Discussion
I'm sure this has been covered before, but I can't access search on phone. And I'm bored.
Mark 1 MX5's are now obtainable circa 1k or less for a half decent one. I know there's still plenty of them around, and they're not exactly ground breaking, but surely these are a bargain?
I was thinking of buying a good one, and literally either storing it away properly for 10/15 years, or just using it as another weekend car for a bit of fun.
It would have to be the Eunos, and a completely stock,original earlier the better (pre '90 ideally), but for what is considered by some as one of the best roadsters in its class, I can't see them going down in value? And for a grand, can you really go wrong?
Mark 1 MX5's are now obtainable circa 1k or less for a half decent one. I know there's still plenty of them around, and they're not exactly ground breaking, but surely these are a bargain?
I was thinking of buying a good one, and literally either storing it away properly for 10/15 years, or just using it as another weekend car for a bit of fun.
It would have to be the Eunos, and a completely stock,original earlier the better (pre '90 ideally), but for what is considered by some as one of the best roadsters in its class, I can't see them going down in value? And for a grand, can you really go wrong?
Rust can be difficult, mainly contained within the sills and rear arches. The reason it is a killer, is the current value of the cars versus the repair costs. The repair can be 'relatively' cheap to completely replace the sills but compared to the value of the car it is not.
I owned a mk1 Eunos a few years ago. It was generally reliable and had very little rust. I had a water pump fail, electric window mechanism fail, clutch slave fail, headlight relay fail, heater hoses fail. They were all DIYable which made things better (even with my limited mechanical knowledge!!).
If it is an 'investment' it might be okay, but my worry was the sheer volume of cars in the market would devalue the market (a bit like the MG Midgets/ Spitfires until a few years ago). There would need to be something special about the one you bought to make it stand out (special edition/ low mileage/ concours original)
Mike
I owned a mk1 Eunos a few years ago. It was generally reliable and had very little rust. I had a water pump fail, electric window mechanism fail, clutch slave fail, headlight relay fail, heater hoses fail. They were all DIYable which made things better (even with my limited mechanical knowledge!!).
If it is an 'investment' it might be okay, but my worry was the sheer volume of cars in the market would devalue the market (a bit like the MG Midgets/ Spitfires until a few years ago). There would need to be something special about the one you bought to make it stand out (special edition/ low mileage/ concours original)
Mike
Can't see it myself. The MX5 is one of THE highest production sports cars of all time.
Whatever you have there will always be thousands of others with fewer miles, better spec, fewer owners, rarer wheels etc.
Future buyers of minty mint MX5s will want totally standard cars with no miles on the clock, 14'' steelies and all the engine stickers in place.
Will a £750 MX5 be worth £1.5k in 3 years time? Who knows, probably.
The only way of it making financial sense is buying one, mothballing it so you have ZERO costs and then selling at a later date. Even then the return will be so measly you may as well have spent it on 101RON and rear tyres.
Whatever you have there will always be thousands of others with fewer miles, better spec, fewer owners, rarer wheels etc.
Future buyers of minty mint MX5s will want totally standard cars with no miles on the clock, 14'' steelies and all the engine stickers in place.
Will a £750 MX5 be worth £1.5k in 3 years time? Who knows, probably.
The only way of it making financial sense is buying one, mothballing it so you have ZERO costs and then selling at a later date. Even then the return will be so measly you may as well have spent it on 101RON and rear tyres.
but my worry was the sheer volume of cars in the market would devalue the market (a bit like the MG Midgets/ Spitfires until a few years ago). There would need to be something special about the one you bought to make it stand out (special edition/ low mileage/ concours original)
THIS.
There were many, many tucket away as 3rd cars in the garages of (now) elderly citizins. Probably
this makes it now a good time to aquire a one owner low mile example. But there are still dozens of
them around and if the garage was slightly damp,-- well...
THIS.
There were many, many tucket away as 3rd cars in the garages of (now) elderly citizins. Probably
this makes it now a good time to aquire a one owner low mile example. But there are still dozens of
them around and if the garage was slightly damp,-- well...
Don't know much about MX5's.... Too modern for me! But the OP's proposition is sound IMHO.
A glut of cars on the market at this time just means more choice and more bargaining power. Trick is to know a bargain when you see one and to settle for nothing less than an absolutely 'straight' car. Original? Yes OK, but don't rule out some good quality period accessories. Now's the time to squirrel spare bits of trim and spare OE wheels etc.
Don't agree with laying it up though. Well used and used well is just as likely to hold its value.
Buy for a grand do a couple of K miles a year and I reckon you'll double your money in less than 10 years.
A glut of cars on the market at this time just means more choice and more bargaining power. Trick is to know a bargain when you see one and to settle for nothing less than an absolutely 'straight' car. Original? Yes OK, but don't rule out some good quality period accessories. Now's the time to squirrel spare bits of trim and spare OE wheels etc.
Don't agree with laying it up though. Well used and used well is just as likely to hold its value.
Buy for a grand do a couple of K miles a year and I reckon you'll double your money in less than 10 years.
I agree with that. As a way of very cheap or possibly cost neutral motoring they're probably one of the best affordable options out there.
