How much of your income is devoted to your beloved c63?
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Joined: Mar 2018
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c63 Coupe, GLC63
How much of your income is devoted to your beloved c63?
I know this is a more taboo subject but sometimes when you frequent other online forums (especially car forums and personal finance forums) you always run into the argument that converge into " how much car is too much car". Personal finance proponents only advise on a small portion on your income spent on cars, yet car enthusiasts are willing to spend up to pass 50% (and beyond) of their income on cars.
As a subset of a very niche group of c63 owners, what are your opinions/reasons when you have committed to buying a c63 (along with its maintenance and cost) to justify the amount of your income devoted to this vehicle? Does it take up a significant portion of your income? Did you plan to keep this as a long term car? Did you finance or lease, or pay cash for this car?
As a subset of a very niche group of c63 owners, what are your opinions/reasons when you have committed to buying a c63 (along with its maintenance and cost) to justify the amount of your income devoted to this vehicle? Does it take up a significant portion of your income? Did you plan to keep this as a long term car? Did you finance or lease, or pay cash for this car?
Joined: Jul 2006
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From: Seattle
'19 E63S, ‘16 CLS63 RIP, '09 E63 Gone, '06 M5 Gone, '97 Supra TT Gone
There is a recent Vice documentary on the street racers in NYC. One of the guys is such a deadbeat he lives with his mom and spends everything on his car. Don’t be that guy.
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2017 AMG C63
I financed my car because I always think I'm going to keep them and end up trading in a year later. I've traded in my vehicles on average once a year. I was initially looking for a Charger Hellcat since I owned a Challenger Hellcat, but I couldn't find any local. I wanted a four door "fast" car and came up on the C63 and that's the reason why I ended up buying it. Looking at it now, I think I might hold on to my C63 for some time. I really enjoy the car especially with the Stage 2 tune and catless dps I just installed.
As far as maintenance I don't think it's all that bad. I've always done everything to my cars. As far as oil changes I'll probably those myself. I recently changed the brake pads because the OEM pads leave a lot of dust. I did the DPs myself as well. Now I don't necessarily do all this to save money, but because I genuinely love working on cars and it gives me greater satisfaction when I'm driving it.
I kind of went off subject, but I probably have about 8 percent of my income goes to my car and insurance. I'm not a finance manager but I think that isn't too bad lol.
As far as maintenance I don't think it's all that bad. I've always done everything to my cars. As far as oil changes I'll probably those myself. I recently changed the brake pads because the OEM pads leave a lot of dust. I did the DPs myself as well. Now I don't necessarily do all this to save money, but because I genuinely love working on cars and it gives me greater satisfaction when I'm driving it.
I kind of went off subject, but I probably have about 8 percent of my income goes to my car and insurance. I'm not a finance manager but I think that isn't too bad lol.
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C63s, the good sounding one
Meh.. My spending habits allowed me to pay cash so I’m not sure of the best way to calculate % of income. That being said, I will be the first one to say “it is more car than I should have purchased”. However, I take great enjoyment in driving a vehicle that meets my expectations for performance. Therefore I do not languish too much over the amount. At 56 yr. old I consider myself very fortunate to be able to say “I’m glad I did” instead of “I wish I had”. My financial advice for car purchase, and what I do is, save now for the next vehicle purchase. And don’t purchase until I can pay cash. Paying interest on a luxury item such as a sporty car is not a good investment.
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2017 AMG C63
Meh.. My spending habits allowed me to pay cash so I’m not sure of the best way to calculate % of income. That being said, I will be the first one to say “it is more car than I should have purchased”. However, I take great enjoyment in driving a vehicle that meets my expectations for performance. Therefore I do not languish too much over the amount. At 56 yr. old I consider myself very fortunate to be able to say “I’m glad I did” instead of “I wish I had”. My financial advice for car purchase, and what I do is, save now for the next vehicle purchase. And don’t purchase until I can pay cash. Paying interest on a luxury item such as a sporty car is not a good investment.
