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#1 | ||
Banned
Join Date: Sep 2013
Posts: 2,087
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There is a young guy from my work that drives a brand new VF HSV GTS. He is mid 20s and has an entry level job likely pays around $50-60,000 per year
He says he bought the car brand new and he is paying it off. I did some sums in my head and the value of that car is almost twice his annual income. I'm thinking to myself he is trying to be bigger than be really is. Living beyond his means. My barometer is if you drive a car that is valued more than 50% of your annual income your living beyond your means. What's the maximum % of a cars value to annual income that's acceptable before it's living beyond your means / showing off? To me that guy from my work should be driving a $15,000-30,000 car (maximum) to be living appropriately within his means. Is your % appropriate? What is the right %? Last edited by HULK_I6T; 18-06-2015 at 03:52 PM. |
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#2 | ||
Last warning
Join Date: Dec 2004
Location: Mornington Peninsula, Victoria HeadCount: 3
Posts: 11,194
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What ever the individual feels is appropriate for their circumstances.
who am i to judge?
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FALCN6 - Turbo, Air Bag Suspension - Hibernating EL GT - Supercharged NASCAR - 83 Thunderbird , Bagged DAILY - BA Fairlane Ghia, Boss 260 Turbo OFFROADER - Ford Explorer ![]() |
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#3 | ||
Banned
Join Date: Sep 2013
Posts: 2,087
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Plenty of people buy cars to be on top, know inside they can't really afford it, but still go on to break the vehicle value as % of income rule.
You just have to go outside and look at your neighbours cars to see proof |
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#4 | ||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,284
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I leave it up to the bank to tell me if they think I'm living beyond my means personally. But I can usually tell how Im fairling by doing my own sums.
Then again, whose to say he doesn't have savings to offset the loan with? What about if he is living at home with his parent and pays no board? Whose to say he doesn't have another job that pays 'cash' to help subsidize he car loan?
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"the greatest trick the devil pulled, is convincing the world he doesn't exist" 2022 Mazda CX5 GTSP Turbo 2018 Hyundai Santa Fe Highlander 1967 XR FALCON 500 Cars previously owned: 2021 Subaru Outback Sport 2018 Subaru XV-S 2012 Subaru Forester X 2007 Subaru Liberty GT 2001 AU2 75th Anniversary Futura 2001 Subaru GX wagon 1991 EB XR8 1977 XC Fairmont 1990 EA S Pak 1984 XE S Pak 1982 ZJ Fairlane 1983 XE Fairmont 1989 EA Falcon 1984 Datsun Bluebird Wagon 1975 Honda Civic |
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#5 | ||
FF.Com.Au Hardcore
Join Date: Jan 2008
Location: Mornington
Posts: 2,124
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What you think is irrelevant and what he does or does not pay is none of our business. Another one of your stupid threads and it's not even friday yet.
GT450 |
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#6 | |||
Banned
Join Date: Sep 2013
Posts: 2,087
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Quote:
You can get away with it on a social level but at work where everyone knows what you earn and who you are?? Its like calling yourself the CEO when your in reality the greenkeeper. |
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#7 | ||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,620
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Another cracker of a thread Hulk, nice.
Seeing as we have lack lusture incomes (according to some...) we only drive a car which is 20% of our income. But im not sure about this 'Rule' and i dont buy cars to impress so im finding it hard to relate to your concerns. |
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#8 | |||
Bathed In A Yellow Glow
Join Date: Mar 2010
Location: NSW Central Coast
Posts: 2,530
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Quote:
Nice cars should be protected from the careless behaviour of the domestic shopping trolleys and the high slung doors of SUV’s. |
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#9 | ||
FF.Com.Au Hardcore
Join Date: Oct 2010
Location: Mid North Coast
Posts: 6,437
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Who cares what he spend on a car, may be he has no other expenses, entry level job at 60K he is probably doing OK then especially if he is living at home, my entry level job was 15K and I sill drove an XB Coupe.
![]() Personally I think getting a loan to buy a car is stupid, especially a Holden, so he can't be too bright ![]() If he wants a loan for a depreciating asset and he can afford to eat and live and pay the loan and he is happy to do so, then he is probably enjoying his life more than you who worries about what everyone else has and does.
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The Daily Driver : '98 EL Falcon, 5 Speed , 3.45 lsd The Week End Bruiser : FPV BF GT 40th Anniversary, 6 Speed Manual, 6/4 Brembo and lots of Herrod goodies Project 1 : '75 XB GS 351 Ute, Toploader, 9" with 3.5's Project 2 : '74 XB GS Big Block Coupe, Toploader, 9" with 4.11's In Storage : '74 XB GS 351 Fairmont Sedan XB Falcon Owners Group Mike's Man Cave |
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#10 | |||
FF.Com.Au Hardcore
Join Date: Jul 2011
Posts: 4,819
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Quote:
"showing off" "trying to be something he's not" You are projecting. That is how you feel and how you act. You are very insecure and spend most of your time thinking about what others think. Car enthusiasts on the other hand dont give a hoot what others think. They love what they love and spend way too much money on cars cause it makes them happy. That is why you really don't fit in here. We love cars You do not |
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#11 | ||
FF.Com.Au Hardcore
Join Date: Oct 2006
Posts: 2,228
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way to judge people you know nothing about their circumstances ;)
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12.33@112mph (stock) 11.00@125mph 98 (387rwkw) (CMS) 10.19@139mph (450rwkw) (Nizpro)(SOLD) 10.25@138mph FG XR6T (new toy) (Nizpro) |
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#12 | ||
FF.Com.Au Hardcore
Join Date: Dec 2012
Location: Adelaide
Posts: 2,251
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My status symbol, that I drove to work today cost me what equates to 0.57% of my income. Yes that's right only just over one half of a percent. What does that say about me?
