Percentage ratio of your car vs your income

movilogo

I'm wondering how much exactly people pay for their cars!

Since, all people's income and background are different, I think if you can give the percentage ratio of your car's price to your annual income, it will be an indicative result.

For example, if you bought your main car for £10k and you earn £30k/year (gross income before tax), the % of your car's price to your income is = (10/30)*100 = 33%

Let's see who pays what! :cool:

before_hollywood

when i bought my car i paid £4800 and was on £10k a year (living with parents), now its worth approx £3k and i am on £14k. wouldnt pay that much of my income out again though

TheDadOfBob

I would say that the car is a large factor in a lot of peoples debt.

If you look at the number of BMW's, Merc's, Audi's and generally new cars on the road there seems to be a culture of the car being a mark of how "succesful" you are.

It's a case of "look at my car, I am earning enough to finance this".

To me paying £300-500 a month to a lease company or HP on something just to advertise your financial status is a sign of the times we live in.

Conor_3

TheDadOfBob wrote: »

I would say that the car is a large factor in a lot of peoples debt.

If you look at the number of BMW's, Merc's, Audi's and generally new cars on the road there seems to be a culture of the car being a mark of how "succesful" you are.

It's a case of "look at my car, I am earning enough to finance this".

I think you'll find they're cars paid for by their employers.

blue_haddock

Just worked out that my car owes me less than 1% of my annual income. However working in the motor trade i do get offered cars cheaply and can get the necessary parts very cheaply too.