Goodbye to the TVR Forum
Discussion
As some of you will know we were looking to buy a Tamora and spent many a happy time on this forum in the run up to April, chating to some very nice people.
At the begining of April we even said yes in principle to a Tamora (at a very good price) that was in build. Unfortunately after a lot of soul searching the head overcame the heart and we chose to buy something different.
To those that are asking themselves how could this possibly be, the answer is simple. The moment that you say to a finance company that you want to do 12,000 miles a year for 3 years in a TVR - they applaud you and tell you it is the right thing to do, but then they hit you with a final future value (balloon payment) of a mere £12,000.
If only it had been a like a Boxster (£17,000 after 36K miles) it would have been such a different story, even the very nice chap from TVR finance I spoke with admitted they had shot themsleves in the foot.
So for the forseable future it is good bye, may I say what a really nice bunch of people you all are here. Who knows maybe one day we will return, but for the time being we are off to the world of the turbocharged Subaru Impreza, which was the only other car that made us smile when we pressed the loud pedal.
Catherine & Gabriel
At the begining of April we even said yes in principle to a Tamora (at a very good price) that was in build. Unfortunately after a lot of soul searching the head overcame the heart and we chose to buy something different.
To those that are asking themselves how could this possibly be, the answer is simple. The moment that you say to a finance company that you want to do 12,000 miles a year for 3 years in a TVR - they applaud you and tell you it is the right thing to do, but then they hit you with a final future value (balloon payment) of a mere £12,000.
If only it had been a like a Boxster (£17,000 after 36K miles) it would have been such a different story, even the very nice chap from TVR finance I spoke with admitted they had shot themsleves in the foot.
So for the forseable future it is good bye, may I say what a really nice bunch of people you all are here. Who knows maybe one day we will return, but for the time being we are off to the world of the turbocharged Subaru Impreza, which was the only other car that made us smile when we pressed the loud pedal.
Catherine & Gabriel
So far so good with the Subaru and although of course the Tamora was our first choice we do like our alternative purchase.
Ted - The difference between the new Tamora and a 2002 car the new 2004 was only £3,000, although I guess we could have got a cheaper used Tamora from another dealer. Unfortunately with the used car the future value was an even lower percentage.
Ted - The difference between the new Tamora and a 2002 car the new 2004 was only £3,000, although I guess we could have got a cheaper used Tamora from another dealer. Unfortunately with the used car the future value was an even lower percentage.
(although I agree withwhat you're saying - surely the cost of ownership will prevent it getting that low?)You buy a brand new TVR... dont keep it longer than a year and dont go over 12k if you want to get some decent money back...
Thats why the used market is byuont....
I've come across:
Cheapest Cerbera seen so far, 5 year old, 45k on clock, £12k
Cheapest Tuscan seen so far, 3 year old, high mileage, £18k
Cheapest Griffith seen so far, 6 year old, £10k
(of course, interior falling apart, rust in all places, failing parts (not until the poor buyer starts driving it a few miles after purchase) and then dont forget, the engine goes puff)
and to even consider how much was spent on keeping these babies running... depreciation is a scary thing when it comes to TVR.... you really have to be in love to not let it worry you...
For comparison:
Cheapest 7 year old Lamborghini Diablo... £59k
Cheapest a few years old Ferrari 360 seen so far.... £55k (and in great nik mind you)
And then theres the real profit maker:
3 year old McLaren F1 sold at double the purchase price! Damn, wish I was in the money, I'd be buying batches of them and storing them for resale after a couple of years...
Thats what I've come across... I'm sure some of you have seen cheaper....
But gives you a general idea, TVR's are a loss making venture... even if you upgraded your lights and your wheels... you wont get the money back for them... maybe an extra £500 on top if you're lucky....
Car finance companies are well aware of all the issues with marquees like TVR... and organised crime syndicates too (i suppose thats a good thing)....
Cant imagine what a cut and join Cerbera would be like....
Thats why the used market is byuont....
I've come across:
Cheapest Cerbera seen so far, 5 year old, 45k on clock, £12k
Cheapest Tuscan seen so far, 3 year old, high mileage, £18k
Cheapest Griffith seen so far, 6 year old, £10k
(of course, interior falling apart, rust in all places, failing parts (not until the poor buyer starts driving it a few miles after purchase) and then dont forget, the engine goes puff)
and to even consider how much was spent on keeping these babies running... depreciation is a scary thing when it comes to TVR.... you really have to be in love to not let it worry you...
