Can I afford to run these cars?

Can I afford to run these cars?

Author
Discussion

Ranchitup

Original Poster:

18 posts

92 months

Thursday 28th July 2016
quotequote all
Hi all,

New to the forums here and I wondered if you could help me before I make a big decision that might cost me my sanity and my kidneys.

I am looking to get a nice luxury car and I wondered if my intentions to do so are sensible/grounded in reality.

I have roughly have around £1.5k a month spending money. No mortgage etc. I've been thinking of buying a car on finance or a loan (Whatever is best) and I've been eyeing up the following cars to buy second hand:

1. Maserati Granturismo
2. Audi R8
3. Bentley Continental

These cars seem to be on sale at a second hand price of £38k-40k which to me is a bargain considering how much car you are getting for that money. The Maserati appears to have relatively low maintenance costs; service every 2 years but a bit expensive in terms of tyres etc. Similarly, the R8 seems doesn't appear to have astonishing running costs either.Bentley Continental's seem to go for very cheap as well but >50k miles

Obviously, the primary thing is, I am looking to get the cheapest entry level versions of these cars and there is a risk of them going wrong (I will definitely get a professional vehicle inspection done on all cars I view). I viewed a Maserati Granturismo already and it seemed really solid and in great condition which gave me confidence in finding a good quality car for that price range. Obviously these cars will be older hence the depreciation.

So as far as I see it, I'm looking at around £650-700 a month on finance. Maybe save up £5k-10k to pay a bigger lump sum up front?

Is it sensible? I really dont want to settle for a run of the mill car. What should I look out for? How much am I realistically looking to spend?

I know there's a lot of guess work involved. I did want to get a GTR but from what I hear, it has extremely high running/hidden costs.

Any thoughts are appreciated! Thank you!

Audemars

507 posts

97 months

Thursday 28th July 2016
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£1.5k per month will barely cover a ford fiesta. I wouldn't buy any of tbe cars you mentioned with £5k per month spending money

ayman82

1,465 posts

180 months

Thursday 28th July 2016
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Wait 4 years and buy it outright? Then spend £1.5k a month on repairs?

Ranchitup

Original Poster:

18 posts

92 months

Thursday 28th July 2016
quotequote all
£1.5k per month spending money can barely cover the cost of a fiesta?

To clarify, £1.5k isn't what I earn a month. This is money available less outgoings, that I can spend on the car

austinsmirk

5,597 posts

122 months

Thursday 28th July 2016
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They still won't get you laid, if you're not getting it now.

ph, where the truth hurts.

Ranchitup

Original Poster:

18 posts

92 months

Thursday 28th July 2016
quotequote all
Audemars said:
£1.5k per month will barely cover a ford fiesta. I wouldn't buy any of tbe cars you mentioned with £5k per month spending money
£1.5k per month spending money can barely cover the cost of a fiesta?

To clarify, £1.5k isn't what I earn a month. This is money available less outgoings, that I can spend on the car


ayman82 said:
Wait 4 years and buy it outright? Then spend £1.5k a month on repairs?
£1.5k a month on repairs for these cars? Surely that is really excessive?

austinsmirk said:
They still won't get you laid, if you're not getting it now.

ph, where the truth hurts.
biglaugh LOL! That's not the intention behind the purchase. I have a gf.

lesstatt

4,318 posts

189 months

Thursday 28th July 2016
quotequote all
How about a DB7, a few for around 20-25k, save the rest for repairs, the cost of which will be huge if anything goes wrong. A 911 (996) is probably a more realistic option, carrera models for around 20k and reasonable reliability,

Edited by lesstatt on Thursday 28th July 15:52

boobles

15,241 posts

214 months

Thursday 28th July 2016
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If you have to ask then no.

AH33

2,066 posts

134 months

Thursday 28th July 2016
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£1.5k a month won't cover a ford fiesta? laugh

My car costs less than £320 a month for absolutely everything, including petrol.

I'd say you don't want to be spending more than 20% of your spare income on a car, you'll only resent it when something goes wrong.

Alex_225

6,234 posts

200 months

Thursday 28th July 2016
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If the maths works out mate, then do it.

The only thing I wouldn't do is a lease as I wouldn't like to be spending money per month for something that I wouldn't own at the end. But if I was paying something off at £1-1.5k a month, I'd definitely be buying a dream car of some sort. smile

X5TUU

11,909 posts

186 months

Thursday 28th July 2016
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Yes that budget will allow, I ran an R8 on £1200 a month including finance costs with no issues ... Out of them I would go for the Conti

Guvernator

13,109 posts

164 months

Thursday 28th July 2016
quotequote all
We need to know a bit more about your circumstances.

1) Is that £1.5k per month purely budget set aside for a car or is that your total income? Do you have other outgoings that might eat into that money?

2) How old are you?

3) Single, married, children?

3) What other cars have you had experience of i.e. will this be your first performance car or have you had others.

