The struggle is real

[Joe5y]

Before CV-19 I had very specific plans which consisted of buying a Maserati GT for c£30k. This was to be bought mid May for Le Mans, LMClassic and 3 European trips I had planned, albeit and luckily not booked. It was also to be my car for day to day duties.

However since CV-19 I’m having serious doubts about buying such a car; a car I fear will be start to depreciate more heavily based on the above.

So to the question, and my options.

What should I do?

A) Go for it. Only live one.
B) I’ve got a Mk2.5 Mx5 sat on my drive that I barely use. Use this for a while and bank the cash.
C) Buy an S2000, sell the Mx5 and have a halfway house car for a while.
D) Sell the Mx5 and buy something economical for 1 year until things settle (or not).

My job is safe and I’m still working with the same income regardless. Wife’s job less so but this has little impact on us financially as she picks up the childcare saving us money. Currently saving c£1500 a month without really noticing. Have no debts (other than mortgage). Should really start looking into over paying that!

All opinions welcome.

[syl]

B

Put £1500 a month into an ISA if you don't already.

[mbwoy84]

What car(s) do you daily? Company car?

I’m assuming the MX-5 isn’t your only car that is.

[Joe5y]

mbwoy84 said:

What car(s) do you daily? Company car?

I’m assuming the MX-5 isn’t your only car that is.

No. I’ve got an BMW X5 but this has sold and going next month (family friend has bought it).

Only work 2miles from home if not WFH so Mx5 would suffice if needed. Short term I’d suggest.

[Joe5y]

syl said:

B

Put £1500 a month into an ISA if you don't already.

Humour me. I havent currently got an ISA. £1,500 a month into an ISA, what is my ROI? It’ll be with Lloyds if that makes any difference.

Edited by Joe5y on Monday 13th April 21:38

[mbwoy84]

Joe5y said:

No. I’ve got an BMW X5 but this has sold and going next month (family friend has bought it).

Only work 2miles from home if not WFH so Mx5 would suffice if needed. Short term I’d suggest.

OK, my suggestion would be sell the MX-5 and buy a nice pre-facelift XK-R. Will be as quick as the GT and do everything you wanted that to do with ease and all for half the price and at the bottom of the curve (for a good example). Then in 12 months time when we (hopefully) know where we are you can either stick with it or move on to something closer to your original intended budget.

[Joe5y]

mbwoy84 said:

Joe5y said:

No. I’ve got an BMW X5 but this has sold and going next month (family friend has bought it).

Only work 2miles from home if not WFH so Mx5 would suffice if needed. Short term I’d suggest.

OK, my suggestion would be sell the MX-5 and buy a nice pre-facelift XK-R. Will be as quick as the GT and do everything you wanted that to do with ease and all for half the price and at the bottom of the curve (for a good example). Then in 12 months time when we (hopefully) know where we are you can either stick with it or move on to something closer to your original intended budget.

I have considered these but something just doesn’t tickle my fancy.

[ZX10R NIN]

The suggestion above is a good call halve the budget & get something for a year or so, personally I'd buy the car I wanted as all cars depreciate Maserati's have been pretty steady.

So while the above is the head answer I'd be going with my heart.

Edited by ZX10R NIN on Monday 13th April 22:11

[deeb0]

Joe5y said:

syl said:

B

Put £1500 a month into an ISA if you don't already.

Humour me. I havent currently got an ISA. £1,500 a month into an ISA, what is my ROI? It’ll be with Lloyds if that makes any difference.

Edited by Joe5y on Monday 13th April 21:38

If you choose the top rate provider for easy access cash ISA (1.25%), put in £1500 a month, after 12 months you'll have £18,103.48.

Of which £103.48 will be interest. Sexy innit.

[Joe5y]

deeb0 said:

Joe5y said:

syl said:

B

Put £1500 a month into an ISA if you don't already.

Humour me. I havent currently got an ISA. £1,500 a month into an ISA, what is my ROI? It’ll be with Lloyds if that makes any difference.

Edited by Joe5y on Monday 13th April 21:38

If you choose the top rate provider for easy access cash ISA (1.25%), put in £1500 a month, after 12 months you'll have £18,103.48.

Of which £103.48 will be interest. Sexy innit.

Amusingly I just looked at Lloyds and they’re offering, proudly it seems, a Cash ISA rate of 0.05%. So I’d make £9. Well, I wouldn’t because the total wouldn’t be in there until the end and I’m too tired, hungover and stupid to workout the sliding interest profit.

I know we’re at an all time low for interest rates but who would bother with an ISA?!

[Joe5y]

ZX10R NIN said:

The suggestion above is a good call halve the budget & get something for a year or so, personally I'd buy the car I wanted as all cars depreciate Mustangs have been pretty steady.

So while the above is the head answer I'd be going with my heart.

This was sort of my thought process with an S2000.

[deeb0]

Joe5y said:

Amusingly I just looked at Lloyds and they’re offering, proudly it seems, a Cash ISA rate of 0.05%. So I’d make £9. Well, I wouldn’t because the total wouldn’t be in there until the end and I’m too tired, hungover and stupid to workout the sliding interest profit.

I know we’re at an all time low for interest rates but who would bother with an ISA?!

£4.13 after 12 months. Not even enough to get a pint in a city centre pub . Assuming any reopen after this.....

[Mr Tidy]

Joe5y said:

Before CV-19 I had very specific plans which consisted of buying a Maserati GT for c£30k. This was to be bought mid May for Le Mans, LMClassic and 3 European trips I had planned, albeit and luckily not booked. It was also to be my car for day to day duties.

However since CV-19 I’m having serious doubts about buying such a car; a car I fear will be start to depreciate more heavily based on the above.

So to the question, and my options.

What should I do?

A) Go for it. Only live one.
B) I’ve got a Mk2.5 Mx5 sat on my drive that I barely use. Use this for a while and bank the cash.
C) Buy an S2000, sell the Mx5 and have a halfway house car for a while.
D) Sell the Mx5 and buy something economical for 1 year until things settle (or not).

My job is safe and I’m still working with the same income regardless. Wife’s job less so but this has little impact on us financially as she picks up the childcare saving us money. Currently saving c£1500 a month without really noticing. Have no debts (other than mortgage). Should really start looking into over paying that!

All opinions welcome.

Personally I wouldn't be putting £30K into a Maserati in such uncertain times.

If you really fancy a change from the MX5 then an S2000 might be a safe option as their prices have been strong for the last couple of years, but currently who knows? But you'd have less invested in a car. It probably wouldn't suit the trips you had planned as well as a Maserati, but then you won't be doing them in the foreseeable future!

If an ISA is barely offering 1% I'd aim to over-pay the mortgage each month as I expect the interest rate on that is more than 1%.

Good luck whatever you decide.