Best way to fund a short term car
Discussion
Hi All,
My friends and I like to do periodic roadtrips, usually with some sort of theme. Next year, the call has been made for 2 weeks around Italy and the Alps in convertibles as one of our friends Stag doo, which is obviously excellent.
I'm looking to take something like a Maserati Grancabrio, ~£45k-£50k.
I only really want the car for 3-6 months, so I'm trying to figure out the best way of funding it, does anyone have any advice?
Buy & Sell- I can do this, buy it initially and then sell it when I'm done with it. Problems I see with this is its not the sort of car/value that would easily sell on the private car market, so you'd be paying dealers premiums to purchase the car, and then paying trade in price when you sell it to them/through them. Bonus being that the car is yours to do with as you please in the middle, take it wherever you want across borders with whatever drivers you like etc.
Leasing- Car is not available new so not a great deal of leasing options seem to present themselves.
Rent- Potential rent options, but its quite expensive, and also they are not likely to allow the car to be taken across multiple borders with multiple drivers.
The costs of renting are probably close to losses of buy/sell.
Any ideas? maybe some sort of purchase option with a guarantied buy back price or something?
My friends and I like to do periodic roadtrips, usually with some sort of theme. Next year, the call has been made for 2 weeks around Italy and the Alps in convertibles as one of our friends Stag doo, which is obviously excellent.
I'm looking to take something like a Maserati Grancabrio, ~£45k-£50k.
I only really want the car for 3-6 months, so I'm trying to figure out the best way of funding it, does anyone have any advice?
Buy & Sell- I can do this, buy it initially and then sell it when I'm done with it. Problems I see with this is its not the sort of car/value that would easily sell on the private car market, so you'd be paying dealers premiums to purchase the car, and then paying trade in price when you sell it to them/through them. Bonus being that the car is yours to do with as you please in the middle, take it wherever you want across borders with whatever drivers you like etc.
Leasing- Car is not available new so not a great deal of leasing options seem to present themselves.
Rent- Potential rent options, but its quite expensive, and also they are not likely to allow the car to be taken across multiple borders with multiple drivers.
The costs of renting are probably close to losses of buy/sell.
Any ideas? maybe some sort of purchase option with a guarantied buy back price or something?
Perhaps someone will be along shortly with a well kept secret that can help you out, but you're probably going to take a bit of a bath on this one unless you get really lucky. It also depends on the time of year you're buying/selling, exotic convertibles are going to be at their peak over the sunny months and during the winter they'll take a slight dip.
I'd expect you'll also have a little difficulty if trying to rent and take the car across borders, though you may have more luck if you were to rent from a company that was represented in each of the countries you planned on dipping in to - Perhaps https://europeluxurycars.com/european-car-rental-a... or similar, quick google result I have no experience or affiliation with these guys.
If you're in a position to get a 50k bank loan at <5% APR then you're looking at some pretty cheap borrowing if you clear the loan off at the end of the year, obviously trying to account for purchase vs sales price of an exotic car with an additional short-term owner is hard enough normally, let alone during a time where the prices on used cars are out of the norm - some say inflated, it may just be the new 'norm' or there may be a crash pending, I don't have a crystal ball to predict either way.
If you're risk averse, arrange rentals and know the exact cost. If you're happy with a bit of a gamble and financially able to if it doesn't pay off, take the loan and buy during winter, then get it sold when there's still some good summer sunshine for the new owner to enjoy.
I'd expect you'll also have a little difficulty if trying to rent and take the car across borders, though you may have more luck if you were to rent from a company that was represented in each of the countries you planned on dipping in to - Perhaps https://europeluxurycars.com/european-car-rental-a... or similar, quick google result I have no experience or affiliation with these guys.
If you're in a position to get a 50k bank loan at <5% APR then you're looking at some pretty cheap borrowing if you clear the loan off at the end of the year, obviously trying to account for purchase vs sales price of an exotic car with an additional short-term owner is hard enough normally, let alone during a time where the prices on used cars are out of the norm - some say inflated, it may just be the new 'norm' or there may be a crash pending, I don't have a crystal ball to predict either way.
If you're risk averse, arrange rentals and know the exact cost. If you're happy with a bit of a gamble and financially able to if it doesn't pay off, take the loan and buy during winter, then get it sold when there's still some good summer sunshine for the new owner to enjoy.
Lowest cost will no doubt be to buy privately and attempt to sell privately.
Granted you will likely struggle to sell privately as you pointed out and will end up at webuyanycar or similar.
This route will still end up cheaper than renting though.
I'd budget for minimum £6k to get in and out a Maserati Grancabrio. Any less than that would be a bonus.
Granted you will likely struggle to sell privately as you pointed out and will end up at webuyanycar or similar.
This route will still end up cheaper than renting though.
I'd budget for minimum £6k to get in and out a Maserati Grancabrio. Any less than that would be a bonus.
Depending upon a few things it could be cheaper to buy a convertible car in October/November when the prices drop (normally), store it for a while, do your trip then sell it either straight away or wait until the next spring when prices inevitably rise again.
Might not work for that level of car though, last time I did it was with a 5 year old MX5 and ended up selling it for the same price I paid (£6k) as I was doing a similar trip for a mate's 30th and stag do combined.
Might not work for that level of car though, last time I did it was with a 5 year old MX5 and ended up selling it for the same price I paid (£6k) as I was doing a similar trip for a mate's 30th and stag do combined.
Cheers for all responses so far, they all make sense. I didn't expect there to be a magic way of doing this without risk otherwise everyone would be doing it.
Other car in the running is something like an M6 convertible. This may be easier to use day to day so keeping it longer before/after the trip wouldn't be that bad, but if I'm going to Italy, I want the Maserati.
Matt
Other car in the running is something like an M6 convertible. This may be easier to use day to day so keeping it longer before/after the trip wouldn't be that bad, but if I'm going to Italy, I want the Maserati.
Matt
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