What to do?!

[Knoxville2410]

Hi,

I guess I just need a few opinions to help make a decision that I've been pondering for a few months now!

I currently have a 2013 F30 320d which I have had for around 2.5 years now. The car has been great (touch wood), driven 25k miles in that time and had a full BMW warranty which as of yet, has only needed servicing and consumables. I own the 320d outright.

My mileage has massively dropped due to WFH and likely won't increase anytime soon. If I did go back to the office, it's only a 30 mile round trip commute and even then, I'll likely do 1 or 2 days from home.

I've been after something really fun for a few months. I test drove a 440i but wasn't too impressed. I think after having a 3.0si z4, it felt a bit boring (NA compared to turbo). My dream car has always been either an R8 or C63. W204 C63's and C43's are now very affordable and I could quite easily afford to buy one with a 50% personal loan (probs get £6-£7k for the 3 plus put a small amount of savings - I'd rather get a loan for most of it due to low APR).

Now my heart is saying get the C63, it's a bucket list car and V8's won't be around for much longer. However my head is saying we're heading for a financial crisis, remain debt free and stick to the 3 for now.

What would you do in this situation? I really am torn between sensible and fun!

Edit: I'm 30 if that makes any difference.

[R5_BOY]

I’d say as long as it’s not going to make you skint then go for it. Weighing up the other money you can keep behind you for more essentials which may come up. Are you home owner do you mind me asking?
Worst comes to worst and you ever need to sell the vehicle there’s anyways that as an option

[Knoxville2410]

Thanks for your reply, it's pretty much what I've been thinking too.

In regard to house, we're quite fortunate that we own it outright.

[keo]

You only live once, get the R8 or Merc! If the worst happens sell them.

[Trevor555]

keo said:

You only live once, get the R8 or Merc! If the worst happens sell them.

+1

From someone who was given up to 5 years to live and is still around almost 30 years later.

NHS

[67Dino]

Cars are great but not worth putting yourself into hardship for. If you’re worried about the risk, just wait 6-12 months until the post (hopefully) Covid situation is clearer. V8s will still be around then, and you can do it with more clarity on whether you can afford it.

A key question is what line of work you’re in. The post-Covid economy will be a K shaped recovery unlike any normal post-recession period we’ve seen. Some industries are already booming (eg online delivery) and will continue, others are going to be very challenged (eg commercial office space), and some will end up reshaping (eg hospitality). It would affect my choice how my own skills and career will be impacted.

Footnote: I’m all for living for today, but nothing more miserable than owning a car you can’t afford. Selling or remortgaging is an emergency measure, not a great solution to covering overspend on a car! We live in unprecedented uncertain times, so waiting 6-12 months for more data make particular sense at the moment.

Edited by 67Dino on Sunday 10th January 09:23

[R5_BOY]

If you own your house outright, it sounds your in a pretty good financial position. 100% go for it and enjoy every second

[Knoxville2410]

Thanks so much for the replies everyone, especially at 9 on Sunday morning!

I would say my work is quite secure, we have seen an increase in business throughout the pandemic which is positive.

I think waiting at least 3-6 months would be wise. I think I've done around 2k miles this year so far, so as much as I'd like having the C63, I want to be able to use it!

If anyone has any direct experience of owning the C63, I'd love to hear your views too. I've the reader the buyers guide and various other threads from owners.

Thanks!

[ZX10R NIN]

Get the C63 you won't regret it, don't go for the C43 whilst being newer it's not a patch on the full fat car.

Also now is a good time to buy & hash out a good deal because as we start to come out of lockdown & it starts getting warmer prices will get firmer.

[stevemcs]

Get the C63.

[covmutley]

stevemcs said:

Get the C63.

C63, now!

[Knoxville2410]

I was hoping to hear, "wait a few months then get one!"

I think I'll do some pricing up of costs later e.g. insurance, maintenance, tyres and fuel. Any idea on costs for a comprehensive warranty? I don't think I'll ever want to run a car that's worth over £10-£15k without one.

[Knoxville2410]

Well that's a spanner in the works - £2875 for MB 12 month extended warranty on a 2014 car with 40k on the clock. I've read they are supposed to be bulletproof engines and drivetrains but is it worth the risk without warranty?

[ZX10R NIN]

I haven't had a warranty on my 63 since the day I bought it & the only non serviceable cost has been an alternator.

[stevemcs]

Just make sure it has a good service history and the AC works.

[raspy]

Go for the C63, but wait.

This year is another unpredictable year, no matter how "secure" your income stream appears today.

I would suggest saving hard in a stocks and shares ISA, investing in growth stocks (not just in UK but internationally) that are set to rocket up in 2021, and buy your C63 in 2022 for free with the profits.

There is silly money being made, if you know where to look.

[Knoxville2410]

raspy said:

Go for the C63, but wait.

This year is another unpredictable year, no matter how "secure" your income stream appears today.

I would suggest saving hard in a stocks and shares ISA, investing in growth stocks (not just in UK but internationally) that are set to rocket up in 2021, and buy your C63 in 2022 for free with the profits.

There is silly money being made, if you know where to look.

Some great advice there. I dabble in the stock market currently, and have a good chunk of money invested in a niche but soon-to-be growing industry. My investment is up nearly 300% at the moment.

I'll look into the ISA as I believe you're right, there's a lot of money to be made.