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Net worth 200k+ just turned 25, how much to spend on a car?

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Lease a yacht.

Depends how much of that worth is tied up in other places.

Tbf I wouldn't base my decision on wealth, I'd base it on income and the stability of that income. 200k+ net worth is pointless if it's money that you've inherited from family an you're working in a supermarket.

What's your p/a and I'dd tell you what I'd do, but only someone who financially irresponsible would base what car/any investment to buy based on net worth over income. (plus, from a LOT of what you read online leasing is often a better option)

Reply 42

Bill_Gates

Original post by leinad2012

wrong thinking. Net worth more important than income. You can always lose your job. People have income inflation all the time. Take out big mortgages, lease cars etc.

Heck would i rather live in London be on 60k yet bank only 15k? or would i rather be elsewhere be on a 35k income and bank 20k? 20k every day of the week!

I use to invest in Zopa these people taking out loans had crazy amounts of income. Headteachers, lawyers, accountants, detectives, you name it.

Reply 43

Reue

Original post by Bill_Gates

Both wrong :biggrin:

Your expenses are the most important. Doesnt matter how high your income is, or your net worth, if your expenses are higher and would result in that networth depleting!

Reply 44

Bill_Gates

Original post by Reue

Both wrong :biggrin:

Your expenses are the most important. Doesnt matter how high your income is, or your net worth, if your expenses are higher and would result in that networth depleting!

yeah i just highlighted expenses by doing the London to elsewhere comparison lol. 20k net > 15k net.

Reply 45

Reue

Original post by Bill_Gates

yeah i just highlighted expenses by doing the London to elsewhere comparison lol. 20k net > 15k net.

True, and yet so many people chose the London option :/

Reply 46

Bill_Gates

Original post by Reue

True, and yet so many people chose the London option :/

that's how cities are built though. Few people in the centre make shed loads and a bunch of sheep follow trying to make their slice. Doesn't work out for the VAST majority. But it increases the size of the city.

(edited 8 years ago)

Reply 47

helpmekid

Original post by NX172

Similar situation. I'm 24, net worth around 277k. Which personally, living in London, don't think is all that much at all. Certainly not enough to spend on a fancy car that depreciates quickly. Rather save it to buy a decent flat in Z3/Z2 instead.

It depends on your monthly income and regarding the affordability of a car... Sure, you can pay all of it upfront, but I'd rather just hire it in some form for better leverage. Anyhow, last year I spent £19,200 on a Merc. Looking to upgrade to another Merc that's around £29,000 which works out to be around £600/m on repayment. I'm earning over £7.5k a month, so could easily afford a £1k/mo car on hire, which is the equivalent of a new £60k+ car but it's upto you how much you want to dip into your monthly earnings (Personally I'm very tempted by Merc CL63). For me, other things such as property take precedence. Yes, I've treated myself from all this hardwork. But nowhere near as much as you'd think.

Can I ask what do you do?

What do you work as?

Thanks

Reply 48

JoeTSR

Original post by Bill_Gates

I've asked for your income/stability 3 times, you haven't answered any of them, you seem to be dodging?

Reply 49

Bill_Gates

Original post by JoeTSR

I've asked for your income/stability 3 times, you haven't answered any of them, you seem to be dodging?

i post on here quite regularly so most people already know. I don't work in a supermarket. My income stability is quite good - God willing!

Reply 50

NX172

Sometimes you'd move to London for non-money related reasons. Perhaps there's more career advancement opportunities in London, or you're a graduate and just so happens, that's where your first job lands you. For a makeup artist like my gf, the pay initially is about the same as when she was in the south west. But given the vast number of studios, theatres, TV stations, competitions and Fashion Shows here, she'd have a far easier time accessing those higher paying, prestigious jobs here for her portfolio and making an international name for herself.

For programmers, the equivalent London wage is more than enough to cover the additional cost of living in London. I'd happily move back to Bristol though, my quality of life would be better and I can still advance my career. People in IT have it easier, for sure.

Original post by helpmekid

Can I ask what do you do?

I'm a Software Engineer, with a small rental property portfolio and I trade forex and options in my spare time.

(edited 8 years ago)

Reply 51

leinad2012

Original post by Reue

Both wrong :biggrin:

Your expenses are the most important. Doesnt matter how high your income is, or your net worth, if your expenses are higher and would result in that networth depleting!

Should have said disposable income really

Reply 52

JoeTSR

Original post by Bill_Gates

i post on here quite regularly so most people already know. I don't work in a supermarket. My income stability is quite good - God willing!

Well I have no idea, and given the number of people asking the same questions, I'm not the only one.

It seems from some combing you're on 36k a year. http://www.thestudentroom.co.uk/showthread.php?t=3794171

What do you do? Goals? Aspirations?

Legend!

Since I'm being ignored again, looks like you own some form of local digital services co (website building, maybe some online marketing) after graduating in 2013. You got a nice big chunk of cash from your parents in either 2013 or 2014 (or were told you were going to be given it during one of those years). I'm going to guess they invested it in your business in some way to give it to you, but that part's speculation.

Reply 55

Reue

Original post by leinad2012

Should have said disposable income really

Indeed. Although a controlled consume of networth might also be just as good inplace of disposable income. Depends whether you want to take the gamble of trying to die before you are bankrupt :wink:

Reply 56

Bill_Gates

Original post by JoeTSR

lol sorry no. I started in business aged 17 parents only ever once gave me a loan for £200 which they wanted back within 3 months lol. You know when you sell part of your business you can receive a lump sum.......................

I suppose it's more like a lesson you'd like but i need to stay on topic (i have major warnings).

Cars please!

Get a Hurcan

Original post by Bill_Gates

Would have preferred: "my parents gave me a small loan of $1 million. I now have 200k net worth an still need to pay the money back in full. What car should I buy?"

Better question is why are you asking tsr, 99.99% of which will have never been in your situation of being able to comfortably afford a luxury car and will have little to no knowledge of car mechanics and what to specifically look for when buying a luxury car. Seems a very silly group of people to ask, considering no one will have the expertise required (and if they do they sure as hell won't be on tsr at 2 in the afternoon on a Wednesday).
Wait.....Hang on.... Unless this entire thread has nothing to do with the car and all to do with gloating about your net worth an stroking your own ego....

Reply 59

NX172

Original post by leinad2012

Would have preferred: "my parents gave me a small loan of $1 million. I now have 200k net worth an still need to pay the money back in full. What car should I buy?"

I think your post lost credibility by posting this uncorroborated, childish remark..