Drivers of expensive cars : what do they do for a living ? ! ?

[Cyclone]

But isn't that assuming everyone is in debt? I would assume there are a lot of folk with more debt and rather a lot with no debts whatsoever. It is also ignoring assetts.

It's just an average. I don't think it's supposed to suggest that everyone is equally in debt.

And yes, it ignores assets.

 

---------- Post added 15-12-2015 at 15:50 ----------

 

Even when we didn`t have a child I never thought three bedrooms was excessive, far from it !

 

Obviously people have different priorities, I`ve already accepted that when I pointed out that our disposable income to car expenditure must be towards the top end of the range, it certainly was about three years ago, then it was at the extreme top ! But I`m asking a slightly different question, what jobs do people have (i.e. how can they afford) who drive these expensive cars ? As an example a Range Rover only a year or two old ? Unless the owner is obsessed with his car and single and living at home with his parents and not saving up any money he must be on fair wedge. Doing what ?

 

Well you've had lots of answers.

 

I just posted a job advert for a project manager on 80k in Nottingham.

And there's a whole raft of middle management of various different kinds.

All sorts of professional careers, the medical, the engineers, the IT, the legal, the entrepreneurs...

You don't need to be spending most of your money on a car to afford a RR (not that I consider that a luxury car) if a two person family is earning 100 or well over a 100k/annum.

Particularly not later on in life, when the mortgage is already paid down and there's little else to spend it on apart from holidays and pension plans.

[Justin Smith]

Your talking about a Toyota Yaris. Its a whole different ball game. You could put cooking fat in the engine and sewage water in the radiator and it will do a million miles..

 

I was referring to the original post about high end cars.

 

My basis is on a 100K merc that has heated and air conditioned seats. Heads up display. Self levelling corning and auto closing doors etc... Try and run that the same as your trusty Toyota. It will fail!....... Well the engine may start up fine and it will drive but the million systems in the car will drop off one by one.

 

Don`t get me onto the subject of all the crap they put on cars these days, this is a good thread for that :

Annoying things about modern cars......

 

However, more broadly, why should a "high end car" be less reliable than a cheaper car ? If Mercs are unreliable then buy a Lexus or whatever. I`d agree that if "high end cars" go wrong they`ll cost more to fix than smaller cars, but you`re saving that much more money by purchasing an older vehicle in the first place, so it`d more than balance out anyway.

[JFKvsNixon]

I think that was my point, that to many people you don't need to pay for 3 bed house if you don't have kids.

 

Usually with houses, if you want decent space downstairs you going to get a house with at least 3 bedrooms.

Edited December 15, 2015 by JFKvsNixon

[L00b]

Particularly not later on in life, when the mortgage is already paid down and there's little else to spend it on apart from holidays and pension plans.

Do you have kids, C?

 

 

 

 

 

 

 

Joke aside, it's been heart warming to see that this thread did not immediately descend into the usual green eyed envy whack-a-fest. Is SF mellowing as we near the festive season, or are the usual suspects on holiday?

However, more broadly, why should a "high end car" be less reliable than a cheaper car ? If Mercs are unreliable then buy a Lexus or whatever. I`d agree that if "high end cars" go wrong they`ll cost more to fix than smaller cars, but you`re saving that much more money by purchasing an older vehicle in the first place, so it`d more than balance out anyway.

I just don't get this myth that Mercs costs the earth to run and maintain.

 

I'm mindful that my own ownership experience is only anecdotal and so of little evidentiary value...but in over 3 years of ownership, all I've had to do with ours, besides feeding it (high 40s to low 50s mpg average), was service it when the computer says so (but at least once at year irrespective) and put on two new sets of tyres (current set is nearly new, so call it 1 and a half set in 35kmiles). All services done by an independent whom I trust (been using him for over a decade, for about 4 or 5 cars in that time), according to OEM schedule/specsheet and with OEM parts. I might have had to change the wipers as well, now that I think about it

 

It's been far cheaper (all costs included, including insurance, etc.) and trouble-free to run than the Subarus and Volvo I had before. Exactly what I expected from it (it's a diesel Merc, it's put together to last a million miles, it just works), and one of the main reasons behind my purchase decision (more so than the badge itself, hand on heart)...in addition to the fact that it doesn't have a DPF

Edited December 15, 2015 by L00b

[foxy lady]

It's just an average. I don't think it's supposed to suggest that everyone is equally in debt.

And yes, it ignores assets.

 

So it would show me as being in debt as I've just bought petrol on my credit card, despite there being enough in my bank account to pay it off several thousand times over?

[Justin Smith]

I think that was my point, that to many people you don't need to pay for 3 bed house if you don't have kids.

