The car ladder?

fred246

Sounds like you're obsessed with an M2C whatever that is.

gzoom

adamjpl said: Thankfully I don't blow all my wages on an M2C not even 15% though that would be financial suicide.

If that's post tax (so close to £100k gross a year at 26) than you seriously don't need to spend all this time worrying about lease or PCP, just save up and buy cash, you have the income to support your addiction so dont bother of trying justify your car spend to people who don't your love for cars.

You are much more sensible than I was with even thinking about car costs at 26, and with an income as high as your (and I presume will rise with age/seniority), you should be looking getting an accountant who can much better advise you on such things and grow your income to a point where by the time your 40/50 your probably have a stable of cars to choose from.

Put it another way, there is a group of Tesla/EV owners who effectively use their cars as tax efficiency tools, and driving around in £100k machine for very little actual cost. But to access such methods you need an account who knows what they are doing.

Seriously if I was in your shoes stop wasting effort on normal PCP/lease deals. Once your over £100k a year earning your paying in effect 50%+ marginal tax, to make earnings over £100k worthwhile you need to push beyond the £130-150k barrier.

Rent/lease/buy what ever £50-60k car now, but focus your efforts on building up your earning power, that is your ticket to accessing some true supercars.

Most people on here can only dream of your earning, let alone earning that at under 30, my self included. If you haven't got an accountant get one, and if the one you have doesn't know how to improve your tax efficiency through EVs for example think of getting another one!!

fred246

A car hamster wheel is the best analogy I can think of. If you want to have better and better new cars you are going to lose more and more money. So you have to work longer hours, get a better paid job or make economies elsewhere. At the end of it you will still have a metal box with wheels on it that takes you were you want to go. So you will work harder and harder and get nowhere.

The_Rainmaker

fred246 said:

A car hamster wheel is the best analogy I can think of. If you want to have better and better new cars you are going to lose more and more money. So you have to work longer hours, get a better paid job or make economies elsewhere. At the end of it you will still have a metal box with wheels on it that takes you were you want to go. So you will work harder and harder and get nowhere.

That is your personal outlook on life, I sense a hint of jealousy.

fred246

The_Rainmaker said:

fred246 said:

A car hamster wheel is the best analogy I can think of. If you want to have better and better new cars you are going to lose more and more money. So you have to work longer hours, get a better paid job or make economies elsewhere. At the end of it you will still have a metal box with wheels on it that takes you were you want to go. So you will work harder and harder and get nowhere.

That is your personal outlook on life, I sense a hint of jealousy.

It's just reality I am afraid. If they have to be better and better and they have to be new then you get more and more depreciation. So you just have to spend more and more. And you still just have one car which does the same job as a £500 car. In fact the £500 car may be better because you can park it anywhere.

[Deleted User]

If I was on a £100K a year at 23 I'll be looking at the best saving and investing options along with good private pension etc with a goal of very early retirement. The "super" cars can wait until then.

Scrapit

fred246 said:

A car hamster wheel is the best analogy I can think of. If you want to have better and better new cars you are going to lose more and more money. So you have to work longer hours, get a better paid job or make economies elsewhere. At the end of it you will still have a metal box with wheels on it that takes you were you want to go. So you will work harder and harder and get nowhere.

Longer hours doesn't always equal more money. Work smarter not harder.

adamjpl

gzoom said:

adamjpl said: Thankfully I don't blow all my wages on an M2C not even 15% though that would be financial suicide.

If that's post tax (so close to £100k gross a year at 26) than you seriously don't need to spend all this time worrying about lease or PCP, just save up and buy cash, you have the income to support your addiction so dont bother of trying justify your car spend to people who don't your love for cars.

You are much more sensible than I was with even thinking about car costs at 26, and with an income as high as your (and I presume will rise with age/seniority), you should be looking getting an accountant who can much better advise you on such things and grow your income to a point where by the time your 40/50 your probably have a stable of cars to choose from.

Put it another way, there is a group of Tesla/EV owners who effectively use their cars as tax efficiency tools, and driving around in £100k machine for very little actual cost. But to access such methods you need an account who knows what they are doing.

Seriously if I was in your shoes stop wasting effort on normal PCP/lease deals. Once your over £100k a year earning your paying in effect 50%+ marginal tax, to make earnings over £100k worthwhile you need to push beyond the £130-150k barrier.

Rent/lease/buy what ever £50-60k car now, but focus your efforts on building up your earning power, that is your ticket to accessing some true supercars.

Most people on here can only dream of your earning, let alone earning that at under 30, my self included. If you haven't got an accountant get one, and if the one you have doesn't know how to improve your tax efficiency through EVs for example think of getting another one!!

Thanks for the advice. I have an accountant and he’s always said get EV for the tax benefits I suppose I’ll give him a call next week and find out how that works. I really haven’t found an EV I like having test driven a Tesla I didn’t enjoy it but it’s worth exploring I think!

Mercdriver

I know something that goes well with Apple Crumble.  Has the OP ever owned a Mazda?

AdrianC

Mercdriver said:

I know something that goes well with Apple Crumble.  Has the OP ever owned a Mazda?

With or without rear brakes?