Car Investment Advice... MX-5?!
Discussion
This is one I've been thinking about for a while...
I currently have a 2004 MX-5 Euphonic (one of the best specced versions of this car with CD changer, heated seats, bigger alloys etc.). As with most MX-5s of this age the rust is starting to get worse and it will probably be an MOT fail within 1-2 years.
To get the rust fixed properly will cost £1000. If I do this, I will keep the car for the next 5-10 years (as my main car for now and as a weekend toy when I move on to my next car) - there is no point doing this and selling the car from a financial perspective.
The only reason I will keep this car when I buy a new one in 1.5-3 years time is if its value is going to go up.
Having seen what's happening with older MX-5s (Eunos/Mk1), I think there is a good chance this car will hold it's value or appreciate in the future. The engine and other components seem to be in good condition and the car drives beautifully. The only thing is it will have 80k on the clock and rising.
So - do I get a 'cheap' rust repair now (£3-400) whihc will last another 3 years or so or do I get it repaired properly at £1000 and keep the car long-term (5-10 years)?
Any tips from car investors?
I currently have a 2004 MX-5 Euphonic (one of the best specced versions of this car with CD changer, heated seats, bigger alloys etc.). As with most MX-5s of this age the rust is starting to get worse and it will probably be an MOT fail within 1-2 years.
To get the rust fixed properly will cost £1000. If I do this, I will keep the car for the next 5-10 years (as my main car for now and as a weekend toy when I move on to my next car) - there is no point doing this and selling the car from a financial perspective.
The only reason I will keep this car when I buy a new one in 1.5-3 years time is if its value is going to go up.
Having seen what's happening with older MX-5s (Eunos/Mk1), I think there is a good chance this car will hold it's value or appreciate in the future. The engine and other components seem to be in good condition and the car drives beautifully. The only thing is it will have 80k on the clock and rising.
So - do I get a 'cheap' rust repair now (£3-400) whihc will last another 3 years or so or do I get it repaired properly at £1000 and keep the car long-term (5-10 years)?
Any tips from car investors?
The Mk2.5 will take a while longer to become 'collectible' than the Mk1 will and even that is a way off yet so the best advice I'd give is to forget about investment as, to be honest, it's just not going to happen once inflation/running costs etc are taken into account.
I'd just consider whether you want to keep the car or not - if you don't get rid of it now, if you do then have the proper repair done because if in the future you decide to sell then a car that is right rather than one that is verging on being an MOT failure will be a far easier car to sell and for more money. £400 on a bodge is £400 wasted whatever happens.
I'd just consider whether you want to keep the car or not - if you don't get rid of it now, if you do then have the proper repair done because if in the future you decide to sell then a car that is right rather than one that is verging on being an MOT failure will be a far easier car to sell and for more money. £400 on a bodge is £400 wasted whatever happens.
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