Selling up my M5 - Moving to an EV and a toy
Discussion
Hi guys.
Thinking of selling up my current car - a 2018 BMW M5.
It was a dream car for me as I always felt the M5 was top of the super saloon tree, and I've long been a fan of M cars.
I'd ran an M4 for a couple of years beforehand. I loved the M4 for it's rawness, something I feel is missing from the M5.
For me it just feels too big and heavy, and whilst it handles well it just feels too much to hustle down a nice road.
It's so well insulated and rides so smoothly that you can easily get to naughty speeds with little effort, and whilst I like the shove
I'm very aware I need my license and the chances to use the full performance of the M5 are few and far between without risking it.
My enjoyment of cars has always been having a nice daily with a bit of performance, however I'm starting to think a better idea would be a nice daily and a performance car alongside that is purely for fun, as well as maybe giving me a chance to get on track - something I've always wanted to get into.
This led me onto my current plan, which is to sell up the M5 and pick up something nice as a daily which wont cost a lot to run every month. The leftover money that I would be spending on the M5 every month can go into something fun.
I've long been one of the 'I'll hold out against EVs for as long as possible' crowd, but when browsing cars for sale at the moment they seem to make a lot of sense for low costs in terms of day-to-day running as well as actual finance cost. As a result I've started looking at Audi E-Trons and Polestar 2s. Thinking being that one of these a few years old can be had for ~350pm with minimal deposit, and 4-5 years of battery warranty remaining. Going by the calculator on the Octopus EV website, I could cover my 1k miles a month for £80 by charging at home on their tariff.
For the toy, it only seemed right to have a V8 to offset the EV daily.
I'm really keen on an E92 M3 as I've always wanted one but thought the fuel costs would cripple me - not as much of a concern if only doing a few K a year. They seem to be a regular sight at trackdays too, however I'm aware they need some prep for track work. The road tax seems to be a killer on these, but the EV would be 0 tax so overall it's not too bad for 2 cars.
I'm aware of the common issues on the E92, so I guess the point of this post is to see what others think about the whole idea. The M5 costs me an arm and a leg to run every month, then there's the yearly service due to my mileage, tyres, sky high insurance.
In comparison I ran a multicar quote for an E Tron and an E92 Competition and it was £450 a year less than I pay for the M5 on it's own.
Are there other costs I'm not considering in running 2 cars instead of 1?
Insurance is less, fuel is less, servicing I *think* would be less as 1 is an EV and the E92 will do very low miles...
I have a driveway for both and a suitable point for a charger to be installed.
Am I missing anything?
Bit of a strange post I know, I think I just need a sanity check!
Thinking of selling up my current car - a 2018 BMW M5.
It was a dream car for me as I always felt the M5 was top of the super saloon tree, and I've long been a fan of M cars.
I'd ran an M4 for a couple of years beforehand. I loved the M4 for it's rawness, something I feel is missing from the M5.
For me it just feels too big and heavy, and whilst it handles well it just feels too much to hustle down a nice road.
It's so well insulated and rides so smoothly that you can easily get to naughty speeds with little effort, and whilst I like the shove
I'm very aware I need my license and the chances to use the full performance of the M5 are few and far between without risking it.
My enjoyment of cars has always been having a nice daily with a bit of performance, however I'm starting to think a better idea would be a nice daily and a performance car alongside that is purely for fun, as well as maybe giving me a chance to get on track - something I've always wanted to get into.
This led me onto my current plan, which is to sell up the M5 and pick up something nice as a daily which wont cost a lot to run every month. The leftover money that I would be spending on the M5 every month can go into something fun.
I've long been one of the 'I'll hold out against EVs for as long as possible' crowd, but when browsing cars for sale at the moment they seem to make a lot of sense for low costs in terms of day-to-day running as well as actual finance cost. As a result I've started looking at Audi E-Trons and Polestar 2s. Thinking being that one of these a few years old can be had for ~350pm with minimal deposit, and 4-5 years of battery warranty remaining. Going by the calculator on the Octopus EV website, I could cover my 1k miles a month for £80 by charging at home on their tariff.
For the toy, it only seemed right to have a V8 to offset the EV daily.
