Educate a total idiot on how to buy a high-performance car..
Educate a total idiot on how to buy a high-performance car..
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Discussion

daveofedinburgh

Original Poster:

556 posts

139 months

Monday 30th July 2018
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..or how NOT to buy a high-performance car, if you prefer.

So Im in my mid-30s, and Ive had what could best be described as a hard life! Infact Ive spent most of my years as an 'adult' making poor decisions with regards to career, finances and relationships (amongst other things!).

Ill stop the X-Factor sob-story music there, because Ive turned my sh*t around in the last few years, gone to Uni and almost unbelievably managed to qualify as an Optometrist and am now in a position where Im stable, sorted and able to earn a what I consider to be a very respectable amount of money.

To say Im proud is an understatement, and luxury wristwatch aside literally the only other 'reward' that I feel I must allow myself is a high-performance/ exotic car. Its something Ive always wanted, and now Ive got my ducks in a row I know I can afford it- I just want to make sure I do it 'right'.

'Exotic' may be stretching somewhat by the way, as the cars Im considering 'buying' currently are;

-Lotus Evora
-997 911 manual
-M92 M3 convertible manual
-Aston V8 Vantage manual (a stretch)
-Audi R8 manual (a stretch)

Now, the way im looking at doing this at the moment is taking a loan somewhere between £22.5-35K and buying one of these cars, allowing lots of room to make the monthly loan payments with afew £K each year for maintenance, insurance etc. I recognise this route may be foolhardy!

The car would do maybe 4-5K miles a year, a relatively modest daily making up the rest of the years' miles.

The trouble is that despite clearly having some academic ability, I know very little about the best way to 'own' an expensive car due to having only ever owned sub-£10K cars up to this point.

Leasing/ personal contract hire/ PCP- all gobbledygook to me.

Is there a really good idiots guide to this stuff? Am I being a mug taking a loan to buy one of these cars? Would I be better off looking at a really tidy E46 M3/ 996 911 that will appreciate if I do decide to 'buy'? Any PHers suckers for a bit of a sob story who are willing to help?!

Ive worked really hard to turn things around, and I want to make sure that when I reward myself that it actually is a 'reward' and I dont buy myself into a total sh*t show through inexperience.

Up to £1000-1200 total per month is available to own/ buy/ maintain a 'toy' that only needs to provide fun for 4-5k a year (and leave plenty for mortgage, bills, family and generally having a good quality of life), what would other PHers do in my situation?

thebraketester

15,283 posts

158 months

Monday 30th July 2018
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With a 5k deposit you can be in a brand new cayman S for less than 600 a month.

Pommy

14,442 posts

236 months

Monday 30th July 2018
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Good luck and you are about to have a bunch of people bemoaning you having to get finance, that you should save, that it’ll ruin you and why didn’t you have wealthy parents/inheritance/lottery win/magic unicorn jizz/have £250k stores in a cupboard and that you should start with an MX5//Golf R blah blah blah before buying something faster.

Me, sound like you’ve done some yards and wish you well.

Choose with your heart and buy with your head.


giveitfish

4,255 posts

234 months

Tuesday 31st July 2018
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Congrats, and that's not a bad shortlist to be working with!

I've recently spent a similar budget, and a similar jump from ~£10k cars, but it was always going to be an Evora for me.

I guess the first question is what do you want from this car? It is driving purity, or noise and theatre, or kudos (with PH types - or with non-PH types?), or what? Each of those cars can project a very different image and give a very different ownership and driving experience from raw to GT.

In lots of ways a sports car can be a pain in the bum, so you need to go in with your eyes open because if you don't fall in love with it the pain will be magnified.

For me my Evora delivers a lot of the "exotic" experience for the money. The architecture is very similar to a proper supercar - low seating position, cab forward, limited rear visibility, howling exhaust note, air scoops visible in the mirrors biggrin - but with smaller bills and more practicality (along with less power and speed too it has to be said).

The attention it gets has taken me a bit by surprise. I really wasn't expecting that, I thought maybe the odd chat in a petrol station like with my old Elise, but the range and number of people who want a piece of you if your car is bit flash has been eye opening. First world problems and all that I guess, but when I'm just at the supermarket feeling a bit tired and grumpy it can be a bit wearing having to put on a smile and have a 5 minute conversation with a stranger before being allowed to drive home!

giveitfish

4,255 posts

234 months

Tuesday 31st July 2018
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In terms of finance, I'm no expert but I'd suggest leaving a bit of safety margin so (a) you can sell earlier than planned and still clear the loan if you find you don't enjoy the car, and (b) so you have a bit spare for any surprise £3k service bills.