JP |
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#13 | |||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: The Shakey Isles
Posts: 3,428
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Quote:
Your supposed to keep up with the Jones you know ![]() |
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#14 | ||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,620
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#15 | |||
Banned
Join Date: Sep 2013
Posts: 2,087
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Quote:
I would still run the other tests over your current vehicle (reliable, low km, mint condition etc) |
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#16 | |||
FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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Quote:
My guess is you don't. |
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#17 | |||
FF.Com.Au Hardcore
Join Date: Aug 2007
Posts: 1,874
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Quote:
I'd be more worried, no actually embarrassed, about your spelling and grammar it's you're not your and It's not Its and economical not economic Last edited by xxx000; 18-06-2015 at 06:08 PM. |
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#18 | ||
FF.Com.Au Hardcore
Join Date: May 2010
Posts: 3,336
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Hulk you are assuming he is living outside his means, you really have no idea.. What if this car is all he needs to pay off and he still has money after paying it off. Does this still mean is he living outside his means? VF HSV GTS is not a status symbol. No Ford or Holden is.
Mum or Dad may be paying everything for him. He probably still living at home with cooked meals. Why do you care so much when someone has something that you don’t? All I can see is your jealous. Trying to work out how he can afford it and you can’t. STOP WORRYING ABOUT WHAT OTHER HAVE A GET ON WITH LIFE. |
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#19 | ||
BOSS 5.4L Enthusiast
Join Date: Aug 2005
Posts: 21,895
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Everyone prioritises differently, some will inject most of their money into a home, others will have a less nice house and have a nicer car, some will have neither and prioritise travel or hundreds of other things.
Good on the bloke for buying what he wanted, they won't be making them much longer and life is meant to be lived how we each choose to do so and so long as those choices don't negatively effect others who are we to judge. |
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#20 | ||
Regular Member
Join Date: May 2009
Location: ACT
Posts: 208
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Interesting topic! I read an article that put forward an argument that the maximum you should spend on a car is 20% of your annual income.
My daily (not my Fairlane which I'm selling anyway) is worth 0.001% of my annual income. edit - missed a zero |
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#22 | |||
FF.Com.Au Hardcore
Join Date: Dec 2012
Location: Adelaide
Posts: 2,251
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Quote:
Or he has an ebay shop or sells something out of the boot augmenting his income or has a trust fund or paid cash cause he saved his tooth fairy loot? JP |
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#23 | |||
Regular Member
Join Date: Jan 2014
Location: Perth
Posts: 224
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Quote:
If I notice the car repayments, I've spent too much. |
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#24 | |||
Banned
Join Date: Sep 2013
Posts: 2,087
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Quote:
Im talking about value of the car vs income.. HSV VF GTS is a $95k car. If hes earning $60k at best... Those numbers say hes trying to be bigger than he is. |
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#25 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,620
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Quote:
What does he think of your drug abuse, coz you're off ya guts. ![]() |
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#26 | ||
Regular Member
Join Date: Apr 2011
Posts: 75
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#27 | |||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,284
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Quote:
Why do you care so much?
__________________
"the greatest trick the devil pulled, is convincing the world he doesn't exist" 2022 Mazda CX5 GTSP Turbo 2018 Hyundai Santa Fe Highlander 1967 XR FALCON 500 Cars previously owned: 2021 Subaru Outback Sport 2018 Subaru XV-S 2012 Subaru Forester X 2007 Subaru Liberty GT 2001 AU2 75th Anniversary Futura 2001 Subaru GX wagon 1991 EB XR8 1977 XC Fairmont 1990 EA S Pak 1984 XE S Pak 1982 ZJ Fairlane 1983 XE Fairmont 1989 EA Falcon 1984 Datsun Bluebird Wagon 1975 Honda Civic |
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#28 | ||
FF.Com.Au Hardcore
Join Date: Jun 2005
Posts: 5,193
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I've got to admit I was thinking about this the other day, I drive $10-$20K cars as daily myself and I'mam due for an update in the next 6-12 months. I thought hey I should buy a nice car ($50-$60K) and realised that don't get you much.
![]() Next logical thought is how are dudes buying (read financing) 70-100K HSVs, FPVs, Euro SUVs. I pay cash, surely people arn't dropping $100K cash on a car? I just cant justify that type of expenditure on a car...just buy another property instead. Oh well I'll jut buy a low km XR6T for $20K to play dodgem car in Sydney traffic and be laughed at as a bottom feeder. ![]() ![]() |
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#29 | |||
FF.Com.Au Hardcore
Join Date: Dec 2014
Posts: 924
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Quote:
![]() My current car was from an insurance payout, and I did consider getting a bit of extra cash in a loan to get something nicer, in the end I figured i'd rather not be paying out any extra money. At this point I think the only way I'd do it is salary packaging, but I'm content with this car for now. Maybe when second hand mustangs flood the market... ![]() |
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#30 | |||
VFII SS UTE
Join Date: Apr 2007
Location: Central Coast
Posts: 6,350
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Quote:
you sir sound shallow, build a bridge!!
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