Car value as % of household income?

Kitte

Firstly, I apologise if this has been posted before. I did search but only found a similar topic 5 years ago which was in the pre recession climate!

We have a large mix of people on this site earning anything from nothing through to quite high salaries. We also have people interested in cars, and those who think cars are a means from getting from A to B.

If you want to post your circumstances, please do, however I've placed a poll in order that you don't need to should you not wish to divulge your financial situation.

I'm genuinely curious with this. I did post a similar poll on a well known motoring forum some time back but clearly the results would be slightly skewed due to the nature of people that visit enthusiast forums.

Personally, I've seen both sides of the fence. I've had a highish value car on a low income, and a low value car on a average income.

So, the estimated % would be:

Estimated car value x 100
Gross (Pre Tax) Household Income

Wig

I prefer to do it this way

Gross (before tax) income/100 = X

Value of car/X = %

mine is currently less than 5% but because there used to be only one worker, if I did it based on a single salary (the salary that used to be the only one) it would be 6.8%


You didn't say what to do if there are 2 or more cars.