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Car value to income ratio

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  • 05-12-2007 2:39pm
    #1
    RobAMerc
    Registered Users Posts: 5,863 ✭✭✭


    ok, I am always wondering, how much would I have to be getting paid before I could afford to buy a Ferrari.

    This got me thinking - Is there an average car value to income ratio ?

    eg - car is worth about 10k earn 50k p/a = 20%

    I am not asking anyone to disclose any details about the cars value or their income a simple %age will do

    I will start - 30% ish


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Comments

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    #2
    prendy
    Closed Accounts Posts: 1,321 ✭✭✭prendy


    im upgrading after xmass so at the moment my ball of sh*t is about

    4%


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    #3
    Owen
    Registered Users Posts: 12,683 ✭✭✭✭Owen


    41% ish here.


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    #4
    woodseb
    Registered Users Posts: 876 ✭✭✭woodseb


    ok, 42% , was a bit shocked when i saw that:D


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    #5
    barryfitz
    Registered Users Posts: 554 ✭✭✭barryfitz


    Mine is 3.4%, But I do earn a collossal amount of money :)


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    #6
    Owen
    Registered Users Posts: 12,683 ✭✭✭✭Owen


    barryfitz wrote: »
    Mine is 3.4%, But I do earn a collossal amount of money :)

    You must do! Your car is on adverts for 11k, so do the math, and that's 323k per annum. Jammy git!


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    #7
    L1011
    Registered Users Posts: 68,786 ✭✭✭✭L1011


    14%.


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    #8
    alias no.9
    Registered Users Posts: 6,310 ✭✭✭alias no.9


    ~5%


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    #9
    peasant
    Registered Users Posts: 17,819 ✭✭✭✭peasant


    < 10 %


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    #10
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    0% - Even given a minimum trade in value.

    I think you should change the question to, what is the average spend on a new car by a person who earns between:

    1. 10-20k
    2. 20-30k
    3. 30-50k
    4. 50-80k
    5. 80k - 100k a year.

    etc.


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    #11
    cashmni1
    Closed Accounts Posts: 629 ✭✭✭cashmni1


    40%, I would break that down over the 4 year period that I would be paying for it though, to get a real % per anual salary fig. Then it works out @ a more realistic figure -->10%


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    #12
    Mena
    Registered Users Posts: 3,180 ✭✭✭Mena


    40% as well


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    #13
    sesswhat
    Registered Users Posts: 1,177 ✭✭✭sesswhat


    kluivert wrote: »
    0% - Even given a minimum trade in value.

    Your car is completely worthless?
    kluivert wrote: »
    I think you should change the question to, what is the average spend on a new car by a person who earns between:

    1. 10-20k
    2. 20-30k
    3. 30-50k
    4. 50-80k
    5. 80k - 100k a year.

    etc.

    Then people would have to give some indication of their salary. I think you would get more realistic answers with the OP's question.

    In my case about 25%.


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    #14
    mvpr
    Closed Accounts Posts: 295 ✭✭mvpr


    About 18%


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    #15
    sosulio
    Registered Users Posts: 20 ✭sosulio


    about 5%


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    #16
    drdre
    Closed Accounts Posts: 8,245 ✭✭✭drdre


    I dont earn anything (well just alittle bit) but my car is worth 35k.I had money saved up :)


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    #17
    Ice_Box
    Closed Accounts Posts: 569 ✭✭✭Ice_Box


    30% every 3 or 4 years. Its currently worth 22%


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    #18
    The Novacastrian
    Closed Accounts Posts: 198 ✭✭The Novacastrian


    about 4%


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    #19
    Vegeta
    Registered Users Posts: 11,393 ✭✭✭✭Vegeta


    goslie wrote: »
    about 4%

    me too


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    #20
    Nelly23
    Closed Accounts Posts: 78 ✭✭Nelly23


    My current car works out at around around 7% but im selling it and the car im hope to upgrade too will work out at around 20% of my wages over 3 years!! This doesnt take into account raises in my salary over the next three years but unfortunantely doubt it would make a big difference:mad:


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    #21
    astraboy
    Closed Accounts Posts: 1,034 ✭✭✭astraboy


    Prob about 35% but I'm a student!:)


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    #22
    Cyrus
    Registered Users Posts: 20,055 ✭✭✭✭Cyrus


    em its a difficult qn, my car is worth around 22.5% of my annual salary but the loan i have on it is half of its value so that makes it 11%

    what makes more sense imo is how much of your net monthly wages are on make car loan repayments. For me its 11%


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    #23
    JohnCleary
    Registered Users Posts: 10,210 ✭✭✭✭JohnCleary


    drdre wrote: »
    I dont earn anything (well just alittle bit) but my car is worth 35k.I had money saved up :)

    And you spend it on a car? Gobsh1te :rolleyes:

    How do you afford to keep it on the road - Daddys boy are ya?


    Last car was about 20% .... before VRT :(


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    #24
    Ice_Box
    Closed Accounts Posts: 569 ✭✭✭Ice_Box


    Cyrus wrote: »
    em its a difficult qn, my car is worth around 22.5% of my annual salary but the loan i have on it is half of its value so that makes it 11%

    what makes more sense imo is how much of your net monthly wages are on make car loan repayments. For me its 11%


    That wouldnt apply to me as I never take out a car loan. Instead I save up between each car for the next one. So instead of paying interest on a loan Im earning it. Thats saves thousands.


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    #25
    cornbb
    Registered Users Posts: 6,790 ✭✭✭cornbb


    12%. Interesting thread, a poll would be cool.


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    #26
    Cyrus
    Registered Users Posts: 20,055 ✭✭✭✭Cyrus


    Ice_Box wrote: »
    That wouldnt apply to me as I never take out a car loan. Instead I save up between each car for the next one. So instead of paying interest on a loan Im earning it. Thats saves thousands.

    not on my loan :D managed to get a very good deal with the bank so i pay something silly like €80 interest on every 1,000 over 3 years, itd be silly for me not to borrow the money

    plus i change every 9-10 mths so id never have time to save up :D


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    #27
    drdre
    Closed Accounts Posts: 8,245 ✭✭✭drdre


    Cyrus wrote: »
    not on my loan :D managed to get a very good deal with the bank so i pay something silly like €80 interest on every 1,000 over 3 years, itd be silly for me not to borrow the money

    plus i change every 9-10 mths so id never have time to save up :D


    What bank is that :)


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    #28
    Copper
    Registered Users Posts: 68 ✭✭Copper


    0.08%. A beautiful 95 Cinquecento S:D. 800cc of raw power.


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    #29
    bill_ashmount
    Closed Accounts Posts: 1,047 ✭✭✭bill_ashmount


    5% for me


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    #30
    barryfitz
    Registered Users Posts: 554 ✭✭✭barryfitz


    ned78 wrote: »
    You must do! Your car is on adverts for 11k, so do the math, and that's 323k per annum. Jammy git!

    Ha! I wish! Thats my dads on adverts.


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    #31
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    8% for me, same criteria as Cyrus.


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