I'm really keen on an E92 M3 as I've always wanted one but thought the fuel costs would cripple me - not as much of a concern if only doing a few K a year. They seem to be a regular sight at trackdays too, however I'm aware they need some prep for track work. The road tax seems to be a killer on these, but the EV would be 0 tax so overall it's not too bad for 2 cars.I'm aware of the common issues on the E92, so I guess the point of this post is to see what others think about the whole idea. The M5 costs me an arm and a leg to run every month, then there's the yearly service due to my mileage, tyres, sky high insurance.
In comparison I ran a multicar quote for an E Tron and an E92 Competition and it was £450 a year less than I pay for the M5 on it's own.
Are there other costs I'm not considering in running 2 cars instead of 1?
Insurance is less, fuel is less, servicing I *think* would be less as 1 is an EV and the E92 will do very low miles...
I have a driveway for both and a suitable point for a charger to be installed.
Am I missing anything?
Bit of a strange post I know, I think I just need a sanity check!
Muzzer79 said:
How will you be buying the EV?
I like your plan and it's something I'm considering too. Newer performance cars being too heavy and damn expensive to consider as an all-in-one prospect.
I run an EV already, but am looking at a toy as an addition rather than upgrading the EV.
But I have access to company-supplied EV. I wouldn't buy one with the current depreciation risk.
A PCP offers more safety, if you can get a good deal - but I'd avoid cash or HP at present.
Definitely, prices seem to be increasing by huge amounts with every new model - so then there's the huge depreciation that comes with...I like your plan and it's something I'm considering too. Newer performance cars being too heavy and damn expensive to consider as an all-in-one prospect.
I run an EV already, but am looking at a toy as an addition rather than upgrading the EV.
But I have access to company-supplied EV. I wouldn't buy one with the current depreciation risk.
A PCP offers more safety, if you can get a good deal - but I'd avoid cash or HP at present.
I was thinking a PCP on a used EV to be honest. The finance broker I used on my M5 is offering 8% APR still, so their PCP figures look very attractive on a ~25k EV. Normally I sell my cars before the end of the term but I reckon there will be little to no equity in the EV with the rate they're currently depreciating, so it would be a VT or hand it back at the end of the term I think.
blueacid said:
...Useful stuff...
Food for thought, I hadn't considered the iPace but I will have a look at those too. There's a lovely blue one near me which I always think looks good when I see it. I'll have a look round one and will keep an eye out for the windscreen issue mentioned - thanks!Polestar 2 is still a contender also, however I felt the interior looked a little low rent compared to the Audi.
I hear you on running just the EV for a few months, this is a sound plan and would allow me to take my time finding the fun car also...
I hadn't considered TVRs as I'm not handy with spanners :grin: . I should really have mentioned in the OP that I live in Scotland, my nearest (and only) track is some 150 miles round trip hence thinking something like an E92 would be ideal. I do like the f types however it seems more GT I think.
Cheers!
samoht said:
I swapped my daily to an EV in November and definitely am glad of it. As you say it's cheaper, it's also wonderfully relaxing and in local use you never have to stand around at a petrol station filling it up.
For a fun / track car I'd be looking for something smaller and lighter than a saloon car, perhaps Elise/Caterham or Boxster/MX-5?
It does sound appealing for my day-today miles for sure.For a fun / track car I'd be looking for something smaller and lighter than a saloon car, perhaps Elise/Caterham or Boxster/MX-5?
I understand your point on the fun car, and I've always liked Elises. The problem with those for me is that I'm not very close to any tracks, knockhill is about a 150 mile round trip for me and any other tracks are a fair bit further than that. I'm not sure I'd want to be in something as small for that long.
There's also a potential for Euro trips etc. So I'm really looking for something that can do a couple of trackdays a year, feel special on the sunday drive, and also handle the odd road trip. This was leading me to a sports coupe.
I appreciate a boxster would probably fit the brief, so will have a look at those.
Cheers!
covmutley said:
Sort of what I've done, although a couple of rungs down from where you are, and in my case it was mainly due to the high mileage I do.
I had a jag xe s, and even with that at 320bhp, it was often wasted 90% of the time. Good car though!
Anyway, with a couple of other cars in between I now find myself with a dual motor polestar 2 and an austin healey sprite. The polestar is a fantastic car, with a couple of niggles. The ride can be a bit crashy on potholed roads (so most then!) The central console is big, which I don't mind, but it's wasteful and the screen demister buttons are rubbish. Aside from that though, it's great. With 400bhp it's quick,but not fun. Although because the power is instant and comes so easily, it's very useful for overtakes and I use the power a fair bit I find.
