How much someone spends on cars a month?

[TheHaitian]

How about more than some people make a year? I am not into cars so yeah I probably would never do this but a friend of mine sent me this link after we were discussing that the amount some people we knew were spending on cars was insane.

He felt that it was depending on what you value, the people we know are into cars so to them it makes sense. He is also into cars and I think is paying $850 or so for the car his driving and another $300/month for insurance.

And he sent me the link below to blow my mind I think. The guy seems to make a living posting YouTube videos and reviewing things and also being sponsored so I am guessing he can afford it. Also seems he writes it off as business expenses .



Anyway on his 3 cars he is spending $6,500/month before insurance. Add another 1k/month for insurance and that is a whopping $7,500/month! Just damn, damn, damn!!!!

That is $90,000/year in car expenses (yes he is leasing). On one of the cars he put down 40k and he was still leasing at $3,700/month ; the McLauren.

Quick google search seems those cars are selling for 150-200k.

My one stupid question though;
- I get the leasing
- I get it is business (he reviews cars etc).

But why would you hook up / spend a lot of money on accessories on a car if it is a lease and based on his lifestyle you will continuously keep upgrading or leasing for new cars? Do you get that money back? I should check that part on my lease.

[Deleted]

I am kinda a car person, meaning a car is more to me than getting from point A to point B. But I am also well aware of my limits (my income!), which also means I try to stay out of new cars so I don’t get “the fever” and I can happily keep driving my old ass car.

I’ve never leased a car, so my thoughts about upgrading and adding things to a leased car are worth what you paid for them lol. I wouldn’t do it, as it’s not “my” car. 

I remember when I bought my first Honda Accord, I was living in a small 2BR house in the hood that my Grandma owned outright. What I paid for that car was literally more than the house I was living in was worth, and I felt kind of ridiculous knowing that.

Today, if I financed one of the cars that I drool over, the payment would likely be more than the mortgage payment of my other house, which is a lot lower than the payment on the house I actually live in. I can’t make that feel like anything other than SILLY. For ME, I don’t see the point in leasing, so I’ll have to be more realistic with my “wants” regarding a car. That’s no fun, but such is life.

[TheHaitian]

Nov 17, 2019 19:37:46 GMT -5 @pinkcshmere said:

I am kinda a car person, meaning a car is more to me than getting from point A to point B. But I am also well aware of my limits (my income!), which also means I try to stay out of new cars so I don’t get “the fever” and I can happily keep driving my old ass car.

I’ve never leased a car, so my thoughts about upgrading and adding things to a leased car are worth what you paid for them lol. I wouldn’t do it, as it’s not “my” car. 

I remember when I bought my first Honda Accord, I was living in a small 2BR house in the hood that my Grandma owned outright. What I paid for that car was literally more than the house I was living in was worth, and I felt kind of ridiculous knowing that.

Today, if I financed one of the cars that I drool over, the payment would likely be more than the mortgage payment of my other house, which is a lot lower than the payment on the house I actually live in. I can’t make that feel like anything other than SILLY. For ME, I don’t see the point in leasing, so I’ll have to be more realistic with my “wants” regarding a car. That’s no fun, but such is life.

Yeah I will do a little research little on because I don’t understand hooking up a leased car. I get it for him that continuously hooking up cars and reviewing them is a business but a leased car?

I review my contract and nowhere I saw that upgrades I have done to my current leased car will be credited back to me once I turn the car back in (unless I decided to finance the remaining value). But why would I do that if I don’t plan on keeping the car since technically leasing to me is like renting. You have a 50/50 chance of trading or turning the car in.

[Nazgul Girl]

   We have two older, paid-for Mazdas.  One is 2004 Protege.  One is a 2010 Mazda 3.   We just spent $ 784 on the Mazda 3 getting all of its fluids changed out, the gear selector cleaned and serviced because it was sticking a little, and a whole bunch of other items that needed attention.   Except for oil changes, it should be good for another 3 years before it needs further attention.   The Protege doesn't get driven too much and just has its oil changed periodically, and once in awhile, the engine needs a tune-up when it starts running rough.  Other than that, we don't spend much on them at all.  

   It's hard to kill a Mazda.

[NoNamePerson]

Nov 17, 2019 19:37:46 GMT -5 @pinkcshmere said:

I am kinda a car person, meaning a car is more to me than getting from point A to point B. But I am also well aware of my limits (my income!), which also means I try to stay out of new cars so I don’t get “the fever” and I can happily keep driving my old ass car.

