/biz/ - Business & Finance

0.43%

>>391319
Why not 0.42%?

>>391320
Because 0.43% of my net worth is a nice even $100,000.

>>391322
Pleb detected

>>391322

How did you get to be worth 23 mil?

>>391326

Daily reminder that tripsfags and namefags are cancer.

Thank you.

Well, my current car, which is a beater, was purchased for 8000 many years ago. This is well under the "10% gross salary" rule.

Don't forget running costs, taxes, maintenance. From my point of view way more relevant than purchase costs because you can get a fair share of your money back at any time if you sell the car again.

More expensive models tend to have more expensive spare parts without being necessarily more reliable, that's how shit rolls. And at some point you're just throwing money away and gain nothing except imaginary status.

>>391312
Income: 75k/year.
Net Worth: 140k.

Vehicles: 2004 Mazda B2300, picked it up used @ 3500$.
2012 Triumph Tiger 800, with all the little gizmos, that I will drive into the ground: 12k.

So, according to this: as little as possible.

>>391586

>as little as possible.

It's not a "percentage of income" ...

And "as little as possible" doesn't mean buy a piece of shit beat up $100 truck that's 30 years old... It means take into account reliability, fuel efficiency, and necessary maintenance costs, and find the optimal car for you.

Unless you care about flaunting status. In that case, I suggest you go to /soc/.

2 months pay seems reasonable. Bought a truck all cash which was 1-2 months pay. (5k)

>>391624
Why would you put a rule of thumb like "two months pay" on such a thing? Income differs insanely between various jobs and countries, prices for cars don't (that much).

Those poor fuckers in China who assemble iPhones for $55/mo should buy cars for $110, then?

>>391640
I'm not sure if you've made business abroad but in third world countries you can buy a car for 500 USD

Not much.

I really do not care to buy a fancy car. I understand that apparently it will help me to impress some women more but to be honest I do not care to impress them.

I don't think you can have a very good percentage that is very helpful but my salary is $145,000 and I will likely buy a ~$35,000 car when I feel the need to buy a new one.

When you're very young it might be a confidence boost for some to buy themselves a $50,000 car on their $60,000 salary just to pick up worthless sluts. I know a very fat friend of mine for example who did this.

That said, you must remember that any time spent buying things like

>>391312

A car is a consumption good and should be treated as such. If you drive a lot and wish to splurge on an expensive car that's still within your budget, go for it. If you live in a city and don't have much use for a car, don't buy one or buy a shitty used Camry for $2k.

Just don't think that a car is either a "must-have" that you need even if you'll never use it, or some kind of irredemable albatross and you should avoid buying one at all costs.

>>391784

Exactly this. Glad I'm not the only one that feels this way.

I know a couple people that have the new nice rides. Yet still live at home, working a dead end job, and can barely make the payment. All because "it gets bitches" Cars dont always get you girls.

Dude was telling me how he almost makes $20 now. Has an Audi. Not too smart.

>>391312
i only buy used and do 90% of fixes myself with the help of google

would never in my life buy a brand new car

>>391801
>Dude was telling me how he almost makes $20 now. Has an Audi. Not too smart.

Eh, that's not so awful. He's making close to $40k a year. A used Audi runs the gamut anywhere from $4,500 to $8,000 for a nice one. Without many other expenses, this is totally doable.

>>391553
>More expensive models tend to have more expensive spare parts without being necessarily more reliable, that's how shit rolls. And at some point you're just throwing money away and gain nothing except imaginary status.
Where is the sweat spot it prestige and reliability? What brand, type of car, age?

VW, GM, Ford, Mercedes? Toyota??

>>391808
>sweat spot
I meant sweet spot

>>391808
3-5 year old honda camry

u will be able to give it to your grandkids

>>391807
This sort of thing is really going to depend on your country. I for example am Australian and here if I wanted to buy an entry-level BMW I would be paying something like $60,000.

>>391812
Off of the lot, so would we here in the USA. I was talking about a used one. Somewhere in the 2005 area.

From what I understand of Oz, though, you guys are pretty fucked when it comes to car prices.

>>391814

Yeah car prices are disgusting here. To take another example here is how much an Australian would have to pay for a second hand Chevrolet Camaro:

http://www.carsales.com.au/demo/details/Chevrolet-Camaro-2013/AGC-AD-15481502/?Cr=11&sdmvc=1

I'm going to guess that's close to double the price in the states. I reckon some americans must find it funny that Australians import their mid-tier cars and pay high-tier prices for them.

