cash

[ultimaybe]

a fundamental question....
are ultima owners average Jo public, or people with high disposable incomes?
How have people financed?
I'm thinking of biting the bullet and raising the intial 17k on my mortgage...
Well, it's a plan.
£25k- a reasonable budget?

...unless anyone has a part build/damaged one lurking in a garage somewhere??!

[mkoch1]

ultimaybe said:

a fundamental question.... are ultima owners average Jo public, or people with high disposable incomes? How have people financed? I'm thinking of biting the bullet and raising the intial 17k on my mortgage... Well, it's a plan. £25k- a reasonable budget? ...unless anyone has a part build/damaged one lurking in a garage somewhere??!

I know I am just an average Joe. 25 year old web developer for the federal government. By no means rich. If it wasn't for having 2 roommates I couldn't have even considered an ultima. To finance I sold my rx7 project car, took a little out of savings, and got a home equity loan.

I think the average build is around 65K (us dollars).

mark

[BobM]

ultimaybe said:

I'm thinking of biting the bullet and raising the intial 17k on my mortgage... Well, it's a plan.

It's probably the cheapest way of borrowing the money, but of course has the obvious disadvantage that it ties your house up!

ultimaybe said:

£25k- a reasonable budget?

I think not.

Have a close look at the price list on the factory website. While the basic modules are £17k, a large proportion of the 'options' are not optional! They could of course be sourced elsewhere which is why the 'options' tag is justified. I'd have thought basic modules plus engine and gearbox won't leave you much change out of £25k - and don't forget about VAT unless you're VAT registered.

The options list includes grills, mirrors, fuel pumps and hoses, seats/harnesses, lights, instruments, wheels etc.

When I was planning I reckoned it was doable for about £40k, but decided that if I was going to spend that much it was probably false economy to not go the whole hog - aircon, AP brakes etc. so mine will be in the upper £40k's

HTH,

Bob

[Steve_D]

I am also funding my build using the equity in my house and increasing my mortgage. So, no I'm not rich.

You need to be looking at 40k even if you do things like building the engine yourself.
As already mentioned, beware of building too low a spec car as the impact on it's resale value will be more than the money saved in it's build.

If you do decide to proceed you can rely on support from the factory and the support of this forum albeit mixed with the appropriate amounts of banter and abuse.

If you get closer, post what you think you will buy and we will advise on your choices.
Steve

[slangley]

I have always wonder what type of "joe" can afford an Ultima as well. Being a "kit car", it's probably difficult to get an auto loan for financing. Would be very interesting to see the average age vs income.

I've been looking at the Ultima for about 2 years now. I just purchased one today "YEAH". I've always estimated the cost of the "kit" with ALL the pieces required to be comforable and driveable would be around $55k USD. That doesn't include engine/trany. I'm assuming I'll have another $15k to $20k USD into it by the time I'm done.

Sad part is, I have to wait 4 months to get the kit to my house.

[italiano]

sons of b!tches using morgages & loans... Unfortunately I will have to pay with cash (like I have to with everything else. Has it's pros and cons.

[joe public]

ultimaybe said:

a fundamental question.... are ultima owners average Jo public, or people with high disposable incomes? How have people financed? I'm thinking of biting the bullet and raising the intial 17k on my mortgage... Well, it's a plan. £25k- a reasonable budget? ...unless anyone has a part build/damaged one lurking in a garage somewhere??!

Strangely, l am just that typical Joe you mention. How kind of you to think of me. The cost of the Ultima has many times been debated and the owners tend to fall into the categories of those who cant really afford to but are enthusiastic enough to throw caution to the wind but may suffer later, those who can, know they shouldn't but do anyway and those who can with ease. Sadly l am not in the last category but hope to be. When debated at Le Mans around the camp fire (no it wasnt pink!) we came upon a price of 42,000 GBP with all the necessary bits. Dont make the mistake of doing it on the cheap as you will regret it. This is a true supercar and they dont come cheap, otherwise everyone would have them. There are a few for sale on the classified site and 2 currently on E Bay. Take more time to build it if you cant afford to do it properly in one go.

[slangley]

ultimaybe said:

owners tend to fall into the categories of those who cant really afford to but are enthusiastic enough to throw caution to the wind but may suffer later, those who can, know they shouldn't but do anyway and those who can with ease.

I like the three categories. I would like to be in the "those who can with ease" category, but personally fall into the "those who can, know they shouldn't but do anyway" group.

I am, however, thankful that my purchase did not require a second mortage on my house....

[mkoch1]

Nice thing about a second mortgage or a home equity loan is the interest is tax deductible. When I went to my bank originally but the same recreational vehicle loan would have been 3.5% higher, and not tax deductible.

Then to make it even messier they required full insurance on the car, which was impossible to get considering it wasn't built yet. They also wanted to be listed has the lean holder on the registration with the DMV, again a little hard then the car wasn't registered with the DMV yet.

I too wish I was in the "those who can with ease" category.

