What's your budget?

All Porsche Macan Related Discussion
TJP40
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Post by TJP40 »

Morning all

I'm still in the market for my first Porsche and I will be getting a Cayman. Chances are that I will get the sports car ownership out of my system and then revert to being a sensible dad and husband again by trading in for a Macan! With cash in the bank I'm now enjoying the 'search' for the right spec BUT I seem unable to set the 'right' budget! Initially I thought my top end was £45k max but the more I look the more i am stretching that to get newer and better until I reached nearer £60k when I got cold feet and abandoned my search!

Being a sensible chap all my life I guess I have struggled somewhat to spend and be extravagant and let's face it nobody 'needs' a Porsche or any top branded car for that matter and it simply comes down to the want and can afford it....which is my conundrum. I consider myself extremely fortunate to earn a good 6 figure income but looking at the machinery displayed on this forum I feel decidely poor! Without trying to give too much away I seem to feel comfortable spending approx 25% of my annual income on a car but as soon as it rises to 30% I can't justify it.....annoying trait to have!

Now either a lot of people on here are earning HUGE salaries or enjoy their money better than I can lol. Now anyone prepared to state what they're willing to spend as % budget of their income....just interested to see if I need lighten up and enjoy life more....or earn more!

Cheers

johnd
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Post by johnd »

You probably appreciate this already but don't forget that quite a few here are, shall we say, not in the very first flush of youth and will have the potential to finance from savings, however that might have accrued (ie actual savings, bonuses, pension lump sum, inheritances etc). And the cash purchase may have happened a car or two ago so it's largely just the depreciation gap that needs financing now

[And some still prefer to finance on PCP even though they could afford to pay cash. With best bank interest rates still in the 1.5-2.0% band I'm still not persuaded of the benefits here, but everyone obviously makes up their own mind.]
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Macananon
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Post by Macananon »

Why so concerned about what other people's incomes are. You can either afford a Porsche or not.
Some may sacrifice a holiday to have the car of their dream's, others may use a windfall, some use PCP finance.
Car value to gross income is only relevant if you take in to account all the other outgoings.
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Guy
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Post by Guy »

TJP40 wrote: Wed Apr 10, 2019 8:24 am Without trying to give too much away I seem to feel comfortable spending approx 25% of my annual income on a car but as soon as it rises to 30% I can't justify it.....annoying trait to have!
Annoying trait to have! Perhaps look at it from a different perspective and avoid looking at absolute values today. Put yourself a couple of years in the future, and consider whether you are more likely to 'regret' having spent the money (or the 'extra' money), or regret having not spent the money. I've applied this test to my two most extravagant purchases (Porsche and Rolex) and it's worked in my favour both times :D Conversely, this 'test' also stopped me buying a new house a couple of months ago!

But to put things in perspective, I have recently retired and had a similar struggle justifying the purchase of a £15K Dacia Duster for my wife :?
Bogus
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Post by Bogus »

I buy cars whose value is between 75 to 80% and sometimes 100% of my annual income. I usually go for the PCP route and I turn my cars around 12 to 18 months.

What I lose is the monthly payments as I chose and pick my cars so as to ensure they retain a decent value in 12 to 18 months.

Everyone has a different approach and you need to decide on yours.

Depends on what stage you are in life and your personal financial goals etc..

I like to travel and I do most of my holidays in the cars I buy...

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Rab J
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Post by Rab J »

But to put things in perspective, I have recently retired and had a similar struggle justifying the purchase of a £15K Dacia Duster for my wife :?
[/quote]

Go on Guy, you know she's worth it :shock:
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Guy
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Post by Guy »

Rab J wrote: Wed Apr 10, 2019 9:15 am
Guy wrote: Wed Apr 10, 2019 9:11 am But to put things in perspective, I have recently retired and had a similar struggle justifying the purchase of a £15K Dacia Duster for my wife :?
Go on Guy, you know she's worth it :shock:
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Paul
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Post by Paul »

Like all things in life, different people have different priorities.....luxury cars, Caribbean holidays, aged whisky, fine burgundy, health club memberships, big houses with electric gates and a tiled garage, the latest titanium over-sized driver, watches jewellery, handbags......the list is endless.

Pick and choose from the above........you can’t take it with you!
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Panthera
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Post by Panthera »

I ended up spending more than I had budgeted for on my pre-owned Macan but I have to say it was totally worth it :D

Find the car you want and just go for it - you won't regret it
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TJP40
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Post by TJP40 »

Macananon wrote: Wed Apr 10, 2019 8:56 am Why so concerned about what other people's incomes are. You can either afford a Porsche or not.
Some may sacrifice a holiday to have the car of their dream's, others may use a windfall, some use PCP finance.
Car value to gross income is only relevant if you take in to account all the other outgoings.
Not concerned at all about people's income...in hindsight it was a poorly worded post. More intrigued about the pyschology of purchasing large ticket items i.e where do you draw the line! Agree 100% it does depend on people's circumstances and I only used income as a datum since I was having a similar chat at work and was astounded that some people were happy leveraging themselves up to the eye balls to buy a car. Equally there are so money posts on this forum about people's new car specs and the challenge they face with keeping the options within a limit.....my post was just exploring how that limit is set. After all spending circa £55k for example on a new Macan what difference is it really going to make adding another £1k on an option that you really want.....it would seem quite a lot actually.
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