How do people afford BMWs? « Singletrack Forum

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How do people afford BMWs?

295 posts & 115 voices | Started 8 months ago by dave56 | Latest reply from Tiger6791

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dave56 - Member

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)?

Posted 8 months ago #
Junkyard - Member

my car is worth about 3% of my [gross] income

Posted 8 months ago #
catflees - Member

Company vehicles?

Posted 8 months ago #
jam bo - Member

they dont own them.

Posted 8 months ago #
grum - Member

Lease deals/second hand?

Posted 8 months ago #
Gary_C - Member

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.

Posted 8 months ago #
elaine anne - Member

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

Posted 8 months ago #
dave56 - Member

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.

Posted 8 months ago #
Lady Gresley - Member

My son has a BMW - but then he earns around 4 times more than I do

Posted 8 months ago #
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...

Posted 8 months ago #
dave56 - Member

How much do you have to earn to drive a BMW?

Posted 8 months ago #
deadlydarcy - Member

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.

Posted 8 months ago #
avdave2 - Member

Well as no BMW drivers have a soul I think we know the answer, they are all bought with the Devil's money

Posted 8 months ago #
jam bo - Member

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....

Posted 8 months ago #
doctornickriviera - Member

they dont buy them. you can get a hell of a car on hire purchase/leasing for not loads of cash.

Posted 8 months ago #
mrmo - Member

BMW 1 series offer.

£250 a month is not cheap but not stupid money either

Posted 8 months ago #
Gary_C - Member

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 !!

Posted 8 months ago #
dave56 - Member

Intersting. That's a sh** one tho, you see far more 5 series and 3 series.

Posted 8 months ago #
deadlydarcy - Member

@mrmo:

Customer Deposit £3,410.52

But agreed, for most people on STW, £250 would be loose change

Posted 8 months ago #
user-removed - Member

I just bought a Volvo which cost £30,000 back in 2002 Paid cash too. 2nd hand is the way forward!

Posted 8 months ago #
doctornickriviera - Member

still theyre all Fugly, the X series are all ridiculous and i never want one. I'd rather a skoda hmmm octavia scout!

Posted 8 months ago #
mrmo - Member

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.

Posted 8 months ago #
Surrounded By Zulus - Member

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.

Posted 8 months ago #
dave56 - Member

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?

Posted 8 months ago #
doctornickriviera - Member

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.

Posted 8 months ago #
fubar - Member

I guess fleets buy them at substantial discounts...
56.5% of total car sales in April went to fleet customers.

Posted 8 months ago #
Houns - Member

http://tiny.cc/avqxm

Second hand high mileage can be had dirt cheap

Posted 8 months ago #
TheBrick - Member

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.

Posted 8 months ago #
CaptainFlashheart - Member

Perhaps they work hard and get paid well for it?

Posted 8 months ago #
dave56 - Member

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.

Posted 8 months ago #
cookeaa - Member

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...

Posted 8 months ago #
dave56 - Member

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.

Posted 8 months ago #
joolsburger - Member

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.

Posted 8 months ago #
crispo - Member

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.

http://www.am-online.com/new-car-sales-figures/

Posted 8 months ago #
CaptainFlashheart - Member

dave56 - Member
Flashheart - guessing you drive one - no offence!

Much has been taken.
I drive a Volvo and an old Mercedes...!

Posted 8 months ago #

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