Bangernomics verses New Cars
Discussion
Puzzles said:
Hoofy said:
Not bad. Can't get anything like a Golf for £14k these days!
yeah sadly not. golfs start around £26k these days. would have to be a VW Up for 14k. The Cardinal said:
In inflationary terms, £14k in 2011 would be around £18.5k in 2023.
Obviously no new Golf is going to be attainable for that sum now, though arguably a base Polo is closer to the (low spec?) version in today's market?
Yeah, or this.Obviously no new Golf is going to be attainable for that sum now, though arguably a base Polo is closer to the (low spec?) version in today's market?
Interesting revisiting this thread since I first contributed in 2015.
Back then I had a 13-year old E65 745i - I bought it for £4.5k and IIRC sold it 14-15 months later for £4k. In that time I also spent about £1k on servicing, repairs etc.
All in it cost me about £1 a mile.
Moved on to a 10-year old Boxster S, which was altogether more expensive but also a lot more fun. Kept it 3 years, and all in cost me about £1 a mile.
Probably worth more now than I sold it for in 2019 (and perhaps even what I paid for it in 2016!)
Replaced the Boxster S with an ex-demo M140i. The bizarre market conditions have meant depreciation has been almost non-existent. Correcting for that and putting in a “normal” depreciation curve and it’s costing me…about £1 a mile.
The M140i has been, by far, the most pleasurable ownership experience of the three.
- Not a single fault or repair required. Both the 7-series and Boxster had 1-2 faults needing garage attention per year. That meant hassle of getting to the garage, stress over how much it was going to cost, and time off the road waiting for the job to be done.
- Modern car with modern features. Yes, the M140 doesn’t handle like the Boxster and can’t blow wind in your hair, but it also can carry the dog, has Apple CarPlay, and is much more refined.
But I’ve been able to have that at Bangernomics costs because new car prices were comically cheap in 2019. Today the market is different, so the right choice is probably to hold on to the M140 for a bit longer until some better deals start to re-appear.
Back then I had a 13-year old E65 745i - I bought it for £4.5k and IIRC sold it 14-15 months later for £4k. In that time I also spent about £1k on servicing, repairs etc.
All in it cost me about £1 a mile.
Moved on to a 10-year old Boxster S, which was altogether more expensive but also a lot more fun. Kept it 3 years, and all in cost me about £1 a mile.
Probably worth more now than I sold it for in 2019 (and perhaps even what I paid for it in 2016!)
Replaced the Boxster S with an ex-demo M140i. The bizarre market conditions have meant depreciation has been almost non-existent. Correcting for that and putting in a “normal” depreciation curve and it’s costing me…about £1 a mile.
The M140i has been, by far, the most pleasurable ownership experience of the three.
- Not a single fault or repair required. Both the 7-series and Boxster had 1-2 faults needing garage attention per year. That meant hassle of getting to the garage, stress over how much it was going to cost, and time off the road waiting for the job to be done.
- Modern car with modern features. Yes, the M140 doesn’t handle like the Boxster and can’t blow wind in your hair, but it also can carry the dog, has Apple CarPlay, and is much more refined.
But I’ve been able to have that at Bangernomics costs because new car prices were comically cheap in 2019. Today the market is different, so the right choice is probably to hold on to the M140 for a bit longer until some better deals start to re-appear.
brickwall said:
All in it cost me about £1 a mile.
At the risk of forking the thread can someone tell HMRC this? Mileage rates were still 45p a mile when I last looked and unless you have a cheapo lease on a Leaf or Aygo how is 45p a mile sufficient to cover the full costs of those miles?I remember years back it was enough that some more frugal types used it to essentially get a free car, now those same people are saying "sod off, I'm not subsidising my employer".
I seem to remember (I used to claim this myself a few years ago) that it is the 'running costs' of any journey. It doesn't cover any depreciation, the most expensive part of ownership.
Yes, it should have gone up a bit but if you are using a 10 year old Porsche for work, I would expect it would be more than that, just for parts & alone, without the fuel. I've had 2 x Boxsters....
Yes, it should have gone up a bit but if you are using a 10 year old Porsche for work, I would expect it would be more than that, just for parts & alone, without the fuel. I've had 2 x Boxsters....
Yeah the company just pays for fuel and a bit of wear and tear basically.
Didn't do a lot of it myself, but I had a friend who was regularly travelling to Leeds from down south and was making about £200 on the fuel money on every trip, pretty much paid for the whole car, never mind running costs.
Didn't do a lot of it myself, but I had a friend who was regularly travelling to Leeds from down south and was making about £200 on the fuel money on every trip, pretty much paid for the whole car, never mind running costs.
