Percentage of take home to pay off your car

mark5

I pay for my cars upfront, when I buy one I start saving for the next one usually about £200 per month.

Typically I will buy a car between £9000-12000 about 18-24 months old and keep it 2 years before doing a part exchange along with the money saved.

It works out about 12% of my take home pay which i can easily afford.

trubble

Rather than borrow money, go for shed motoring if you fancy a change from your Corsa.
Cheapest low insurance group car you can find with 12 months MOT and tax.
Or spend a bit more and get a car that looks more expensive.
How about a Mazda MX5 for the summer? £1500-2000 should do it.
4x4 to annoy the greens? Shogun or an old Landcruiser for less than 3k.
Big barge? A 15 year old Mercedes S class (Princess Diana spec) for 2 to 3 grand.
You can have quite a lot of fun on not much money if you can buy cheap enough - I got two winters use out of 2k's worth of Landcruiser, and virtually got my money back. Look for the badly-worded private ads, cars that haven't been cleaned for the pics, ebay/free-ads, that kind of thing.

Sagz_2

I spend around 3%, OH about 8% - but I don't sleep well if I owe loads of money

forgotmyname

So your short term plans are going to get quite expensive. That will soon make your monthly car loan a finacial headache. When household bills etc are more of a priority.

mollycat

trubble wrote: »

Rather than borrow money, go for shed motoring if you fancy a change from your Corsa.
Cheapest low insurance group car you can find with 12 months MOT and tax.
Or spend a bit more and get a car that looks more expensive.
How about a Mazda MX5 for the summer? £1500-2000 should do it.
4x4 to annoy the greens? Shogun or an old Landcruiser for less than 3k.
Big barge? A 15 year old Mercedes S class (Princess Diana spec) for 2 to 3 grand.
You can have quite a lot of fun on not much money if you can buy cheap enough - I got two winters use out of 2k's worth of Landcruiser, and virtually got my money back. Look for the badly-worded private ads, cars that haven't been cleaned for the pics, ebay/free-ads, that kind of thing.

This is what i do; banger after banger after banger.

Hundreds of bargains out there.

Have never had a loan for a car and never will.

You can get quite a lot of nice car for little money.

Only prerequisite is that you MUST know what to look for when viewing a car, (or take someone with you who does).