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What is the average spend relative to income?

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    #32
    Balfa
    Registered Users Posts: 1,709 ✭✭✭Balfa


    This is a pretty interesting question, and makes me think about it in a way I haven't, before.

    Granted, living in a completely different economic climate to your own, my experience may not have a much relevance for you. One car's repayments consume almost 5% of my wife and I's monthly take-home pay. The other car eats 2.5%. Obviously that excludes maintenance, insurance, tax, fuel, etc.

    For reference, we have a mortgage and no children (until December! yikes!)


    Also...
    Galmay wrote: »
    I know my father would go ape if he knew Id even consider spending money like this!
    With regards to this, I suggest you drop a proverbial brown envelope on his lap to ease his angst ;)
    Maybe a weekend getaway or something?


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    #33
    Bulmers
    Registered Users Posts: 622 ✭✭✭Bulmers


    assuming 40k loan for 5 yrs ,putting 10k yourself,the repayments are €800/month...alot of money even on a 70k salary,70k salary will leave you with approx take home of 4k/month

    up to individual i suppose but borrowing that amount of money is alot, given depreciation you'd see on the car, think if aimed for 30-35k motor of which there are plenty of good ones might be better option...new audi TT TDi is 44k, prob zero extras though...


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    #34
    positron
    Registered Users Posts: 6,367 ✭✭✭positron


    Five years ago, I spend 5% of my then annual income to buy the car and now annual maintenance ads up to about 1% of my annual income. No, I don't earn a lot, its just that I drive a cheap car! Never gave a minute's bother so far - touch wood!

    We are upgrading soon, and the budget is about 15% of me and gf's combined annual income.


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    #35
    peasant
    Registered Users Posts: 17,819 ✭✭✭✭peasant


    Personally, I have never, ever taken out a loan to buy or run a car. The yokes are dear enough without giving money to the bank on top of it all.

    Needless to say, I've never, ever driven anything even remotely "flash" either :D but all of the cars I bought were what I wanted at the time (within my stingy parameters), were fun and I enjoyed them ...no white goods here either.


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    #36
    Galmay
    Registered Users Posts: 66 ✭✭Galmay


    Thanks guys ye really are a wise lot! But I know in my head borrowing 40,000 isnt really on! The heart needed convincing tho!

    As I said, I only recently started earning this (and to leprechaun77 its basic ~45000 and the rest guarenteed on-call work, permanent and pensionable public sector) so I dont actually have it yet, so plan is save till ive 10-15k and buy something a few yrs old. Someone mentioned a GTi, certainly a possiblity! Continue to save for another while and I should have another 10k or more to add to the pot. Then I'll go cracked! Providing maturity doesnt catch up with me in the meantime...


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