Surely your current vehicles cannot depreciate much further.
I've been doing the maths for an electric on a work lease scheme but with my low mileage it's not looking viable although I'd really need a comprehensive calculator to factor in every expense v my petrol
I'd never factored in deprecation but also not particularly relevant in cars the age of mine
I don't mind being net down a couple of hundred quid a month and having a new car but it's an extravagance as I don't need one yet
I've been doing the maths for an electric on a work lease scheme but with my low mileage it's not looking viable although I'd really need a comprehensive calculator to factor in every expense v my petrol
I'd never factored in deprecation but also not particularly relevant in cars the age of mine
I don't mind being net down a couple of hundred quid a month and having a new car but it's an extravagance as I don't need one yet
RB Will said:
Yeah the company just pays for fuel and a bit of wear and tear basically.
Didn't do a lot of it myself, but I had a friend who was regularly travelling to Leeds from down south and was making about £200 on the fuel money on every trip, pretty much paid for the whole car, never mind running costs.
Yup, the beauty of having a banger as a work car, claiming mileage expenses, my £1k petrol Vauxhall I bought nearly 12 months ago has paid for itself nearly in mileage claimed alone doing business miles and has been superbly reliable so far.Didn't do a lot of it myself, but I had a friend who was regularly travelling to Leeds from down south and was making about £200 on the fuel money on every trip, pretty much paid for the whole car, never mind running costs.
Edited by 7 5 7 on Tuesday 24th January 16:31
7 5 7 said:
RB Will said:
Yeah the company just pays for fuel and a bit of wear and tear basically.
Didn't do a lot of it myself, but I had a friend who was regularly travelling to Leeds from down south and was making about £200 on the fuel money on every trip, pretty much paid for the whole car, never mind running costs.
Yup, the beauty of having a banger as a work car, claiming mileage expenses, my £1k petrol Vauxhall I bought nearly 12 months ago has paid for itself nearly in mileage claimed alone doing business miles and has been superbly reliable so far.Didn't do a lot of it myself, but I had a friend who was regularly travelling to Leeds from down south and was making about £200 on the fuel money on every trip, pretty much paid for the whole car, never mind running costs.
Edited by 7 5 7 on Tuesday 24th January 16:31
I think the only way to have a fully loaded cost of <45p/mile would be a cheap EV doing mega miles, charging on the cheapest tariff you can find. That’s certainly what the Uber drivers do.
Refund for company mileage at 45p/mile basically covers fuel and token contribution to wear & tear only.
(Though in the case of my 745i, it would barely cover fuel…)
Refund for company mileage at 45p/mile basically covers fuel and token contribution to wear & tear only.
(Though in the case of my 745i, it would barely cover fuel…)
Hoofy said:
Alex_225 said:
Yeah it was all common stuff. We need a wheel speed sensor on the other half's ML so it's common of Mercs of that era anyway. The gearbox module, again a common thing. I wouldn't buy a car like that privately if I could help it.
The ABC suspension can be costly, just need a good specialist but even then not pennies. Mine is a 2010 which was when they had improved things from the slightly earlier W221 S and C216 CLs.
I can imagine anything with Aston Martin written on it is going to be £££££ haha
The way I see it is that it's an extra cost that will result in a decent CL500. The ABC suspension can be costly, just need a good specialist but even then not pennies. Mine is a 2010 which was when they had improved things from the slightly earlier W221 S and C216 CLs.
I can imagine anything with Aston Martin written on it is going to be £££££ haha
Oh, select the dropdown for the DB9 tick: https://bamfordrose.com/repairs/engine-repair/#158...
Alex_225 said:
Hoofy said:
Alex_225 said:
Yeah it was all common stuff. We need a wheel speed sensor on the other half's ML so it's common of Mercs of that era anyway. The gearbox module, again a common thing. I wouldn't buy a car like that privately if I could help it.
The ABC suspension can be costly, just need a good specialist but even then not pennies. Mine is a 2010 which was when they had improved things from the slightly earlier W221 S and C216 CLs.
I can imagine anything with Aston Martin written on it is going to be £££££ haha
The way I see it is that it's an extra cost that will result in a decent CL500. The ABC suspension can be costly, just need a good specialist but even then not pennies. Mine is a 2010 which was when they had improved things from the slightly earlier W221 S and C216 CLs.
I can imagine anything with Aston Martin written on it is going to be £££££ haha
Oh, select the dropdown for the DB9 tick: https://bamfordrose.com/repairs/engine-repair/#158...
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