Expensive cars come with expensive parts, and often those parts take weeks to source too (or is that just a Lotus thing?).

Also these sort of cars take longer to find a buyer so you need to be prepared for it to take a few months to sell when the time comes.


Speed Badger

3,376 posts

137 months

Tuesday 31st July 2018
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Firstly congratulations on the career change/qualifications, well done! Secondly, the last thing I would want to do is having landed good job with a decent wage is then get myself £30k in debt! What about a slightly older DB9 or Nissan GTR, something along those lines? But if you're happy to finance/loan a big wedge and want a special shiny new thing then hey life's too short and all that wink. Buy with your heart and fk the head.

rayyan171

1,298 posts

113 months

Tuesday 31st July 2018
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The M3 will be the 'cheapest' of them all with reasonable value. The Porsche, at that price range, will be quite old, even at £30k, and the Evora may not be the best daily to commute to the opticians in. But, it depends on what matters to you. M3's are being seen around the £15-20k value with high mileages and newer model years or lower mileages and older model years. Personally, I'd get one that I could afford and slap a private plate on to them, avoiding the judgemental types. I'd wait out until you become the senior/specialist optometrist to buy something that is considerably more. The R8 is again too expensive and the Aston somewhat disappoints, as it has many features which remind me a lot of our old XC90, even if it is an Aston. The only old Aston I would get is the DB9 as that V12 is godly.

If a convertible is a must then a convertible it should be for you, but bear in mind that convertibles have less structural rigidity and thus don't handle as well. They are also heavier, something that matters in a car with low torque. It will handle a million times better than most cars, but won't be as stable to drive due to the lack of rigidity from a fixed roof. My personal favourite, due to them normally having a carbon-fibre roof (standard on coupé M3's) is an Alpine White M3 Coupe, but it is all down to preference. But, convertibles do make for thrills in the M3 due to their astonishing sound.

As you describe yourself as a total idiot, some information for the 3 series is that the E90 is the 4-door saloon, the E91 is the estate, the E92 is the coupé and the E93 is the convertible, all of these are forms the M3 came in. If practicality is needed then the E90 M3 is a good car, alongside the fuel. There is no E91 M3 that BMW made, only customs made by certain people.

Rod bearings are an issue, as it is on the M5 of the same era due to the S65 engine of the M3 being the same S85 engine that the M5 V10 had but with less cylinders, so the bottom end may need to be done. Some garages offer fixed rates on doing them, around £1k I hear, which is very reasonable for a job requiring a teardown of a BMW engine, so I would budget for it if there isn't anything in the service history. The Porsche also suffers from IMS bearing wear, which plagued many of the 997 models, making the 996 reasonably reliable.

There is a comprehensive buying guide on many BMW forums and somewhere on PH as well, so that is worth reading if you are looking for an M3. Believe there is one for the 997 as well. These weren't the best on options due to them being 3 series, there are many models out there with the bare minimum. It is not uncommon to see a 335d with more options than a M3. Desirable options are the iDrive system, the upgraded Hi-Fi, electric seats with heating, and the EDC system. Consider having a DCT with the M3, as well as the PDK if you want the Porsche. The DCT is the few gearboxes which I believe don't detract from the driving experience but enhance it. There is no doubt that conventional auto's dampen the experience, but the DCT shifts so fast it is extremely fun to use. Especially as you are commuting I would consider the M3, as BMW and their clutches with their delay valves don't make them the absolute best to use in traffic and when on the limit. They also only run really well on Super unleaded. We have just got a car with a performance engine and learnt that running performance engines on normal fuel can damage them, as knock sensors have to adjust everything to make the car run ok with it. The car runs much better with super unleaded, so it is a must for these types of cars.

To buy the car, go through the banks, they have the best rates for finance, unless you used BMW themselves as they offer very good rates, good enough that they were trying to shift their old stock of X5's onto us in the form of a big discount and good rates.

PCP I believe is the leasing, where you pay a good monthly rate and the car is an optional purchase at the end of the term, often two years. The car isn't yours at the end of the term unless you pay the rest of the cost off, determined by the finance company through depreciation rates and mileage. Hire purchase is where your deposit is taken off the price of the car and you have a monthly rate which slowly pays off the car for the term. You will own the car at the end of the agreement, as it will be completely paid off. Monthly payments are inevitably higher therefore, but larger deposits can offset this. Bank's do the same but in the form that they pay you all the money and you can buy whichever car you like - even privately.

