Discussion
Having slowly come to the conclusion that if I get a 911 its going to be a mk2 GT3 or a GT2, I'm forced to consider finance. Whats the best way of going about this as I don't want to be going the traditional route of a tiny deposit and huge balloon. I want to put a large deposit, say 50k, and then pay off the remaining 10-15k over 2-3 years.
Is this something car dealers and car loan companies will try to steer me away from? I could chuck it on the mortgage, but the problem with that is the risk of paying the car off over 25 years which is pretty daft.
911nutter said:
my philosophy is to put cash into (hopefully) appreciating 'things' / investments and borrow the money as cheaply as possible (ie interest only mortgage) to fund the car. any net returns on your cash investment can be offset against your monthly payments on your borrowing, but with the wind behind you, you could at least wear some of the depreciation of your car against net capital appreciation of your investment when you come to sell.
that's my theory, and so far so good! requires more effort clearly but i'm not in the habit of throwing away money on cars without a fight!!!
so.... give me your £50k and i'll look after it for you
Edited to say.... get the GT2!
>> Edited by 911nutter on Wednesday 1st June 10:58
Ah but borrowing at a lesser rate than you can get as a reasonably guaranteed return isn't trivial.
Agree with the principal of paying for things with returns on investment though, as that way once the car is paid for, you are still getting a return rather than burning through the capital. If I go that route though, it means accepting that I can't really afford a 65k 911. Then the next thing I know, I'll have kids and never be able to justify such a purchase which is why I almost feel obliged to do it before the kids, because once we've got one its easy to continue in the same pattern!
The 650 quid a 15k loan over two years would cost a month isn't a huge burden.
Actually more inclined towards the GT3
The other half has to drive it too, and with the GT2 I'd have to spend a few k immediately on changing the brakes as there aren't many with steels on already. >> Edited by DanH on Wednesday 1st June 11:57
AC79xxx said:
If you can get that limit credit cards keep transfering the balance every 9 months so that it stays at 0% interest.
This assumes you're disciplined to paying back £650 every month for the next 2 years to clear the debt.
I'd also have to buy from someone who takes credit cards. They'd probably smack me for 5% surcharge anyway
I recently remortgaged and can't get out of it for a while. Wishing I'd offset in hindsight, but not sure its worth it until renewal, especially as the money I'd be offsetting is likely about to be spent on a car
I'm not aware of any way in which I can avoid tax on this? Is there anything obvious that I can leverage? Just got a single property thats mortgaged. I also have a maxi ISA thats obviously subject to tax relief so I'm undecided whether or not to sell that and cut some of the borrowing I'd otherwise need for this car.
Agree about life not being a dress rehersal
Thats what I said when I got the Elise first, then the Noble! >> Edited by DanH on Wednesday 1st June 23:37
- clue - I'm Jennie's other half :wink: shotokan said:
I used Classic Car Finance to finance my GT3 (www.classicandsportsfinance.com)
Speak to Rob Johnson - I got excellent service and great terms.
I found Rob's offering was much better than other schemes because it's very flexible - you can over pay, under pay, settle early etc. with no penalty. They are also VERY efficient (compared to some of the idiots I dealt with while chasing quotes for my car).
Good luck!
Thanks mate.
Also thanks to everyone else who's posted info.
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