How much money would I have to be earning to be able to afford 70,000 pounds worth of car?

Question

If I had a average mortgage, and not much else to pay for (family etc)

Answer 1

Hmm interesting question.

Answer 2

I'd say at least 200,000

Answer 3

Are you nuts! why would u want to spend that amount of cash on a car? surely u would be better off having no mortgage at all- r u  really that desperate to impress?

it wont make ur p...is any bigger my friend..all fur coat and no knickers.. as they say...

try leasing a flash car for a year..

Answer 4

a $140,000 (USD) CAR? you don't get mortgages on a car. if it is a car you're talking about, you would have to be earning well over $100,000 per year. are you talking about a HOUSE or a CAR? the car insurance alone would cost a fortune.

Answer 5

depends, if you want 70,000 pounds worth of geo you'd have to be making considerably less than if you want 70,000 pounds worth of mazarati(sp?)

say you want a dodge van, slightly used we'll say it's 15k at a dealership and they sign it all over to you(no stupid payments, you shouldn't be buying something if you don't have the cash for it in hand) say also that the average van weighs... oh... 2 tons?(that's a big *** van, on second thought let's make it 1.5 tons) that's 3,000 pounds of car

3,000 x 23.3(repeating)= about 69,000 pounds(DUDE! YOU JUST BOUGHT 23 AND A THIRD VANS... WTF,  YOU COULDA AFFORDED THE MAZARATI, but you had a family so everytime you get a stain from one of the kids spillin' something you can be all like "time to get another one from the back yard!")

ok, so @ 15k/van with 23.3 vans (or 23.3 x 15,000) you wind up with $350,000 for all 'dem vans.

Answer 6

Footballers wages!

Answer 7

My Friend,

Your question is vague since you did not mention what you earn now. How much you save out of it. Also, you did not mention how soon you want to buy it.

Anyway, I shall make it simple for you. Suppose you want to be able to buy this car in the next 70 months (approx 6 years). So you need to save about 1,000 pounds a month. (Hoping that prices don't rise...I am sure they will rise)

So if you earn say 2000/month now, you need to earn at least 3,000. But if you want your car in the next 3 years, then you want to earn 4000/month now.

By the way, if you invest the 1000 pounds you save...you can earn interest of say 5% which is about 50 pounds...a year and more..So it can help you reach your target quicker.

Of course you save something even at your current earning level, but I would say, for luxuries...you need to save separately.

Lets say you do end up earning more and eventually buying it in 6 years...question is - would you be able to maintain it?

You would have to spend a good portion towards that you know....I would say...go for it dude. It is good to have dreams and targets in life. It makes you work harder and gets the best out of you.

Good Luck!

Answer 8

You are planning on having a life of debt.

Bad idea.

Answer 9

are you referring to British Pounds $ or the weight?