Finally, you won't feel like a 'mug' for financing. 90% of the UK do it right now, and it is completely normal. You wouldn't buy your first house outright, would you? (unless you were in a very good situation to start in)

I personally view the M3 as a precision tool, perfect for an Optometrist wink. Well done for being able to get into the position to become an optometrist, it is undoubtedly difficult. I am trying to do the same, albeit in the form of saving lives rather than eyes, but that is nothing to say that optometry isn't a respectable career, some parts of it are more difficult than medicine.

Edited by rayyan171 on Tuesday 31st July 02:34


Edited by rayyan171 on Tuesday 31st July 02:40

Toaster Pilot

14,821 posts

178 months

Tuesday 31st July 2018
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Faced with the same desire I couldn’t face taking on a big loan so spent £6000 on a 986 Boxster S instead - not quite in the same league but puts a smile on my face every time I get behind the wheel

Obviously it’s just waiting to ruin my life with repair bills biggrin

davek_964

10,478 posts

195 months

Tuesday 31st July 2018
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rayyan171 said:
The Porsche also suffers from IMS bearing wear, which plagued many of the 997 models, making the 996 reasonably reliable.
Er, no. The 1st Gen 997s inherited the IMS problems from the 996. Anything with an M96 engine has the potential for serious engine problems if you're unlucky.

coljoh148

2,127 posts

197 months

Tuesday 31st July 2018
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I've been toying with the idea myself for a while & been looking at similar cars.

36 (today actually) i work hard, away from home for half the year, earn a good wage, had 3 kids, always put their needs and other sensible stuff like paying down the mortgage, & putting money into savings before spending on myself.

I've kind of talked myself out of a purchase this year (unless somethingreally good comes up) and am leaning towards splitting the cost 50:50 savings to loan to get something around 50k and be on sensible monthly payments whilst still having some money in the car & come 40 I'll have paid for it.

I'd love a R8 V10. One on your list the Evora is tempting or even an exige mk3.

Personally I wouldn't look at a grand a month for finance payments as I've got the aforementioned commitments that would stop me in my tracks from considering that sort of amount.

I'm not sure what an optometrist takes home but running a car as described could become rather ruinous very quickly. A bill for a couple grand could crop up from time to time.

Edited by coljoh148 on Tuesday 31st July 07:51

coljoh148

2,127 posts

197 months

Tuesday 31st July 2018
quotequote all
As an aside a £35k R8 is on the wrong end of the price range really to get a good one and you'd need to go in with your eyes wide open at that price and really know what your looking at to avoid somebody having your eyes out over it.

But they are relatively cheap to run.
Servicing - fixed Audi servicing costs 300small 600large service.
Insurance - under 500 quid for me.
Tyres - around 150-180ea rears are dearer.
Depreciation - zero!

I Think brakes are a bit dear to do....

But all relatively reasonably for what it is.

On the other hand I'd love to be humoured as to the running costs of an old Aston v12.

MKnight702

3,326 posts

234 months

Tuesday 31st July 2018
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I would discount the BMW and Porsche 911 as not "special" enough, fast but too uninvolving at regular speeds.

I would go for an Elise or Exige over the Evora as they are quick enough and involving enough to make driving enjoyable.

I recommend going out for a test drive and see, but please don't make the mistake of "fast" equalling "fun". Yes, driving fast is good fun, however, most days you won't be able to go that fast.

As a total left field. Why not add a Caterham to test drive list, yes on paper they may not be as quick as a BMW M2 but I know which one would feel more special. (and be cheaper to run and lose less in depreciation).


born2bslow

1,674 posts

154 months

Tuesday 31st July 2018
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My pick would be the Evora, if it only had 2 seats I'd never be using it at weekends because kids!

It's on my wishlist once all the work on the house is done, so who am I kidding...likely 5yrs more like 10...no amount of man maths will work because I married an accountant gadnamit.

The alternative (for me) is a cheap comfortable daily on lease, which I'm already doing, and a weekend/track toy, because you can't really get the best (most fun) out of a car on public (pothole ridden) roads.

Congrats on sorting yourself out!

Testarossa

1,050 posts

241 months

Tuesday 31st July 2018
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What's your driving style?

Do you drive like you stole it?

Do you enjoy changing gear?

Do you regularly exceed speed limits?

How many times a week do you have to brake sharply to avoid an incident?