I’ve never leased a car, so my thoughts about upgrading and adding things to a leased car are worth what you paid for them lol. I wouldn’t do it, as it’s not “my” car. 

I remember when I bought my first Honda Accord, I was living in a small 2BR house in the hood that my Grandma owned outright. What I paid for that car was literally more than the house I was living in was worth, and I felt kind of ridiculous knowing that.

Today, if I financed one of the cars that I drool over, the payment would likely be more than the mortgage payment of my other house, which is a lot lower than the payment on the house I actually live in. I can’t make that feel like anything other than SILLY. For ME, I don’t see the point in leasing, so I’ll have to be more realistic with my “wants” regarding a car. That’s no fun, but such is life.

I used to be. Finally common sense kicked in in my old age or I just got it out of my system! I think partly because I am not in my car as much. No longer driving daily to work and when I want to go to places like Atlanta, Houston, Dallas etc. I just fly.  But then again I really - never mind.

ETA: I do get a little dreamy eyed when I open a thread like this.

[andi9899]

I just did the math and I spend about $600/month outside of unforeseen expenses on the two cars I own. One car is my every day car and one basically just sits there.

[Blonde Granny]

My car is new and paid for.  I budget about $300/ yr. for any unusual happenings, other wise I spend nothing., unless you want to include gasoline, then it's about $65/ month.

[tractor]

I get it, if he has no other vices, why not have some fun. I love cars, and am somewhat restrained by my other vices as I have more than one.

My primary car I use 6 days a week, spending more than 2-hours a day in my car so it needs to be comfortable, but I also want something fun. Totaled the main car last month, still looking for a replacement. I have three other cars I could be driving, but look forward to not using the truck on a daily basis and get back into a car.

As far as costs go, I spend @$1,200 month on payments/insurance. This will probably go up another $1,000 when I find my next car. If I didn’t like to travel, hunt, or collect things my budget would be larger. My house is three years from being paid off and my retirement accounts are on track, I’m going to enjoy myself from here on out.

[Deleted]

Nov 18, 2019 9:37:46 GMT -5 Blonde Granny said:

My car is new and paid for.  I budget about $300/ yr. for any unusual happenings, other wise I spend nothing., unless you want to include gasoline, then it's about $65/ month.

No insurance?

Oh yea, certainly have insurance...it's $1210 per year.  I pay in full every spring so otherwise don't pay any attention to it.  Thanks for reminding me.  Cadillac pays for my yearly maintenance, car washes, check everything if I"m going out of town etc.

on edit: I do drive a luxury car that is expensive.  It is a 2020 Cadillac XT5 Sport model.

[The Walk of the Penguin Mich]

I dunno......

If you have the money, why not?  If it is something that brings you joy, then who are you to tell someone else how they spend their money?

We spent more for travel last year than I made while working.  Our travel budget is about 60-70% of our total budget.  We drive 13 year cars that are well maintained, the house is paid for.  Most upkeep has been done.  This is what we choose to do with our money because it brings us joy and we can afford it.  

I really don’t see cars as much different.

[Deleted]

I can't imagine spending $300 a month on insurance.  Is that because of the cost of the car, his driving record, or maybe both?  I pay about $350 every six months, and that isn't for liability only.

I'm not into cars except as a means of getting from point A to point B.  I wouldn't want to drive a banged up one, but my 2006 Corolla is in great shape, cosmetically and mechanically.  Of course, most Corollas look the same no matter what year they are so that probably helps, too.

In addition to $60 for insurance (which I don't pay monthly), I spend about $50-60 for gas.  Then I spend whatever is required for maintenance.  I've really had few repairs in the 13 years that I've owned this car--just the usual tires, batteries, brakes, and servicing.  I did buy new windshield wipers recently. 

[The Walk of the Penguin Mich]

Nov 18, 2019 11:59:03 GMT -5 @bamafan1954 said:

I can't imagine spending $300 a month on insurance.  Is that because of the cost of the car, his driving record, or maybe both?  I pay about $350 every six months, and that isn't for liability only.

I'm not into cars except as a means of getting from point A to point B.  I wouldn't want to drive a banged up one, but my 2006 Corolla is in great shape, cosmetically and mechanically.  Of course, most Corollas look the same no matter what year they are so that probably helps, too.

In addition to $60 for insurance (which I don't pay monthly), I spend about $50-60 for gas.  Then I spend whatever is required for maintenance.  I've really had few repairs in the 13 years that I've owned this car--just the usual tires, batteries, brakes, and servicing.  I did buy new windshield wipers recently. 

