Does taking on bank loan make sense in the long run?

[TomLRogers]

Basically guys I'm after some advice,

Come the end of the year I will be turning 25, I am really very passionate about my cars currently my daily is a works van and I would like to buy myself a weekend toy with the idea of keeping hold of it a few years. I will have around 14K saved up to spend come the end of the year, and I would like to buy myself an Evo 9. The dilemma I have is:

Do I buy an older, higher millage car for 12 - 15K?
Do I take on an affordable bank loan to buy I mint example for around 22K, with the possibility of minimal depreciation, or even appreciation?

Thanks in advance guys.

[walm]

TomLRogers said:

Do I buy an older, higher millage car for 12 - 15K?
Do I take on an affordable bank loan to buy I mint example for around 22K, with the possibility of minimal depreciation, or even appreciation?

If older ones with more miles cost less, doesn't that imply depreciation?

[TomLRogers]

walm said:

If older ones with more miles cost less, doesn't that imply depreciation?

Well having spent the last year looking for a tidy Evo, the ones with minimal millage have not moved in price very much and the last of the Evo 9's by HKS are becoming more sort after due to the fact no more Evo's are due to be built. So my though being that buying one of these examples would prove better if I keep it over the next a few years.

[neil1jnr]

If you aren't doing too much miles then go for a loan and get the better example, the IX's are holding their value strongly at the moment.

However you are going to need all the extra cash you have to fuel it... and probably fettle with it.

[anonymous-user]

Id recommend buying one within your price range, and not taking out a loan on top.

Not sure a 9 will be appreciating any time soon, so it's one to just enjoy.

have you considered an 8 at all? would be more in your budget and even leave you a slush fund for servicing and unforeseen costs.

[TomLRogers]

neil1jnr said:

If you aren't doing too much miles then go for a loan and get the better example, the IX's are holding their value strongly at the moment.

However you are going to need all the extra cash you have to fuel it... and probably fettle with it.

Thunderhead said:

Id recommend buying one within your price range, and not taking out a loan on top.

Not sure a 9 will be appreciating any time soon, so it's one to just enjoy.

have you considered an 8 at all? would be more in your budget and even leave you a slush fund for servicing and unforeseen costs.

- I don't intent to do massive millage as it would only be a weekend toy but I may be fettling with it at some point down the line.

- I have looked at buying an 8's although I would want a FQ model mostly standard which seem to be few and far between at my price.

Edited by TomLRogers on Tuesday 6th September 14:40

[rossub]

TomLRogers said:

sort after

Sought

[TomLRogers]

rossub said:

Sought

[nobrakes]

Try and fight the fettle bug. They are hardly slow.

A straight one will deprecate less too.

[jsims1]

My uncle has an Evo 9 FQ340, completely standard bar the wheels and it is basically quick. He was lucky as he bought it a few years ago with 20 odd thousand miles on for peanuts and must be worth in the region of 20k now.
I would seriously recommend buying a low mileage car as it's sure too not to lose money.