Just be aware of the real costs though. Tax, insurance, MOTS, servicing, tyres, consumables, storage etc. They all add up. I've had cars I've sold for double the buy price and more and I've rarely made any real money when you do the sums properly.
Just be aware of the real costs though. Tax, insurance, MOTS, servicing, tyres, consumables, storage etc. They all add up. I've had cars I've sold for double the buy price and more and I've rarely made any real money when you do the sums properly.
benjj said:
I agree with that. As a way of very cheap or possibly cost neutral motoring they're probably one of the best affordable options out there.
Just be aware of the real costs though. Tax, insurance, MOTS, servicing, tyres, consumables, storage etc. They all add up. I've had cars I've sold for double the buy price and more and I've rarely made any real money when you do the sums properly.
I wouldn't be expecting to make my millions and really it would be more for a bit of fun than anything. I've had RX8's before, and liked the Mazda feel. I think the older MK1's have moved away from the "hairdresser's car" stereotype and just seem to be good fun little cars.Just be aware of the real costs though. Tax, insurance, MOTS, servicing, tyres, consumables, storage etc. They all add up. I've had cars I've sold for double the buy price and more and I've rarely made any real money when you do the sums properly.
It wouldn't be my daily so the perishables wouldn't be too much of an issue. I was shocked at the tax though! Over 300 quid for the year!
I've only had mine for a few months (going to go on sale post USA trip) as I've been offered a new job and can't really commute North Wales to Germany in a MK1 Eunos!
Most important thing is rust, yes there may be a few about for under £1,000 but they will probably need a lot of work which far outstrips the value of the car.
Cracking fun little car and really full of character, especially with the pop up lights!
Mine is a cracking little car, S-Ltd Special, black with tan, black hardtop, BBS, Bilstein suspension etc etc
Most important thing is rust, yes there may be a few about for under £1,000 but they will probably need a lot of work which far outstrips the value of the car.
Cracking fun little car and really full of character, especially with the pop up lights!
Mine is a cracking little car, S-Ltd Special, black with tan, black hardtop, BBS, Bilstein suspension etc etc
Mk3Spitfire said:
It wouldn't be my daily so the perishables wouldn't be too much of an issue. I was shocked at the tax though! Over 300 quid for the year!
That tax seems too high. I only paid about £220 from memory for a 1991 Eunos (1.6). I now pay £230PA for a polluting 1981 T25 camper vanI've got a nice s special. They are going up in price gradually. I wouldn't buy one just to store it though. You'll be better off to just buy a pretty good one and use it . I very much doubt you'll get a half decent one for less than a grand. You'd be talking more like 1500 -2k for a good one . I've had several people after mine for 2k
I don't think they are a viable car for storing away... there are too many of them, and while they may go up in price, it will be the VERY best that will fetch the highish prices in the future. I also don't see them going up enough to beat inflation and make a worthwhile investment medium to long term.
After saying that I bought a MK1 a few years ago, with the specific purpose of doing the south of France and Italy in a convertible... Plan was to do it, then sell it. Well I still have it, and don't see me selling it any time soon as I just love the car! it gets more use than our SLK55 AMG.
So buy one, and enjoy it! First year we did the South of France, last year we drove to Spain, and We are off to France in it again this year!
here are a few pictures, and a link to my web site about maintenance and my trips
https://jtccc.wordpress.com/our-cars/about/
After saying that I bought a MK1 a few years ago, with the specific purpose of doing the south of France and Italy in a convertible... Plan was to do it, then sell it. Well I still have it, and don't see me selling it any time soon as I just love the car! it gets more use than our SLK55 AMG.
So buy one, and enjoy it! First year we did the South of France, last year we drove to Spain, and We are off to France in it again this year!
here are a few pictures, and a link to my web site about maintenance and my trips
https://jtccc.wordpress.com/our-cars/about/
Edited by buzzer on Thursday 5th February 09:16
Have owned two Mk1 Euno's S-Specials at different times as a second/weekend car, fantastic fun and ultra reliable, buy a good one and you literally only have to stick petrol in it. The second one I bought from a young guy in Hull who had to sell as kid was on its way, £1200 and it was on koni adjustables, nice alloys and well looked after. Sadly I sold it three years later as the sills were starting to go and lack of space to keep it, sold it for £1200!
I'll buy another one day.
I'll buy another one day.
I'd say the MX-5 is a shoe-in as a classic as it fills that roadster gap that people used to fill with MG Bs/Midgets, etc.
I think the only things holding it back are that it's still in production and they did such a good job with the styling of the Mk1 that it doesn't look it's age. I mean in 1983 you could buy a new VW Golf Mk2 or a 4 year-old MG Midget - and they look a lifetime appart in styling. Today you can by a 25 year old MX-5 and it looks what, 10 years old stylie wise?
I think the only things holding it back are that it's still in production and they did such a good job with the styling of the Mk1 that it doesn't look it's age. I mean in 1983 you could buy a new VW Golf Mk2 or a 4 year-old MG Midget - and they look a lifetime appart in styling. Today you can by a 25 year old MX-5 and it looks what, 10 years old stylie wise?
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