The type of car.  TD pays around $100+/mo for his car.  It is a 13 year old STi where the engine has been replaced with a much more powerful one than it was born with.  He is a 61 year old man with a clean driving record.  Powerful cars are expensive to insure.  If you have a few of these cars, they are newer, and you are younger, hitting $300/mo for insurance would be expected. ETA....living in LA, and 2019 cars where one is a MacLaren.  Yeah, not insuring your basic Subaru.  

[Deleted]

The guy in the video is paying over $1000/month for insurance.  The $300/month was one of Haitian's friends.

I can totally see $300/month for a sports car and a young male though.  I have to pay $65/month for liability only on a 22 year old Camry for my son.  Put him in a newer model sports car with full coverage?  OMG.  It would be horrible.   

[The Walk of the Penguin Mich]

Nov 18, 2019 12:35:58 GMT -5 minnesotapaintlady said:

The guy in the video is paying over $1000/month for insurance.  The $300/month was one of Haitian's friends.

I can totally see $300/month for a sports car and a young male though.  I have to pay $65/month for liability only on a 22 year old Camry for my son.  Put him in a newer model sports car with full coverage?  OMG.  It would be horrible.   

Yeah....I could see that too.  

[billisonboard]

A couple of years ago I replaced my aging Ford Ranger with another that had the features I wanted and low miles.  An old model 4 wheel drive Ranger fits our lifestyle needs and my garage (the new ones are bigger).  My wife has a newer Honda Fit we use for most couple trips. I simply paided what the market required to get what I wanted. I plan on it being the last vehicle I ever purchase. 

[Tiny]

But why would you hook up / spend a lot of money on accessories on a car if it is a lease and based on his lifestyle you will continuously keep upgrading or leasing for new cars? Do you get that money back? I should check that part on my lease.

the OP does say that the cars are part of his business/source of income.    (he's selling "entertainment" for the most part). 

I would guess doing the upgrades/accessories fits into his "business plan" - in other words whatever additional income he gets by doing it outweighs any negatives on the lease side of it.    I doubt the cars/upgrades are a big contributor to a big negative (in income)  on the bottom of his "balance sheet".   I'm also pretty sure he's running this all as a business - and it might be more than just his youtube page and payments for reviews or payments for product placement.  I bet he also gets paid to make public appearances/talks and who knows what else.        I kind of admire when someone has the business acumen/charisma/connections to accomplish this. 

I suspect that high end vehicle leases and then doing upgrades to the vehicles would NOT benefit anyone who's leased car is not a source of income.   

[justme]

Look, if I had the money I'd be driving a sweat ass car, or several. But it'd be more like making $300k/year and then buying a $100k car and riding around in it for years. Or, actually, more likely having a nice but affordable day car and a really fun weekend and night car that gets less miles so it'll last longer.  

[zibazinski]

Nov 17, 2019 19:46:12 GMT -5 TheHaitian said:

Nov 17, 2019 19:37:46 GMT -5 @pinkcshmere said:

I am kinda a car person, meaning a car is more to me than getting from point A to point B. But I am also well aware of my limits (my income!), which also means I try to stay out of new cars so I don’t get “the fever” and I can happily keep driving my old ass car.

I’ve never leased a car, so my thoughts about upgrading and adding things to a leased car are worth what you paid for them lol. I wouldn’t do it, as it’s not “my” car. 

I remember when I bought my first Honda Accord, I was living in a small 2BR house in the hood that my Grandma owned outright. What I paid for that car was literally more than the house I was living in was worth, and I felt kind of ridiculous knowing that.

Today, if I financed one of the cars that I drool over, the payment would likely be more than the mortgage payment of my other house, which is a lot lower than the payment on the house I actually live in. I can’t make that feel like anything other than SILLY. For ME, I don’t see the point in leasing, so I’ll have to be more realistic with my “wants” regarding a car. That’s no fun, but such is life.

Yeah I will do a little research little on because I don’t understand hooking up a leased car. I get it for him that continuously hooking up cars and reviewing them is a business but a leased car?

I review my contract and nowhere I saw that upgrades I have done to my current leased car will be credited back to me once I turn the car back in (unless I decided to finance the remaining value). But why would I do that if I don’t plan on keeping the car since technically leasing to me is like renting. You have a 50/50 chance of trading or turning the car in.

Plus if you try to buy your car that you leased, all of a sudden it’s worth so much more than it really is worth.