For comparison:
Cheapest 7 year old Lamborghini Diablo... £59k
Cheapest a few years old Ferrari 360 seen so far.... £55k (and in great nik mind you)
And then theres the real profit maker:
3 year old McLaren F1 sold at double the purchase price! Damn, wish I was in the money, I'd be buying batches of them and storing them for resale after a couple of years...
Thats what I've come across... I'm sure some of you have seen cheaper....
But gives you a general idea, TVR's are a loss making venture... even if you upgraded your lights and your wheels... you wont get the money back for them... maybe an extra £500 on top if you're lucky....
Car finance companies are well aware of all the issues with marquees like TVR... and organised crime syndicates too (i suppose thats a good thing)....
Cant imagine what a cut and join Cerbera would be like....
A seven or eight year old Chim or Griff can still be worth £15k+, so where did they pluck £12k from? Seems a very low residual.
SXS is talking rubbish (sorry!). Depreciation is not at all scary with a TVR. My Chim cost £37k eight years ago, still worth £15k easily. Thats a residual of 40% after 8 years, or depreciation of 60% in 8 years looking at it the other way.
Compared to the 15% residual value of my 24v Senator after 7 years from new, that looks pretty rosy. Or my Audi A8 worth 5k at 7 years vs purchase price of what, 40k?
No, they're hardly an investment, but its not scary depreciation by any means.
Oh, and a post above quotes one second hand at two years for just £3k less than new. So it would lose another £22k in year three then, to get to the finance companies 12k? I think not!
>> Edited by victormeldrew on Sunday 25th April 00:41
SXS is talking rubbish (sorry!). Depreciation is not at all scary with a TVR. My Chim cost £37k eight years ago, still worth £15k easily. Thats a residual of 40% after 8 years, or depreciation of 60% in 8 years looking at it the other way.
Compared to the 15% residual value of my 24v Senator after 7 years from new, that looks pretty rosy. Or my Audi A8 worth 5k at 7 years vs purchase price of what, 40k?
No, they're hardly an investment, but its not scary depreciation by any means.
Oh, and a post above quotes one second hand at two years for just £3k less than new. So it would lose another £22k in year three then, to get to the finance companies 12k? I think not!
>> Edited by victormeldrew on Sunday 25th April 00:41
victormeldrew said:
A seven or eight year old Chim or Griff can still be worth £15k+, so where did they pluck £12k from? Seems a very low residual to me.
I reckon its known as the risk threshold... If I was loaning millions out to people... I'd like to take the worst case scenario as priority IMO...
Especially these days, too much debt everywhere... how many billion is the UK in debt in regards to personal credit??? wasnt the figure 70billion and climbing or something.... scary stuff.
Victormeldrew, read my post again, the quote "scary" was relative to the amount of spending that goes on... and the overall return you get... of course when posting you aint got a chance to explain every little detail... so you take the post as a general principle and fill in the details with your intellect.
We all know the cost of ownership for griffs and chims is far less than the new engined models... but I didnt have to class every damn model did I? geez.
>> Edited by SXS on Sunday 25th April 14:10
In all fairness to the dealer and TVR finance they set the future value as £12K to protect some of the deposit. Please don't think for one moment that I am having a go at them, they were at the end of the day trying to put us in a better position in 3 years time.
I was going to put £8,500 down but it is anyones guess as to how much of that would have been protected. The idea was that after 3 years we wouldn't be in a negative equity situation. Off the top of my head I can't recall what the monthly payments were going to be, excpet that they were in the region of £600+ per month.
The figures for the Boxster are stillvery much stuck in my mind and they were £3,500 deposit (10%) monthly payments of £473.00.
I was going to put £8,500 down but it is anyones guess as to how much of that would have been protected. The idea was that after 3 years we wouldn't be in a negative equity situation. Off the top of my head I can't recall what the monthly payments were going to be, excpet that they were in the region of £600+ per month.
The figures for the Boxster are stillvery much stuck in my mind and they were £3,500 deposit (10%) monthly payments of £473.00.
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