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From: San Francisco Bay Area
2019 C63CS
Not getting into too much detail, but pay yourself first such as maxing out your retirement contributions etc. Like @FlightC63 I wrote a six figure check for the car, so the purchase is a sunk cost. I don't buy depreciating stuff on credit and pay interest on top of the depreciation, and I'm not selling assets to pay for the car, either. Car was paid from cash I keep around for rainy days etc. So ongoing expenses for the car are minimal especially during the first few years. I included the maintenance package in my purchase and the warranty covers any repairs for now. So it's gas, insurance and wear and tear items.
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IG: @amg.svr
Not getting into too much detail, but pay yourself first such as maxing out your retirement contributions etc. Like @FlightC63 I wrote a six figure check for the car, so the purchase is a sunk cost. I don't buy depreciating stuff on credit and pay interest on top of the depreciation, and I'm not selling assets to pay for the car, either. Car was paid from cash I keep around for rainy days etc. So ongoing expenses for the car are minimal especially during the first few years. I included the maintenance package in my purchase and the warranty covers any repairs for now. So it's gas, insurance and wear and tear items.
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From: Florida
AMG C63s
Not getting into too much detail, but pay yourself first such as maxing out your retirement contributions etc. Like @FlightC63 I wrote a six figure check for the car, so the purchase is a sunk cost. I don't buy depreciating stuff on credit and pay interest on top of the depreciation, and I'm not selling assets to pay for the car, either. Car was paid from cash I keep around for rainy days etc. So ongoing expenses for the car are minimal especially during the first few years. I included the maintenance package in my purchase and the warranty covers any repairs for now. So it's gas, insurance and wear and tear items.
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From: San Francisco Bay Area
2019 C63CS
That strategy is very debatable. If you use your rainy day reserves to pay for the car, you can't really afford to pay cash either. Also, think about it: 2.99% interest on car loan vs about 11-12% return annually on stock portfolio over the last 5 years ... and that is just a medium risk portfolio. I am sure bag that % difference anytime, any day and keep my rainy day reserves in an interest bearing but easily cash convertible investment too.
Last edited by superswiss; Mar 11, 2020 at 07:21 PM.
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From: Florida
AMG C63s
As I said, I wasn't going into details, but suffice to say I have more cash lying around than I need to cover all my expenses for at least 1 year w/o income. So, it's not really depleting the rainy day reserve. I have my reasons for keeping some excess cash around. Yes, if you invest the cash instead at a higher yield and get a car loan instead at a lower rate, that's perfectly sound, but let's be realistic. Most don't have the cash either way and take out loans because they don't really have the money, either to invest or otherwise. My comment was directed more towards those kinds of borrowers.
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From: San Francisco Bay Area
2019 C63CS
I understand...but it gets even more interesting when you consider car loan at 2.99% vs same payment in a 401(k) with 50% company match + interest accumulation...in this case you sure want to max out your monthly 401(k) first before paying for car loan..Also, if you loose income and can't pay for the loan...not too many penalties as the lien holder takes the car...in the meantime you invested your money on interest bearing investments and still come out on top.... I know we go off topic but my point is that car payments can be really bad or really good choice depending from a list of factors unrelated if you have cash laying around or not. (btw, I am not a financial adviser just common sense!).
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From: Sydney
C63 S Coupe
20% of my salary goes to my car net worth is about $300k and I'm a single, middle aged **** that's been divorced (almost cleaned up by the wife) and luckily no kids. At times when I was close to ending my life buying the AMG brought happiness to me and gives me that glimmer of hope. It gives me something to look forward to whether it's washing it on the weekend, taking it for a drive at night or just standing in my driveway and looking at it. I paid half cash and loaned the rest unsecurely which was a total $124,000 aussie....
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C63s Coupe
@George_1992 sorry to hear that but also glad your wheels make you happy. I have a friend who's in the same boat. I do the same when I need time away from my wife - get in and go for a long drive 
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AMG GTC
@George_1992 hate you went through that, man. It’s funny, so many people don’t understand the passion that drives folks like all of us into investing so much time, money, and effort into these machines. It’s so much more than a method of getting from point A to point B. They’re a great source of happiness, stress relief, etc. It’s truly a cathartic experience every time I get behind the wheel.
