aspires to and the one he thinks is possible!

As a car enthusiast on a good wage, he is constantly surprised by the number of brand new premium brand cars (BMW, Mercedes, Volvo etc) that he sees on the roads, which he feels he has no hope of ever affording.

He’s asked my to ask you all, if you drive a premium brand car, paying presumably £400-500 a month to buy or lease, what type of job do you and (if it’s not too rude to ask, what sort of salary are you on?) And if your spouse also drives a similar car, what do they do/earn?!

I know there are lots of factors here including whether you’re paying a bit mortgage, is it a company car etc? But just a snapshot of who is driving these expensive new cars might help him put it all in perspective. TIA

btw I earn NMW and drive a 10 year old car so I’m no help here!

80k average earnings over the last 7 years, never spent more than 11k on a car. Drive a 13year old Audi and cant understand spending loads of money on buying a depreciating asset. Better to top up pension or save for a house deposit.

Company car, hire purchase agreements, rich parents, good job etc.
Personally I always buy old cars in cash despite being able to afford a new one. Every single car I have ever owned has been damaged by other people - deliberately scratched, hit when parked and they've just driven off, wing mirrors knocked off (to be fair young lad owned up to that one and paid for a replacement), doored etc. So quite frankly don't see the point in a new car.

OP I had the £600 car allowance paid into my account so it was up to whether I used it towards a car or not.
Next job had no car allowance so I negotiated the equivalent amount into my salary.

I'm a contractor now so no benefits as such buy earn enough to cover the cost of vehicle including maintenance (service, tyres, fuel) which is another cost to be factored in.

We started buying nearly new on good finance. Be really interested but then not get back to the dealer so they'd ring and give good deals. Then ring other dealers and ask them to beat it. Also helps to buy in a less affluent area even if its a drive away. It was cheaper to get our last car delivered 100 miles away than to buy locally. We also do good cop bad cop. One of us is super interested and the other is on fence. Now we're paying money for nursery fees instead so old car for now.

@ADifferentKindofChristmas I am similar. I have a lovely car and a life limiting illness to go with it.

I agree with prioritising but it’s also where you live. When DH and I lived in London we had a shitty fiesta and I was embarrassed when I went home and everyone had lovely cars, but we couldn’t justify spending lots on a car we only used at the weekend. Now we live in the sticks and use it daily so it’s worth having a better car.

I know a few who drive very expensive cars (leased) - all are in their 20s and live with parents. They all live a lifestyle I can only dream of. So you can facilitate this dream of his OP 🤣

THIS!

@HappyOnion

600k+???

whAtever do you both do as jobs to earn this much?! I am thinking of a career change (currently in around 55k) to earn more

My ds is 22 and has just traded in his Audi that was 4 years old for a brand new Juke. The Audi didn't fit the car seat/pram etc. My daughter in law sold her 3 year old Mercedes last year and she is 21.

Daughter in law is a stay at home mum and my son does something with stocks/shares.

They are old souls in young bodies and never have nights out, don't drink, smoke.

Six year old BMW 5 series, then two even older but still nice cars between us. Income for the household around £180k. We prioritise the money pit house instead.

However I know that there are tax advantages to having a brand new electric car either by lease or purchase, maybe lots of people are doing that?

When I was 22 I had a bicycle

I bought myself a new discovery sport the other month and dh treated himself to a new Tucson in the summer. We paid our cars in cash.

Me and dh have our own business in tourism.

The people I know with fancy cars (Audi TT etc) are all engineers / IT specialists with 25+ years' experience in their professions, £60k+, no kids or kids flown the nest. One younger nurse (£30k-ish?) but she's also single, owns a cheap ex council flat and no expensive tastes otherwise (no foreign holidays etc).

My car at 22 was my late aunty's knackered 10 year old Fiesta. Max speed 55 mph. Zero fucks given when it got scratched in the car park at work!

Got a Discovery, not new, a couple of years old, and traded in my other discovery, i had to put about 22k down in cash. Took it out of savings. I earn about 95k, single income / parent family. I also get a 400 per month car allowance.

I live in the country and days like today when everyone was slipping all over the road and not able to get out driveways, I felt very safe and secure. Love that I can chuck bikes galore and all sorts of kids crap in the enormous boot.

I love landrovers but I'd never buy one brand new. "New to me" works!

He said to say thank you to you all, and to ask what the poster who’s on £600k does for a job!

@HappyOnion

My car is now 10 years old but was 6 months old when we bought it for 25k. We sold our 10k car for it, laid 5k in cash and the rest was a loan over 1 year (rates were so low then, to borrow 10k it was only £400 interest).

my husbands car is 3 years older but is far more elite. It cost 35k 3 years ago. It was bought with cash.

the vast majority of people are financing their cars at stupid money each month. Personally that’s not for me, I have no intention of replacing my car unless it actually needs to be replaced.

New Range rover evoque

salary 100k

but i have my house outright so no mortgage and any other big outgoing.

works as video game designer.

There's plenty of time ahead for him!

At 22 I borrowed my mum's ancient fiesta
At 24 DH and I bought a £1200 Punto
At 27 we bought a £6k Nissan Note
At 28 we bought a £12k Mercedes
At 31 we bought a £35k Audi Q5
At 36 we bought a £70k Mercedes GLE

Traded in older cars, earnings went up and up, stepped up the ladder each time. We've always bought outright in cash, even the GLE.

Also we share a car between two of us so only one set of insurance, tax etc.

At 22 DH and I were students who ran an old motorbike and sidecar. Couldn't afford a car. By 32 we could afford a car to transport the 2 kids. It was an old Austin Allegro with a kn*ckered gear box. By 42 we were living abroad and running a second hand Mitsubishi - things were looking up! Eventually bought the expensive Jaguar iPace at 62. We have retired and moved back to UK. It wasn't until we were in our 40's and 50's that we started to earn good money. There is still plenty of time!

As someone who lived on less in my 20s, he has totally got his priorities messed up.

If it’s quality female attraction he is interested in, he needs a solid career which will afford a home and eventually a car that he likes after everything else is paid for.

If he likes cars, has he thought to train in a related field and start his own business? Even as a mechanic, if he owns his own business, he can, if he applies himself, make enough to afford a home and nice car. Basically figure out how he can take home £70k a year after taxes.

Dp gets £300 per month car allowance, he chose to buy a car outright so it's essentially extra salary for him. He prefers older cars, his is 20 years old.

I drive a much newer car I bought second hand for £13k outright, I don't do debt

My husband has a very nice BMW 7 series that cost €45000. He paid for it by selling his previous car, cashing in some share options he had earned in work and getting a big loan. The repayment is around €450 per month for 4 years.