What would you do?
Discussion
Just after some opinion to help me decide which way to go!
I have a 02 Cerbera, it's a Lightweight factory Red Rose with 33000 on the clock and earlier this year one of the cams snapped which means a top end rebuild.
I bought the car four years ago on finance with a balloon at the end which is due to be paid at the end of September. It may be possible to re-finance the outstanding payment but coupled with the rebuild cost it's stretching the finances painfully at the moment. I only intended to keep the car for two years but I couldn't think of a car to replace it! (You all know what I mean)! It looks as though it's got to go.
So my options are: -
1) Try to sell the car as it is.
For: No outlay and whoever buys it would have the option of upgrades whilst the work was done if they required, as well as a new top end.
Against: I will probably take a hit on what the car is worth.
2) Pay to have the head work done (about 6k I think).
For: I could then sell the car with a two year guarantee on the head and would attract a wider range of buyers.
Against: I would be spending money I can't afford and if I didn't sell it quickly would run the risk of having to raise finance I can't afford on top to keep it.
3) Sell my body to science.
The car is unmolested and very tidy otherwise. It has an excellent chassis, interior, bodywork, sports exhaust etc.
What would you do?
I have a 02 Cerbera, it's a Lightweight factory Red Rose with 33000 on the clock and earlier this year one of the cams snapped which means a top end rebuild.
I bought the car four years ago on finance with a balloon at the end which is due to be paid at the end of September. It may be possible to re-finance the outstanding payment but coupled with the rebuild cost it's stretching the finances painfully at the moment. I only intended to keep the car for two years but I couldn't think of a car to replace it! (You all know what I mean)! It looks as though it's got to go.
So my options are: -
1) Try to sell the car as it is.
For: No outlay and whoever buys it would have the option of upgrades whilst the work was done if they required, as well as a new top end.
Against: I will probably take a hit on what the car is worth.
2) Pay to have the head work done (about 6k I think).
For: I could then sell the car with a two year guarantee on the head and would attract a wider range of buyers.
Against: I would be spending money I can't afford and if I didn't sell it quickly would run the risk of having to raise finance I can't afford on top to keep it.
3) Sell my body to science.
The car is unmolested and very tidy otherwise. It has an excellent chassis, interior, bodywork, sports exhaust etc.
What would you do?
Get it fixed! Take the car off the road and finance the final balloon payment. Then you've got all the time in the world to work out how to get the heads done as cheaply as possible, I'm sure it will be less than £6k.
Failing that, follow Bluethunder's suggestion above - Put some petrol in it, go for a nice long drive, then light up a joint and forget all your worries
PS Oh yeah you can't drive it can you! hmmmm Option 3 then, sell your body.
Failing that, follow Bluethunder's suggestion above - Put some petrol in it, go for a nice long drive, then light up a joint and forget all your worries
PS Oh yeah you can't drive it can you! hmmmm Option 3 then, sell your body.
Edited by JensenA on Sunday 13th July 16:11
JensenA said:
Get it fixed! Take the car off the road and finance the final balloon payment. Then you've got all the time in the world to work out how to get the heads done as cheaply as possible, I'm sure it will be less than £6k.
Failing that, follow Fubars suggestion above - Put some petrol in it, go for a nice long drive, then light up a joint and forget all your worries
PS Oh yeah you can't drive it can you! hmmmm Option 3 then, sell your body.
That was my commentFailing that, follow Fubars suggestion above - Put some petrol in it, go for a nice long drive, then light up a joint and forget all your worries
PS Oh yeah you can't drive it can you! hmmmm Option 3 then, sell your body.
.Fubes would give a bit of gay banter,and then mention having it resprayed yellow,being the fastest colour,blah,blah,blah.Edited by BLUETHUNDER on Sunday 13th July 19:19
can be blamed 
micky g said:
Just after some opinion to help me decide which way to go!
I have a 02 Cerbera, it's a Lightweight factory Red Rose with 33000 on the clock and earlier this year one of the cams snapped which means a top end rebuild.
I bought the car four years ago on finance with a balloon at the end which is due to be paid at the end of September. It may be possible to re-finance the outstanding payment but coupled with the rebuild cost it's stretching the finances painfully at the moment. I only intended to keep the car for two years but I couldn't think of a car to replace it! (You all know what I mean)! It looks as though it's got to go.
So my options are: -
1) Try to sell the car as it is.
For: No outlay and whoever buys it would have the option of upgrades whilst the work was done if they required, as well as a new top end.
Against: I will probably take a hit on what the car is worth.
2) Pay to have the head work done (about 6k I think).
For: I could then sell the car with a two year guarantee on the head and would attract a wider range of buyers.
Against: I would be spending money I can't afford and if I didn't sell it quickly would run the risk of having to raise finance I can't afford on top to keep it.
3) Sell my body to science.
The car is unmolested and very tidy otherwise. It has an excellent chassis, interior, bodywork, sports exhaust etc.
What would you do?
What would I do? My answer to that question doesn't help you - I would think about putting an LS engine in the car after stripping down the car and building it back up. But its your car and its 4 years newer than what I am looking for and so would be out of the price range of what I would be willing to spend...I have a 02 Cerbera, it's a Lightweight factory Red Rose with 33000 on the clock and earlier this year one of the cams snapped which means a top end rebuild.
I bought the car four years ago on finance with a balloon at the end which is due to be paid at the end of September. It may be possible to re-finance the outstanding payment but coupled with the rebuild cost it's stretching the finances painfully at the moment. I only intended to keep the car for two years but I couldn't think of a car to replace it! (You all know what I mean)! It looks as though it's got to go.
So my options are: -
1) Try to sell the car as it is.