My car + insurance winds up accounting for about 9%-11% of my post-tax income. My wife’s car + insurance is more in the range of 15%-18% of her post-tax income.... but “what’s mine is hers!”.
My car + insurance winds up accounting for about 9%-11% of my post-tax income. My wife’s car + insurance is more in the range of 15%-18% of her post-tax income.... but “what’s mine is hers!”.
Last edited by Go Dawgs; Mar 12, 2020 at 08:53 AM.
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From: Florida
AMG C63s
@George_1992 hate you went through that, man. It’s funny, so many people don’t understand the passion that drives folks like all of us into investing so much time, money, and effort into these machines. It’s so much more than a method of getting from point A to point B. They’re a great source of happiness, stress relief, etc. It’s truly a cathartic experience every time I get behind the wheel.
My car winds up accounting for about 9%-11% of my post-tax income. My wife’s car is more in the range of 15%-18% of her post-tax income.... but “what’s mine is hers!”.
My car winds up accounting for about 9%-11% of my post-tax income. My wife’s car is more in the range of 15%-18% of her post-tax income.... but “what’s mine is hers!”.
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Mercedes C63 Coupe W205
I paid cash for mine. I am 26 year old. I paid 75% of what I have gathered/saved and before the car I was thinking to buy a real estate for extra income but since I am a car guy and also was racing when I was a bit younger. I am not searching an excuse for my purchase and I still feel that I made a mistake but man when I get inside the car I forget everything. From my income it takes around 10% average.
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MB’s of all kinds.
Everyone has a very different situation. Wife and I have no kids. Our mortgage is covered because I live in a 2 family home. (Bought an old victorian house that we remodeled and was too large for us. Older woman pays rent to cover the expenses) I do most of my own work on my cars as I have a massive garage. My house in Florida I rent out when I am not there covering my housing expenses allowing me to have a free vacation home basically. No student loan debt. Income from both our jobs allows us to invest and save. With having rental property you itemize on your taxes and it allows you to deduct many things as business expenses. By covering the largest expense many people face (Housing) it allows you to do other cool things with your money. I would say all the cars combined maybe 20% or so of my income goes to that. But if it is not that I am buying. I would be doing something else with it. Either way you are going to spend it somewhere lol.
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From: AZ
2018 C63S Coupe
I feel financially responsible with the decisions I make in relation to my car hobby.
I have a very diversified retirement plan and a solid retirement budget.
Any time I decide to spend money on my hobby I bounce it off my plan to understand the impact.
But there is a part of me that still feels like "allgoldmac"...I need to live my life and enjoy it and my car hobby makes me happy!!!
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2017 AMG C63
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2016 C63S
Good question and no one should ever buy a car that they cant afford! Done it in my past and regretted it massively.
As for my C63S - bought a CPO with extended warranty and with tax and everything, was the most I have spent on a car ever! I dropped a big chunk of money as a downpayment and financed the rest into a monthly payment that I can afford with ease. Total costs including insurance and fuel are less than 10% of my monthly income. Had older and higher maintenance cars in the past, so decided to go newer, CPO'ed and with a long warranty to get me out of the additional costs. Had it for 18 months and had no additional costs other than a small service, which was absolutely fine. Though I do have to do the rear brakes soon, but thats not a major cost. Strategy seems to be working and having what feels like fixed cost motoring, I am certainly happy at the moment.
As for my C63S - bought a CPO with extended warranty and with tax and everything, was the most I have spent on a car ever! I dropped a big chunk of money as a downpayment and financed the rest into a monthly payment that I can afford with ease. Total costs including insurance and fuel are less than 10% of my monthly income. Had older and higher maintenance cars in the past, so decided to go newer, CPO'ed and with a long warranty to get me out of the additional costs. Had it for 18 months and had no additional costs other than a small service, which was absolutely fine. Though I do have to do the rear brakes soon, but thats not a major cost. Strategy seems to be working and having what feels like fixed cost motoring, I am certainly happy at the moment.