>>391816
Even in Germany re-import of German made cars sold in the US is a thing because the prices there are much lower than in Germany.

US is probably the market where cars are sold the cheapest.

>>391812
>>391816
apart from the obvious 'Australia Tax' that manufacturers can get away with, and the bullshit lux car tax, it works out about the same when you consider Australian salaries.

>>391312
financially speaking, you're best off paying $1,000 for a junker and seeing how long it can last with as little repairs. If it lasts a year, you're golden.

The idea being that if you buy a brand new car worth $20,000, chances are very small it will last 20 years. So a car that costs $1,000 and lasts for 1 year is actually a great deal.

So long as you don't care about it being a status symbol or anything.

>>391864
I agree with this to a certain extent. However, with such a small price, there's bound to be breakdowns, which could cost some people heavily; being unable to commute to work for days because of repairs could cost some people their jobs.

I'd say a 3-5k would be a more reasonable number

>>391312
I would really say that depends on a lot of factors.

1) How often do you need your car and how many miles/km do you drive per year and how is traffic in your country/route

2) Do you like driving (in general)

3) Do you have any sort of back issues or do you require high comfort

4) Where do you work and is your car important for your customers/clients

5) In which country do you live? (tax/fuel related)

Personally I have around 600k in assets, not counting my first house (which is paid off and probably worth around 400k) and I make around 150k a year.

Because I drive about 25-30k kilometers every year and I like comfort (small back aches at times) I chose an Audi A6 Allroad with a 3 liter biturbo diesel.

It packs a lot of punch, it's very roomy, it can do some minor offroad (as in dirt roads, not mountain climbing shit) when needed and it's pretty low on fuel consumption (can manage to keep it under 7.5 liters diesel per 100 km if I drive carefully).

It costed me around 90k euros (In belgium) + 5k in initial taxes.

Insurance is about 4k per year, road tax is another 1,2k. Fuel costs me around 3k per year. Maintenance isn't really all that bad. I actually go to the official dealer (I know I know but it's just very convenient and I don't have a lot of spare time to search around for local small mechanics). Probably at worst 2k a year.

So in total:

95k Purchase including tax
6,2k a year in fuel/road tax/maintenance.

>>391880
Just to elaborate. I got the 313 hp version with massage seats and it's automatic gears.

It's just one of the greatest allround cars I've ever had. I considered buying the new Range Rover but it'd cost me at least 30k euros extra for a car that's perhaps more comfortable and a tad bit more luxurious (then again the audi exclusive outfit my A6 allroad got gets close) but it would perform a lot worse.

It's not like I drive 250km/h every day or need that 5.x second 0-100 acceleration but I think it's nice to have a good amount of spare power available when you need it.

>>391864
No.

1) It is highly unlikely to find a car selling for $1k that doesn't need significant work. You can save money if you can do this work yourself, but if you can't then you're better off opting for a $3-5k used car.

2) New cars with proper care can easily last 20 years. They don't because people get bored or want the next flashy new gadget, despite the fact that most cars, outside of Tesla and hybrids, basically run the same way they do now as they did 20 years ago.

3) Even if you did get bored of your new car before that 20 year point, you could sell it near the 8 year point and get at least $10k for it on the private market, assuming you took care of it properly.

>>392400
I guess the second handed market is different in the USA.

I drove a VW passat from 2002 to 2013 (price including options back then was €33k).

In 2010 I considered selling it but it was worth around 5-6k on the second handed market. That's more like 20k to 3,5k and that's with no malfunctions or problems with the car.

>>391312

if I need the car for a job (say a pickup or a van) then 10-20%

if I just want a car for personal use or commuting then 5% at best

>>392488
Passats are Mexican piece of shit cars. Buy a good car next time and you can actually sell it for value.

>>391748
True, and the minimum wage is 10dollars per week.

>>391312

If you even have to ask this question, then you should get the cheapest 3-4 year old used car you can find that will get you to and from work reliably

If you are trying to be frugal anything besides a honda civic is doing it wrong

>>392679
Don't see how it was shit. I guess it might've been worth less because I actually drive a lot (had about 300k kilometers).

It never broke down, just needed the normal maintenance schedule.

0. because I live in a city with decent transportation and car shares.

For the most part I can bike wherever I need to be within 10 mins (work,gym etc).

