Percentage of income spent on vehicle repayments?

[Rabbiddog RIP 7/6/21]

I have only financed 6 vehicles of all the ones i have owned.

I do not believe in balloon payments, changing to a newer vehicles every 3 years, or paying more than 10% of your disposable income on a liability.

99% of vehicles are not an asset.

[Mad Manny]

I see there are a lot of views, but not a lot of votes...

About 80% of people viewing this Forum are guests.
Also, if you visit this Thread 6 times - it counts as 6 views.

[Mike Nel]

I’ve only ever bought 2 vehicles where I had to ask the bank for money.

Back then I wasn’t married, didn’t have kids and didn’t have a bond. So my repayments were also a third of my salary.

Now however, I don’t buy if I can’t buy cash, and if I had to take out a loan, it couldn’t be for more than 10% of my salary otherwise I would run into problems

[Chris Stoffel]

Yes. It is very difficult to buy cash if you buy new and expensive vehicles. I buy cash but used and sometimes cheap vehicles. And I tend to keep them for long.

[NEW]

Cars are expensive expenses. I need them to get to work and go on trips. I try to do the mentioned as cheaply as possible with the one vice of wanting a new vehicle so "I can take care of it" and so instill a sense of reliability.

That being said. I looked at vehicles to fit my scenario and not what the most expensive vehicle was what I could afford.

But these days people go straight to at least 30% of their salaries or the most expensive they can afford. It is a pissing contest, same as wearing a R 2 500 pair of takkies that looks like someone gone to town on it with gold spray paint.... The kind of thing that makes me nauseous. I am a common moer mixed with a good dose of scrooge by a lot of peoples standards, but it's fine, I'lll wear it like a badge...

[Ricof4e]

If you had three children and could easily afford a Prado or Patrol, would you buy it?

[NEW]

Cars are expensive expenses. I need them to get to work and go on trips. I try to do the mentioned as cheaply as possible with the one vice of wanting a new vehicle so "I can take care of it" and so instill a sense of reliability.

That being said. I looked at vehicles to fit my scenario and not what the most expensive vehicle was what I could afford.

But these days people go straight to at least 30% of their salaries or the most expensive they can afford. It is a pissing contest, same as wearing a R 2 500 pair of takkies that looks like someone gone to town on it with gold spray paint.... The kind of thing that makes me nauseous. I am a common moer mixed with a good dose of scrooge by a lot of peoples standards, but it's fine, I'lll wear it like a badge...

If you had three children and could easily afford a Prado or Patrol, would you buy it?

Yes

[Oppies3800]

I pay r3275 incl. insurance.

But I only earn R7000

Sent from my SM-G920F using Tapatalk

[NEW]

But I would also consider cheaper vehicles that tick the same boxes as well. EG. Reliable, safe and some offroad capability.

[Ricof4e]

But I would also consider cheaper vehicles that tick the same boxes as well. EG. Reliable, safe and some offroad capability.

Alle mans soen sy vrou anders - ek verstaan jou punt.

Ek het 'n 4x4 nodig gehad en het gewoont geraak aan 'n D/C se gerief en laaibak.

Wou opgradeer van die NP300 (wat se agtersitplek te klein geraak het vir die kinners en al mamma se vanity tassies) en het basies die volgende keuses gehad:

Die Ford 2.2 XLT 4x4

Navara 2.3 SE 4x4

Isuzu 3,0lt 4x4

Die Navara was, glo dit of nie, die goedkoopste van die 3.

[NEW]

Miskien is ek net armgat.

Funksie is vir my eerste. En iets wat se funksie is om by ander die indruk te skep dat mens ryk is vir my waardeloos. (Enige rap video is 'n uitstekende voorbeeld) Ek dink 4x4's wat gebruik word vir bitjie offroading vervul 'n funksie. 'n 4x4 wat gedrop is met laaaang mags en dun wiele se funksie is om te spog....

[grips]

My 4x4`s is taking up 100% of my pay. The kids are eating Sunlight soap and I am drinking thinners and Coke.

[KurtG]

Ja Grips, we all know you’re not telling the truth.

You’re drinking Stroh

[Mal Hannes]

I have bought some cash and some on credit.

Yes I even had a verso on balloon, it cost me dearly.

So percentage of income is very difficult. It your house is paid off (I wish) and you have good savings and now you take your 4 x4 over a two year period but it is 30 percent of your income no problem.

The question is are you saving? Are you preparing for a rainy day because they are always coming.

Enjoy your vehicle don't over commit.

Drive what you can afford.

[Hedgehog]

I think, that people judging here are daft. Each to his own, and everyone has different prioraties and requirements to their lifestyle... but I will add this:

If you buy a car @ R600k and pay R11.5k a month after finance charges, you can pay it off in 72 months or 6 years..

Have a look at the year on year increase of vehicle prices, and see if you could buy a new car (Of the same value/class of car in 6 years time) cash, if you saved R11.5k a month?

The Jeep Rubicon Unlimited for example, cost in 2013 brand spanking new R430k.
The 2019 model, costs R900k plus.

6 Years..