 

 

 

As has been pointed out, pretty much anyone in a IT field will be earning £30k+ almost from day one, and those with experience more like £40k+. You'd be able to run a good car with that sort of income. As IT grows the number of people earning that money will also grow. However, I also see a lot of people with cars they probably can't really afford but have to maintain outward appearances. They probably have mortgages they can't afford either but have taken advantage of low credit prices to max out their borrowing. As soon as interest rates go up I think we'll see a lot of Range Rover Evoques up for sale along with a booming trade for house auctioneers.

 

I`d take the opposite view, as it becomes more of a common it`ll become less specialised, more people will train up to go into it, and, in the long term, wages will actually fall. Let`s see who`s right ? ! ?

I`d agree that people in IT / websites can earn a lot bearing in mind I can`t get anyone to come and help me do stuff on my website even at £35 an hour ! Being a bit more controversial (and off topic) in some ways the worst people to design websites are actually website designers. Why ? Because they`re more likely to want to use all the bells and whistles (some of which won`t work with older and still common browsers) and make them [what they consider to] "look good". However, a website is primarily there to convey information, a glorified noticeboard and many of those which "look good" are actually a PITA to use. Best example I can think of is the Ponds Forge / SIV website, it`s s**t. You try and get a simple list of all the days the lane swimming is off......

 

---------- Post added 15-12-2015 at 16:09 ----------

 

So it would show me as being in debt as I've just bought petrol on my credit card, despite there being enough in my bank account to pay it off several thousand times over?

 

Just out of interest, why did you use your credit car and not your debit card ?

Edited December 15, 2015 by Justin Smith

[sgtkate]

I`d take the opposite view, as it becomes more of a common it`ll become less specialised, more people will train up to go into it, and, in the long term, wages will actually fall. Let`s see who`s right ? ! ?

 

 

Me! I hope. I'd actually welcome more people coming into my area. Especially more woman. Totally off subject of course but I'd genuinely love to see more younger woman getting into IT. I do talks about my career at a local school and mentor a couple of the teenage girls. My field is probably getting near the top end of geekiness so it puts a lot of people off. It's a hard sell as well, hard to glam up a database! Times are changing, more and more girls are getting the idea that science and technology isn't just for boys, and equally more boys are getting into traditional 'women' roles such as HR. Good to see and long may it continue.

 

Back to cars

[foxy lady]

 

 

 

Just out of interest, why did you use your credit car and not your debit card ?

 

Because I get interest on my bank accounts. Debit cards are instant. My credit card will allow me to gain interest on my cash until the month end when it is paid by direct debit. It's not much but over a year it will buy me a bottle of brandy.

Edited December 15, 2015 by foxy lady

[Obelix]

I`d take the opposite view, as it becomes more of a common it`ll become less specialised, more people will train up to go into it, and, in the long term, wages will actually fall. Let`s see who`s right ? ! ?

I`d agree that people in IT / websites can earn a lot bearing in mind I can`t get anyone to come and help me do stuff on my website even at £35 an hour ! Being a bit more controversial (and off topic) in some ways the worst people to design websites are actually website designers. Why ? Because they`re more likely to want to use all the bells and whistles (some of which won`t work with older and still common browsers) and make them [what they consider to] "look good". However, a website is primarily there to convey information, a glorified noticeboard and many of those which "look good" are actually a PITA to use. Best example I can think of is the Ponds Forge / SIV website, it`s s**t. You try and get a simple list of all the days the lane swimming is off......

 

---------- Post added 15-12-2015 at 16:09 ----------

 

 

Just out of interest, why did you use your credit car and not your debit card ?

 

If you think websites are anything remotely similar to high end IT you are missing the point and are working on only some of the information needed to reach your conclusions.

[L00b]

So it would show me as being in debt as I've just bought petrol on my credit card, despite there being enough in my bank account to pay it off several thousand times over?

Yes, and yes.

 

It's a measure of the total credit extended, it's not a balance sheet.

 

Cars on HP and other never-never arrangements are included, notwithstanding the fact that their 'owners' may have enough equity in their company, house, Swiss bank account, etc. to pay it outright, or that the car is actually worth more than the credit facility.

 

As you posted yourself re. why you used your CC instead of your DC for petrol, car for car and price for price, it's "cheaper" to buy a car on the pump with a 0% deal than to buy it with your cash, for the exact same reason: the dealer or manufacturer is effectively gifting you their money (the interest differential) to buy their car, while most of your pile of cash stays in the bank/shares/ISA/etc. making babies. For a fast depreciating asset like a car, it actually makes more sense than to buy it cash. Such a finance deal will show up in those total debt figures, even though -technically- it's not required at all.

Edited December 15, 2015 by L00b