When I need to leave the city I rent a car.

A car is typically a depreciating asset. The amount I spend on it isn't measured as a percent of income / net worth, it's just a minimized cost. If you want an answer in those terms though, my car cost less than 1% of my net worth to purchase and less than 1% of my income to maintain.

>>392400
Never buy new. What you do is buy a 2-3 year old car from someone who bought new and wants the next flashy new gadget. This will save you a large percentage and should last for years.

>>391808
Toyota land cruiser, or the lexus clone, consistently rated as one of, if not the, most reliable vehicle produced. Buy used with 100k plus miles, will generally make 300k+ without any real work. Caveat is their fuel consumption is horrible, and associated parts can be expensive if you do manage to break one.

I make 80k, put down $1,900 on a hyundai genesis coupe lease, $330 a month. Was pretty manageable. Lease ends July 31st, and I will pay the residual amount of $13,500 in cash and own the car outright.

/o/ fags laugh at me, but those are the guys struggling to figure out how to structure their loan so that it won't bankrupt them.

>mfw we hired a new staff accountant at $55k a year and he went right out and leased a brand new infinity

>>393578
Well he's not going to be for much longer. That car is worth more than his salary, where did you find this guy?

My current vehicle is valued at $1600. All I pay for it is fuel, maintenance(do the work myself), liability and taxes.

I'm going to drive this car until it dies.

>>393585

hes not a bad accountant he just wastes his money

>>391327
He isn't.

Why would you ever buy instead of lease? What is the point in owning a depreciating asset?

For less money you can lease a car and change it in every 3 years. Don't even need to worry about maintenance if you get a warranty.

>>393701
You must be 15.

>>393701

Buying second hand and reselling every 3 years is cheaper in many cases.

plebs everywhere, stupid comment whores

>>391811
Do you think that is a better car than the Toyota Accord?

>>391553
>And at some point you're just throwing money away and gain nothing except imaginary status.

Pleb who only drives 10k miles a year detected. Start driving 40k and see how much of a difference comfort makes.

i bought a 1999 used toyota camry in 2006, it has literally not once given me a problem, and was in perfect condition until about a month ago when a deer ran in front of me on the highway and busted the body a bit

its at like 260k miles and i believe i paid 3500 for it back in 2006, ill drive this car till the engine dies and then just get a new engine installed when that happens

easily save tons of money doing this, not interested in cars at all and the weird thing is im a soft engineer and most the guys i work with are driving old toyotas as well and we are all making way more than enough money to afford better cars, kinda glad i work with reasonable minded guys instead of flashy faggots giving their every shekel to israeli bmw dealer, also i guess really nerdy ass guys arent really into cars as status symbols anyways

>>393734
> its at like 260k miles and i believe i paid 3500 for it back in 2006, ill drive this car till the engine dies and then just get a new engine installed when that happens

No, you won't. Not if you want to save money.

That work will cost at least the value of your car, and if you don't find a shit-hot mechanic then the car will never run 'quite right' again.

The bare minimum.

It's a utility, not a fashion item. Buy a reliable econobox with good mpg and drag as many years out of it as you can.

>>393722
If buying used, I'd just get a lexus integra. More luxury, same reliability, and hardly a price difference.

Is it better to lease?

>>391864
A little known secret that only the most affluent car enthusiasts know: The Oldsmobile Alero. This car is the most boring, most uninspiring, most reliable and most importantly, the most prolific car in North America. I guarantee you that if you check your local classifieds site right now, you'll find at least a hundred of them for under a thousand dollars in good condition. Most have the durable as hell Ecotec engine, but even on the off chance it breaks down, there's another 99 cars around that are probably cheaper then the repair bill on your last one.

>>393578
Who gets (what they perceive to be) a large sum of money and thinks "Time to buy an INFINITI!"?

0

public transport bitch

I would spend $7k on a car because that's what I did. I bought a used '05 VW Jetta wagon and it serves me to this day. At 130k miles and healthy.

The amount of income I would spend on a car is no more than $80,000.. always used. I intend to buy a 2012 Audi R8 GT in a few years whenever I spot one. Vee dubs

I've never spent more than 10% of my income on transportation, however I see college students with new Hondas and Kias they finance with their PT jobs, so it can't be that much of a struggle. I make $1500 every 2 weeks and drive a 2005 Honda Civic. I payed $6K cash for it. About $125/month in insurance and about $200 in gas.