All the cars you have stated are commendable, but if you are buying your first exotic, I would humbly suggest something lightweight, majors on handling rather than performance and makes you smile every day you look at it, giving you that feeling of success.

Exige S2 - may have niggling faults but I doubt major repairs - will hold its value for when you undoubtedly upgrade
Boxster s - 981 is a mini exotic - running costs pretty high, but what do you expect?
Focus/Megane RS - probably not special enough I know but you won't be keeping it long as you will have the bug by then and a nice, relatively cheap way of getting on the ladder

If you are already a driving god, then...

ahem Boxster s, Exige S2 or

Atom 4 - put yourself on the waiting list - anticipation is quite pleasurable
M2 - some bargains out there
TTRS - I personally don't like them but I've heard they are fast and must be great value by now

If you are worried about depreciation;

(cough Boxster s, Exige S2 or

Early low mileage R8 with FSH
Early low mileage AMV8 with FSH
Early low mileage F type coupe with FSH

basically anything that was around the 60-100k mark when new, was lovingly cared for by its one owner, who rarely drove it and now is selling for 30-40k!

Gio G

2,993 posts

229 months

Tuesday 31st July 2018
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OP, well done on your achievements, you should be proud of yourself. If you think about the cost of each car when new, this will give you an indication of the running costs.

If that is your short list, go out there and test drive maybe find a good independent that stocks these types of cars that are trusted. With respect to finance, that is of course whatever you are comfortable with, as there are so many options these days and rates are low currently. There is no wrong or right answer on this, it is whatever suits your needs.

I would be cautious however of buying a model that is at the bottom end of the market, as it could turn out to be more problematic. In your shoes I would go Evora..

Good luck..

G

MDL111

8,312 posts

197 months

Tuesday 31st July 2018
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davek_964 said:
rayyan171 said:
The Porsche also suffers from IMS bearing wear, which plagued many of the 997 models, making the 996 reasonably reliable.
Er, no. The 1st Gen 997s inherited the IMS problems from the 996. Anything with an M96 engine has the potential for serious engine problems if you're unlucky.
as said above, be aware of the potential (by no means guaranteed) engine issues above which require a rebuild. Affects all cars pre c. 2009 (so pre-facelift 997 as well as Cayman/Boxster until roughly same vintage). A facelift 997 911 starts probably from the 40k range, so not exactly cheap.

As a first car, I would probably look for a 2009 onwards Cayman or Boxster (depending on if you like open top driving or not). Ideally with an OPC warranty to make the ownership as stress-free as possible.

The 981 is well regarded and should not depreciate too much as the last 6-cylinder / non-turbo model - esp. as a manual. I think a Porsche will feel more special than a BMW and probably be a little easier to live with than a Lotus (for a first time sports car buyer).

Something like this (I don't know these particular cars, just examples)

https://www.pistonheads.com/classifieds/used-cars/...

https://www.pistonheads.com/classifieds/used-cars/...



ZX10R NIN

29,749 posts

145 months

Tuesday 31st July 2018
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Well done OP the first thing to do is get a specialist to check over the car you're buying that will give you some peace of mind, my suggestion is to go for an Evora they're a very good steer.

Due to the small numbers that are made in there depreciation levels are low also when it comes to the time when you want to sell those small numbers are a big help, in comparison to Porsche they handle as well if not better in some cases & IMO they feel a bit more special.

https://www.autotrader.co.uk/classified/advert/201...

https://www.autotrader.co.uk/classified/advert/201...

You're budget will land you a very N/A nice one or you could just get the Supercharged S at the top end of your budget.

https://www.autotrader.co.uk/classified/advert/201...



Edited by ZX10R NIN on Wednesday 1st August 08:24

HustleRussell

25,949 posts

180 months

Tuesday 31st July 2018
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Speed Badger said:
the last thing I would want to do is having landed good job with a decent wage is then get myself £30k in debt!
This! If you’ve not owned something hot before, do you really need to be so extravagant now? You could get something which looks good and will eclipse anything you’ve owned before probably for less than half your budget?

mandos_01

645 posts

121 months

Tuesday 31st July 2018
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thebraketester said:
With a 5k deposit you can be in a brand new cayman S for less than 600 a month.
Without wanting to hijack the thread, is this true or slightly hyperbolic?

thebraketester

15,283 posts

158 months

Tuesday 31st July 2018
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mandos_01 said:
thebraketester said:
With a 5k deposit you can be in a brand new cayman S for less than 600 a month.
Without wanting to hijack the thread, is this true or slightly hyperbolic?
True. Straight off the Porsche website.