Obviously I went classic route rather than v8, but a 2 car setup works for me. I like tinkering with it, it's fun to drive (1275 engine, weber carb, lots of mods), free road tax, cheap parts, cheap insurance etc. If I had more money and a bigger garage, I'd probably have gone caterham, elise or tvr though.
Useful info on the Polestar, thank you. Is yours the model with the adjustable Bilstein/Ohlins? Someone had mentioned to me these can be set up to ride better, but I wasn't sure on the longevity of them as the car gets older. I had a jag xe s, and even with that at 320bhp, it was often wasted 90% of the time. Good car though!
Anyway, with a couple of other cars in between I now find myself with a dual motor polestar 2 and an austin healey sprite. The polestar is a fantastic car, with a couple of niggles. The ride can be a bit crashy on potholed roads (so most then!) The central console is big, which I don't mind, but it's wasteful and the screen demister buttons are rubbish. Aside from that though, it's great. With 400bhp it's quick,but not fun. Although because the power is instant and comes so easily, it's very useful for overtakes and I use the power a fair bit I find.
Obviously I went classic route rather than v8, but a 2 car setup works for me. I like tinkering with it, it's fun to drive (1275 engine, weber carb, lots of mods), free road tax, cheap parts, cheap insurance etc. If I had more money and a bigger garage, I'd probably have gone caterham, elise or tvr though.
Edited by covmutley on Thursday 9th May 07:37
Sprites are lovely. I suspect I'll have a classic at some point in the future. Lack of garage for me at the moment limits what I can get as it needs to sit on the drive all year round.
Fastlane said:
I run a Model 3 as my daily and a supercharged Atom as my fun car, which is a great combination.
I would look out for a lease in your situation. I am awaiting a Nissan Aryia to replace my wife's Kona electric. I am leasing a £50k Aryia 87kWh Advance with Sky Pack for £392 per month on a 24 month lease with a 1 month advance rental.
Keep on eye on leasing.com and lease leaseloco.
If you are looking at buying, then a Model 3 performance is as fast as your M5 up to 100 and can be had for £25k. They cost buttons to run if you charge at home and the supercharger network is cheaper than anyone else (I paid 34p/kWh yesterday for example) and makes long distances a doddle. They have a lot of space inside too, with a very large boot. Just a thought.
I hadn't looked at leases as I can't get business deals, however I'll check personal ones and see!I would look out for a lease in your situation. I am awaiting a Nissan Aryia to replace my wife's Kona electric. I am leasing a £50k Aryia 87kWh Advance with Sky Pack for £392 per month on a 24 month lease with a 1 month advance rental.
Keep on eye on leasing.com and lease leaseloco.
If you are looking at buying, then a Model 3 performance is as fast as your M5 up to 100 and can be had for £25k. They cost buttons to run if you charge at home and the supercharger network is cheaper than anyone else (I paid 34p/kWh yesterday for example) and makes long distances a doddle. They have a lot of space inside too, with a very large boot. Just a thought.
Edited by Fastlane on Thursday 9th May 08:26
I don't know why, but I hadn't really considered a Tesla. I see you can get a 2020 M3P for about 25k now which is very tempting - off to run finance figures...
The addition of the supercharger network is definitely a draw.
BlueJ said:
OP, I've not read all the replies so apologies if this has been said. Your thoughts make complete sense.
I swapped my 2019 F90 M5 late last year for the same reasons you state - mighty machine, mighty performance, but not what I'd call involving or fun.
Changed it for a FL5 Type R and am loving it. Slower of course, less refined, but still quick enough, the handling is outrageously good and way more enjoyable to drive. Oh and it's cheap as chips to run.
That's exactly it mate, it just feels like a very quick every day car. It doesn't make me want to take it out just for the sake of it.I swapped my 2019 F90 M5 late last year for the same reasons you state - mighty machine, mighty performance, but not what I'd call involving or fun.
Changed it for a FL5 Type R and am loving it. Slower of course, less refined, but still quick enough, the handling is outrageously good and way more enjoyable to drive. Oh and it's cheap as chips to run.
Can understand the move to the Honda as I'd imagine it's hard not to want to drive it! Those FL5s are the first gen I've really liked the look of.
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