You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
How do people afford BMWs?
I drive to work every day and I see ever increasing numbers of them (and audis and mercs).... cheapest BMW to buy seems to be 18,000 and given the average salary is 25k how on earth are so many people affording them? I earn more than the national average but I can’t comprehend spending more than 5k on a car.
I’m guessing most on here are earning significantly above the national average – are you all the ones driving BMWs?
What percentage of your income do you spend on your cars (not running costs)?
my car is worth about 3% of my [gross] income
Company vehicles?
they dont own them.
Lease deals/second hand?
I'll wager that most of the BMW's seen on the road are on some version of finance. Whether its dealer/BMW finance, personal loan etc, or on a contract purchase.
That's not forgetting the ones that are company cars too.
option 1 : cos they are mega rich ? 😉
option 2 : please dont let me spell it out to you 😉
option 3 : daddy ownes an international airline company
option 4 : Lottery win
option 5 : their horse just keeps on winning
How many people get company cars? i don't know anyone that does.... do many people really lease?
Always looks like a good way to loose a lot of money.
My son has a BMW - but then he earns around 4 times more than I do 😕
Company vehicles.
Also, various lease/finance options mean that people can drive away new BMWs from the showroom for "not a great deal of money" upfront. A lot of people like to drive status cars - and are happy to spend the equivalent of a half decent bike every month in order to look good in front of neighbours, friends, girls...
How much do you have to earn to drive a BMW?
I'll wager that most of the BMW's seen on the road are on some version of finance.
Not being a smartarse, but I reckon most of any "new" reg cars are on finance.
Well as no BMW drivers have a soul I think we know the answer, they are all bought with the Devil's money
option 3 : daddy ownes an international airline company
I pass a lad on my drive home quite often. he looks 18 at best. so far I've seen him driving a porsche 911, VW Golf R32 and a RR sport....
they dont buy them. you can get a hell of a car on hire purchase/leasing for not loads of cash.
[url= http://www.bmw.co.uk/bmwuk/pricesandspecifications/0,,1156_181232016__bs-MQ%3D%3D%40bb-S08wNw%3D%3D%40sit-bmwuk,00.html?offerAction=showOffer&offerId=367 ]BMW 1 series offer. [/url]
£250 a month is not cheap but not stupid money either
How much do you have to earn to drive a BMW?
How long is a piece of string ?
What model ? New ? Pre-owned ? etc.
I drove one the other week that was for sale, 57 plate 1 series diesel, 1 owner, full dealer history, 100k, fully loaded with all the options. Up for sale at £6k. ( Since sold ) I drove it 85 miles to the dealers & if you didn't know the mileage was 100k, you'd have thought it'd have done less than half of what it had.
EDIT: Speaking of 'high' mileage, drove a 525d Touring today, same dealer, same 85 mile journey, the car drove 'as new' no rattles, squeaks, good strong engine, smooth drivetrain, all the electrics worked, leather interior was immaculate. The miles ?......272000 !!
Intersting. That's a sh** one tho, you see far more 5 series and 3 series.
@mrmo:
Customer Deposit £3,410.52
But agreed, for most people on STW, £250 would be loose change 🙂
I just bought a Volvo which cost £30,000 back in 2002 😀 Paid cash too. 2nd hand is the way forward!
still theyre all Fugly, the X series are all ridiculous and i never want one. I'd rather a skoda hmmm octavia scout!
as for 3 and 5 series, every company i have worked at over the last couple of years has given managers and reps company cars, often Audi or BMW, it can be a lot of cars.
Low monthly payments with a "balloon" payment at the end of a set period which is supposedly the same as a minimum future value of the car. So they can pay the balloon payment or hand the car back and get a new one.
So given the above there must be a small percentage of people buying / leasing new cars, and then releasing them after x years into the hands of 'normal' people?
2nd hand indeed is the way forward, let some other eejit get hit with the depreciation. means more money for bikes and hols....happy days.
I guess fleets buy them at substantial discounts...
[url= http://secure.parkers.co.uk/News/Company-cars/Fleet-sales-continue-to-flourish-in-April/ ]56.5% of total car sales in April went to fleet customers.[/url]
deadlydarcy - Member
Company vehicles.Also, various lease/finance options mean that people can drive away new BMWs from the showroom for "not a great deal of money" upfront. A lot of people like to drive status cars - and are happy to spend the equivalent of a half decent bike every month in order to look good in front of neighbours, friends, girls...
This, status and though business in some way.
Perhaps they work hard and get paid well for it?
That's 10 years old tho - surely banger terrority?
Assuming that number of 245 above, then a higher rate tax payer would need to have a £612 a month car allowance (60% real rate of tax - 40 + 11 + 9 student loan). And people spend that on a car rather than take the money? Crazy.
fella I work with has a Dad (just the one) who works for BMW and gets a reduced family lease deal for up to three cars he gets a shiny new Mini every twelve months (and thus the piss taking resumes) but as he points out there is no way he could afford to buy any of these cars but he can choose a new mini/1/3/5 series every year for an "affordable" sum pretty much free of worries about servicing or wear and tear...