4) How mechanically minded are you? Will you be able to do some bits yourself or at least self diagnose or will you pay someone else lots of money to do it when it needs fixing or servicing?

Only you can really decided if you can afford one but the answers to the above might give some pointers.

As an example if you are a 21 year old living at home, have zero mechanical knowledge and you are upgrading from a Fiesta, it might not be the most sensible idea even if you think you can afford one.

Ranchitup

Original Poster:

18 posts

92 months

Thursday 28th July 2016
quotequote all
lesstatt said:
How about a DB7, a few for around 20-25k, save the rest for repairs, the cost of which will be huge if anything goes wrong. A 911 (996) is probably a more realistic option, carrera modela for around 20k and reasonable reliability
Not a fan of the DB7's look to be honest. Yeah I did think about a 911, but hear that their maintenance costs are really high apparently. I haven't driven one though so its something I have definitely considered. Might be worth driving to see how much I enjoy the ride.

The Maserati Granturismo apparently has very low maintenance costs for what it is. Every two years you're looking at about £2k servicing? Chews through tyres though.

boobles said:
If you have to ask then no.
Yeah its walking a thin line I guess but it doesn't seem completely out of the realms of possibility or overly silly.

_Neal_

2,658 posts

218 months

Thursday 28th July 2016
quotequote all
Audemars said:
£1.5k per month will barely cover a ford fiesta. I wouldn't buy any of tbe cars you mentioned with £5k per month spending money
laugh

I think you can safely ignore the post above.

If it's £1.5k/month free and clear of any other outgoings i.e. just a car loan repayment/maintenance budget of £18k a year, I say get a personal loan (i.e. not tied to the car) do your research on running costs, buy something that shouldn't depreciate too much, and go for it.

Run it for a year then keep it if you like it and it's not killing your wallet, sell it and either replace it or repay the loan (with perhaps a small top-up for depreciation) if you don't.

Doesn't seem like walking a fine line to me - you're allowing c.£9k/year on insurance/maintenance, which would cover the vast majority of exotic/prestige stuff. Aston V8 Vantages start at about £30k, which seems strong value for the prestige/driving experience...






Edited by _Neal_ on Thursday 28th July 15:58


Edited by _Neal_ on Thursday 28th July 16:01

VladD

7,853 posts

264 months

Thursday 28th July 2016
quotequote all
OP, I bought a BMW 750i a few years ago for £8k. It cost £13k in maintenance and repairs over 18 months. Fortunately for me, most of it was covered by warranty and insurance. Obviously I was particularly unlucky, but it's just an idea of what could happen with a luxury car. As long as you're prepared for the potential big bills, then it may be worth the risk.

Guvernator

13,109 posts

164 months

Thursday 28th July 2016
quotequote all
Not sure where you are getting your info from but a 911 is probably one of the cheapest junior supercars to run, unless you are unlucky and have an engine failure of course but for £40k you would be in 997 gen 2 territory where the engine issues where sorted. The R8 might be similar costs. I'd reckon on a Maserati or Conti GT costing you more to run than those two though.

The other cost to factor in which is sometimes overlooked and probably the most important one is depreciation. How long do you plan to keep this car for? A badly depreciating car could loose you £10k over a couple of years and make any running cost concerns look silly in comparison.

anonymous-user

53 months

Thursday 28th July 2016
quotequote all
I would say £1,500 will nicely cover it smile

At the end of the day its only money, we earn it to enjoy it, otherwise, what's the point! You can always sell the car.

lesstatt

4,318 posts

189 months

Thursday 28th July 2016
quotequote all
Ranchitup said:
Yeah its walking a thin line I guess but it doesn't seem completely out of the realms of possibility or overly silly.
How about a SLK55 AMG, or an XKR Jag, should be very reliable indeed and won't lose too much in depreciation

bigkeeko

1,370 posts

142 months

Thursday 28th July 2016
quotequote all
Audemars said:
£1.5k per month will barely cover a ford fiesta. I wouldn't buy any of tbe cars you mentioned with £5k per month spending money
Here we go again. rofl

Audemars said:
I did want to get a GTR but from what I hear, it has extremely high running/hidden costs
Don't believe everything you hear. As for your other choices buy the right car with the right inspection/warranty and try not to worry too much. It's only a car.

Edited by bigkeeko on Thursday 28th July 16:26

_Neal_

2,658 posts

218 months

Thursday 28th July 2016
quotequote all
Guvernator said:
The other cost to factor in which is sometimes overlooked and probably the most important one is depreciation. How long do you plan to keep this car for? A badly depreciating car could loose you £10k over a couple of years and make any running cost concerns look silly in comparison.
Absolutely, so buy carefully - also hedging your bets by paying off the capital on a monthly basis (which you will be doing, as any loan should be fairly low interest) and putting some cash in as well (i.e. not funding the whole price by way of loan) will mitigate against that.

If I had to guess I'd say if you're paying off £600/month in terms of capital, and put a couple of grand in up front, you should stay in "positive equity" against any car on your list.