Mark

[ultimapaul]

joe public said:

ultimaybe said: a fundamental question.... are ultima owners average Jo public, or people with high disposable incomes? How have people financed? I'm thinking of biting the bullet and raising the intial 17k on my mortgage... Well, it's a plan. £25k- a reasonable budget? ...unless anyone has a part build/damaged one lurking in a garage somewhere??! Strangely, l am just that typical Joe you mention. How kind of you to think of me. The cost of the Ultima has many times been debated and the owners tend to fall into the categories of those who cant really afford to but are enthusiastic enough to throw caution to the wind but may suffer later, those who can, know they shouldn't but do anyway and those who can with ease. Sadly l am not in the last category but hope to be. When debated at Le Mans around the camp fire (no it wasnt pink!) we came upon a price of 42,000 GBP with all the necessary bits. Dont make the mistake of doing it on the cheap as you will regret it. This is a true supercar and they dont come cheap, otherwise everyone would have them. There are a few for sale on the classified site and 2 currently on E Bay. Take more time to build it if you cant afford to do it properly in one go.

Why have you posted under a different name ...... comments like the last one can get peoples backs up!

It has mine!

Paul, Ultimapaul, Paul Buckthorpe ..... shall I post my address too?

[ultimasimon]

ultimapaul said:

joe public said: ultimaybe said: a fundamental question.... are ultima owners average Jo public, or people with high disposable incomes? How have people financed? I'm thinking of biting the bullet and raising the intial 17k on my mortgage... Well, it's a plan. £25k- a reasonable budget? ...unless anyone has a part build/damaged one lurking in a garage somewhere??! Strangely, l am just that typical Joe you mention. How kind of you to think of me. The cost of the Ultima has many times been debated and the owners tend to fall into the categories of those who cant really afford to but are enthusiastic enough to throw caution to the wind but may suffer later, those who can, know they shouldn't but do anyway and those who can with ease. Sadly l am not in the last category but hope to be. When debated at Le Mans around the camp fire (no it wasnt pink!) we came upon a price of 42,000 GBP with all the necessary bits. Dont make the mistake of doing it on the cheap as you will regret it. This is a true supercar and they dont come cheap, otherwise everyone would have them. There are a few for sale on the classified site and 2 currently on E Bay. Take more time to build it if you cant afford to do it properly in one go. Why have you posted under a different name ...... comments like the last one can get peoples backs up! It has mine! Paul, Ultimapaul, Paul Buckthorpe ..... shall I post my address too?

Yeah that threw me too, I was looking for a particular piece of text and it vanished under a different name!

Anyhow, I am Joe Public in that I am not loaded, just dedicated to the ownership of an Ultima. I would guess that if you want something bad enough you find a way. Most of the guys I have met are working class people with a passion for this marque. All the Ultima people I have met however, are genuine, friendly, and helpful guys that live the dream with the cars.

I looked at financing it through a loan, but the interest rate was about 10% at best. I re-mortgaged to take advantage of the housing market boom and the massive positive equity in the house, and I got me a fixed 6% deal and gave me money for getting the car, fitting a new engine, box, clutch and toys, and got it how I wanted it.

If you are good with engine building like Steve D for an example, then you could save yourself a whole heap of cash there as well. My estimated costs for a reconditioned gearbox from the factory, a new Peter Knight engine with dry sump lubrication and a Sachs racing clutch, plus a proper nitrous oxide system with management comes in at about £12k on top of the price of the car.

Also I felt safe in the knowledege that if the housing market did suddenly crash (like it did in the 80's and I lost a whole heap of cash then and my first house) I would have not put all my eggs into one basket, so to speak.

Personally I did not build my car, though I will be building my next one so I can design in things which appeal to me. There is nothing wrong with Ultima's design, but I do like a gadget or ten, and these need to go in from the design stage not be bolted in as an after thought aka Halfords!

I would think looking at the costings spreadsheet that £25 is nowhere near enough to build a properly specced car. You have to respect your residuals. If you want one and that is your budget then my advise would be to buy secondhand as I did. Ultimapaul has a very nice example of a street legal track prepared one for less than that.

The more time I have spent in an Ultima (mine is not on the road yet) the more I am totally smitten with the car. I have been in many seriously fast and furious modifed machines in which major money has been 'invested'in all the correct places, but pushing on hard in an Ultima where conditions allow, is quite simply not comparable to any other car that I know of, and I have been in loads!

There are many superlatives which pertain to an Ultima, however new ones are needed as the old descrpt terms simply do not do the car justice - 'Ulti-brakes' and 'Ult-attention' spring to mind, they draw a crowd or ten!

Find the money, buy the car, you will see what I mean!

[ULTIMALOVER]

ultimasimon said:

The more time I have spent in an Ultima (mine is not on the road yet) the more I am totally smitten with the car. I have been in many seriously fast and furious modifed machines in which major money has been 'invested'in all the correct places, but pushing on hard in an Ultima where conditions allow, is quite simply not comparable to any other car that I know of, and I have been in loads! There are many superlatives which pertain to an Ultima, however new ones are needed as the old descrpt terms simply do not do the car justice - 'Ulti-brakes' and 'Ult-attention' spring to mind, they draw a crowd or ten! Find the money, buy the car, you will see what I mean!

Whoa!! Well said, couldn't have put Ultima in a better light when you spoke. I am more motivated now to find money for my Ultima build than ever. Thanks Simon!!