-
Obviously this is the wrong thread for reasonable discussion but here’s the info anyway:
It’s actually even scarier than I thought as the income figures are gross not take home.
Those who own a car spend on average 13% of their gross income on it, above the 10% generally seen as the indicator of transport poverty. For those paying for their car with a finance or loan deal this proportion rises to 19%.
So your average £80k-earning car-financing person actually spends £1266.67 a month on their car.
Average person, not outlying car enthusiast. And 92% of new cars are bought on finance.
Obviously I used the £80k figure to make the monthly payment sound really high, an average £33k earner with car finance spends a mere £522 of their £2154 take home monthly pay running their car.
Sounds insane, but I can see it - £300 finance, £100 fuel, £50 insurance, a couple of new tyres, breakdown cover, a car wash every few weeks, something fails etc.
TLDR: If you wish to fit in at the golf club the cost does not end with the membership fee.
Hefty-
So your average £80k-earning car-financing person actually spends £1266.67 a month on their car.
It's be interesting to see how that breaks down by income bracket. Off the back of sheppz' comment about expensive German cars I search for e class coupe deals, and you seemed to be able to get a flash German status car for £700p/m.
So I would expect people who spend loads on car payments to spend something like £500-700 once they're able to afford it, but then not really beyond that as earnings increase.
-
monthly pay
£100 fuel
I'd love to make one tank of fuel last a month
-
Car industry is just a finance industry with a shiny shiny coin coin attached.
hugo7
TooTallTim
Chalfie
Still not convinced that's 'normal'. Maybe for an enthusiast rather than someone who just needs a car.