Flashheart - guessing you drive one - no offence!
Just there are a awful lot of them about so I'm assuming that most people who drive them earn something around the average.
Loads of people get a car allowance, loads of others just spend the 350 or so it costs to get one on PCP others just buy them as they have the cash.
I read somewhere that BMW outsell Ford now or did I dream it? Anyway people can do what they want tis their money eh.
Well apparently BMW car sales only account for about 6% of all car sales so surely by that reasoning it doesnt mean everyone on average salaries buys them.
[url= http://www.am-online.com/new-car-sales-figures/ ]http://www.am-online.com/new-car-sales-figures/[/url]
dave56 - Member
Flashheart - guessing you drive one - no offence!
Much has been taken. 👿
😉 I drive a Volvo and an old Mercedes...!
If you do get a company car, they often work out cheaper than a Ford/Vauxhall as the tax is based on retail price and co2 - plus they often depreciate less.
And I've a 535i, worth about 2 days' pay...
🙄
There aren't an 'awful lot' of them... unless you live near to a large employer who is part of the BMW group??
You're just jealous, have a fixation , therfore you notice them all... and I for one pity you. Jealousy is such an unattractive quality.
That's 10 years old tho - surely banger terrority?
Your idea of banger is clearly very different to mine!
I've recently bought a car which has the new number-plate system, rather than a reg letter. That's almost new!
And 3 series outsells the Mondeo.
You're just jealous, have a fixation , therfore you notice them all... and I for one pity you. Jealousy is such an unattractive quality.
Wow where did that come from? I was just pondering the question as I drove into work...
Mine is on finance through my business.
Great cars, as long as I can afford one I won't drive anything else.
Wow where did that come from?
It's ok. I'm a psychologist. I can uncover a lot of the sub-conciously implied meaning in what people say very quickly.
Would you like to discuss my relationship with your mother?
You're a pretty angry guy. I assume you drive a BMW given you've taken offence?
I assume you drive a BMW given you've taken offence?
I'm guessing you're not a psychologist! 😀
Your a pretty angry guy
im guesing your an englush teechur! 😀
😀 Did you really need a Capital letter their?
Im guesing your an English teacher!
I assume you're one as well 😀
Thread going fine. Then TSY turns up.
/interestinthread
flashy's grammar has bean shocking lately.
SOZDRCYLULZ
Sorry, I'll play nice, I don't really think you're jealous. The actual answer is finance or company car or both.
I was having a similar thought when I saw an early 20's in a soft top 60 plate 3 series this evening. I concluded Daddy's car.
All though if you live in Oxfordshire say (where BMW have a plant) you'll see more as a result of employee ownership schemes.
\interestinthread 😀
Commuting along the M4. Maybe it's a self selecting group....
So in conclusion:
- Most people don't own them but lease them
- A lot are company cars brought by fleets
- The rest are 2nd hand
some people - and i'm sure it is a small minority will work very hard to afford a car well beyond their means. I have known several people who pay £5-7000 insurance and/or work full time jobs around full time study to run nice cars at young age.
when i was 18 a few of my mates were knocking around in old 7 series. dirt cheap to buy & after taking a knock on the insurance for the first year the decrease was huge bringing it in cheaper than most of the rest of us running around in puntos clios etc. 18/ skinhead/ 735i means getting pulled a lot though!!
Commuting along the M4
Company car heaven.
dave56 - I spent 2 weeks in france recently. Every time I go there, I'm reminded of the British obsession with personal debt and material status: the French tend to drive much less flashy cars.
Immediately on return to Britain, the road was littered with very expensive cars.
I earn pretty well (by average income standards). No way would I spend the sort of money others do on cars.
As the great sage Colombo says: it's just for driving round in.
I bought my £32000 330i at 3 years old with 26k on the clock for less than half price, financed at 2.9% at the time or £174 per month.
Thats was in 2005. I now own it with 94k on the clock. As the nature of my work changes and I only drive 2500 miles per year, it has all the toys, moderately good performance and (with a K&N filter) does 30mpg with a bike on the roof and so will be kept.
Its worth about £4.5k now, doesn't rattle and the only thing I've done to it is service it, get new brake pads and tyres when needed.
Its now the "second car" used primary for bike trips and the odd work appointment.
Before you say it, buying a more economic/spacious TDI costs more than the extra fuel/tax the minute I make more than one monthly payment on a loan for a new car.
For those of you that haven't, the USP of a BMW is the driver experience - probably less of a gap now to other manufacturers but very noticable as little as four or more years ago and beyond. They are very driver orientated.
I run a 2006 Astra for work. I park it next to big flash beemers and mercs in motorway services and business park carparks feeling rather smug with the knowledge that I own it and that its a damn sight cheaper to fix when it does go wrong.
A lot of people I know who run beemers do it under a lease deal. knew a guy who ran an Audi TT that way.
Cars a car. If somebody wants to waste money to look flash good luck to them. BMWs are nice cars, don't get me wrong but for work? Nope, I'd rather have something cheap, a beemer will wear out all the same as something thats lower in value.I'd rather spend £250 a month on sorting the house out.
Plenty are on lease these days. Like you say, definitely seem to be more of them - and similar - marques around these days. I also think a fair few folk made a mint on equity (late 90's to mid 00's) and as such went and splashed the cash because they could.
I bought a 4yr old M3 a while back followed by a brand new 320D Sport the following summer. But that was at a time when I swapped cars every year or so. Have different priorities now and have stuck with my A4 since 05. Depreciation is scary.
I drive a Skoda and a Seat. I could afford a BMW but figured that the difference would be better invested in appreciating assets and people might actually let me out of junctions.
3 series saloons must be one of the most popular cars in the UK, ie top 10 surely
given the average salary is 25k how on earth are so many people affording them?
Statistics fail.
The mean salary being £25k doesn't mean that most people are on that figure... there are easily enough people earning more to afford fancy cars.
Bear in mind that you only need two people working on £35k to bring in a fair old chunk of cash.
What I don't understand is how anyone can afford a decent sized house in the South East. £800k anyone? 😯
I agree with Kryton - many models of BMW (and Audi and Merc) are IMO incredibly driver-oriented. Sure, not everyone's gonna like them, but each of the ones I've owned or driven are considerably better 'on the road' than cheaper or comparative marques. Not being snobbish, just being honest. And the customer care I've received from all (post-purchase) has been top notch with the exception of one warranty incident that went to HQ and got resolved within days. Having said that, I think a lot of main dealers - and indies - are upping their CS game. Still plenty of cowboys about though.
I assume they brought a house in the SE when they didn't cost 800k, then sold it when it shot up in value, and used that as a deposit.
BTW:
[img] 
[/img]
It would seem the modal group is less than the mean of 25k... not sure i see your point.
What I don't understand is how anyone can afford a decent sized house in the South East. £800k anyone?
There was a 3 bed terraced in our road that was recently up for £545k! There's a shocking amount of anti-value in property these days.
I 'bought' a new 1 series a couple of years ago. It was really purchased via a lease scheme mainly paid for by my employer. With the lease I pay a monthly payment and then hand the car back after four years - I actually never got to hand it back as it was stolen off the drive before the lease was up, so maybe that is how some afford them!
As the residuals on BMWs are better than other brands like Ford and Vauxhall they make more sense as a lease car, especially if the car is likely to do high mileage. I had a Skoda before the BMW, now drive a VW.
Anyone in the SE who wasn't on the property ladder 10 years ago is f***ed as far as I can see. Me and my missus dream of a 3 bed!
I often wonder the same about RR Sports - mind you our CEO has a RR, Aston Martin and a Merc SL!
Anyone in the SE who wasn't on the property ladder 10 years ago is f***ed as far as I can see. Me and my missus dream of a 3 bed!
[img] 
[/img]
As the residuals on BMWs are better than other brands
Only people who use words like 'residuals' can own BMWs. 😛
Anyone in the SE who wasn't on the property ladder 10 years ago is f***ed as far as I can see. Me and my missus dream of a 3 bed!
Come up north, there's actual hills and everything. 🙂
Grum... can you send me down a pigeon with directions please?
Come up north, there's actual hills and everything.
Are there any jobs tho....
post pics, maybe someone off here'll join the two of you 😉Me and my missus dream of a 3 bed!
Grum... can you send me down a pigeon with directions please?
Yup, although of course I'll be down t' pit all day tomorrow so you'll have to wait.
Are there any jobs tho....
See above answer. Probably not the kind of jobs that will allow you to drive a BMW, but my bike has some fancy bits on it. 😀
Sweet jesus, don't you have a boy to do such tasks?
wow. i'm 19 and from the SE so everything just mentioned about being
applies to mef****d
Perhaps they work hard and get paid well for it?
S1te, CH is Nicolas Sarkozy and I claim my 5 pounds
CaptainFlashheart - MemberPerhaps they work hard and get paid well for it?
the two do not go hand in hand for most people (see dave's graph). although i used to earn about £800/week on average as a chippy before tax.... assuming i declared it, that is.
some of my friends used to have penismobils, aka BMW 1 series, Audi A4s etc until the finacial crisis hit their dreams on the head and they ad to give them up as they were either no longer earning (got the chop) or had their income slashed.
i used to drive an old Seat Ibiza that i paid for myself with real money. they used to laugh. i laughed when they asked me for a lift anywhere in my crappy car. haha.
the GFs old man's Audi A4 is a nice car to drive. i'm not allowed to drive it anymore after the GF said it was me who who was driving when she dented the bumper whilst parking. ho-hum.
i've got a bike! three, in fact.
Girlie I work with has just spent £560k on a 3 bed maisonette (basically the top floor (and attic) of a terrace..., that needs work.
Nah, I'm taller than him, Juan! I'd boff his wife, though!
The cheapest family car on my company car lease scheme for benefit in kind is the Toyota prius, closely followed by the 318d 3-series beamer. Everyone in theo scheme drives a 3 series pretty much. Their co2 emissions are low so they don't cost a fortune in benefit in kind tax therefore make financial sense. Probably explains a fair few of them on the road