For: No outlay and whoever buys it would have the option of upgrades whilst the work was done if they required, as well as a new top end.
Against: I will probably take a hit on what the car is worth.
2) Pay to have the head work done (about 6k I think).
For: I could then sell the car with a two year guarantee on the head and would attract a wider range of buyers.
Against: I would be spending money I can't afford and if I didn't sell it quickly would run the risk of having to raise finance I can't afford on top to keep it.
3) Sell my body to science.
The car is unmolested and very tidy otherwise. It has an excellent chassis, interior, bodywork, sports exhaust etc.
What would you do?
Your two routes, fix and sell, or just sell, either way I don't think you will be likely to get what you may feel is the true value of your car, the status of the car will make most potential buyers ask questions that just don't have easy answers, unless you have a great deal of patience to wait for the "right buyer", maybe Mr Agger could be asked to help sell on the car that may help with selling the car quicker?
IMO - If you go the repair route - having your car labelled with a rebuild is a stigma no matter where you get it done, people would still want to pay less because in ignorance all you have is caution... unless you have the patience to wait for right buyer, if you haven't already check round all the places which can do reputable work. It maybe cheaper to get a 4.2 replacement engine except for the fact that you would be wanting a 4.5 rr ... hmmm bugger.
If you just sell then you have perhaps the even worse label which results from the question "why isn't he getting the car repaired?", I don't think that many people will like being told you can get it upgraded while its being repaired
... If it was me I wouldn't care too much about the broken engine as I would be aiming to get everything rebuilt anyway, but then I am not your ideal buyer at all as I would be looking to pay as little as possible, I think if you sell with a broken engine thats where most potential buyers would be coming from.
A car rarely will sell for how much it is worth, it will sell for how much the buyer is willing to pay, its making one = the other, that will be so much more difficult for a car with a problem.
What ever you do, don't say here how much you would be prepared to lose on the car, you'll need all the help you can get!
Crikey, 2002 RR, i bet you paid top dollar for it, must be hard to think it's probably only worth circa £15k as it stands!
£6k for repairs does sound a bit high though, i presume there is piston damage as well? If you don't have the money and you don't want to keep, i would recommend selling as is, otherwise you could end up in further financial difficulties.
Great colour by the way!
£6k for repairs does sound a bit high though, i presume there is piston damage as well? If you don't have the money and you don't want to keep, i would recommend selling as is, otherwise you could end up in further financial difficulties.
Great colour by the way!
I am lucky that my Cerb purchase was outright and I have allowed for a rebuild (although your quote seems a bit pricey?) if I was in shoes I would sort the finance side out and keep her. You can then save up at your leisure to get her fixed (and none of this LS engine business
)
Do you use your Cerb all year round? if like most people you lay her up for the winter just aim to save up and get it sorted for next summer.
You really don't want to get rid of her do you
)Do you use your Cerb all year round? if like most people you lay her up for the winter just aim to save up and get it sorted for next summer.
You really don't want to get rid of her do you
Difficult decision.
A rebuilt cerb doesnt command more money on PHeads than a non rebuilt but it makes it easier to sell (in my experience).
The market for perf cars is taking a really big hit at the moment. So getting out quick might not be a bad idea.
There are 01s from £15K that arent selling.
A private 02 RR if immaculate would maybe scrape £20K at present if you are willing to take your time sellign it?? Could be a couple of K less of you are in a hurry.
You might get a lot lot less with knackered engine. If I was looking I think I wouldnt want to pay more than £10 - 12K for a car I couldnt drive etc....
A rebuilt cerb doesnt command more money on PHeads than a non rebuilt but it makes it easier to sell (in my experience).
The market for perf cars is taking a really big hit at the moment. So getting out quick might not be a bad idea.
There are 01s from £15K that arent selling.
A private 02 RR if immaculate would maybe scrape £20K at present if you are willing to take your time sellign it?? Could be a couple of K less of you are in a hurry.
You might get a lot lot less with knackered engine. If I was looking I think I wouldnt want to pay more than £10 - 12K for a car I couldnt drive etc....
Edited by Gazzab on Sunday 13th July 22:26
flog it, the money lost repairing it would make up for the loss selling it. i think a potential buyer would be happier having the rebuild done themselves, as any warranty given with a rebuild paid for by you would probably be void upon a transfer of ownership. cut your losses and move on. realistically you are in a no win situation im afraid. there are a few tvr dealers out there who have been known to buy and sell cars requiring engine work, you could ring around and get a valuation on your car, as is. i'd say a bid of 5-6k would be likely.
Never an easy choice Micky, but it you say everything else on her is mint and its not going to get you into much trouble with money i would look at financing the money in September, and either having the rebuild done when you have saved some money or keeping your eye open for a full engine from a written off car, replace yours then rebuild yours slow time and sell it on to recoup some money?
Edited by brakedust300 on Monday 14th July 07:29
jammy_basturd said:
Am I right in thinking that technically, legally you aren't entitled to sell a car with outstanding finance as technically, the car isn't legally entirely yours...?
Yes. The car can only be sold after the outstanding finance is cleared. In practice, this is often done at the same time as the buyer pays for the car. Buyer pays for car, money goes to finance company to clear the outstanding, car is then seller's property and then it becomes the buyers. Duke Thrust said:
Have you considered dropping another engine in?
The car is a Red Rose Light weight, dropping in a 4.2 probably doesn't seem too right, unless he were to get it upgraded to a 4.5 RR by someone like tvr power.crap spelling....
Edited by eLSerbera on Monday 14th July 12:38
A tricky situation, but I think you should try to get it fixed. The difference between its current value (10k?) and value when fixed (16k+?) is surely more than the rebuild cost (4-5k?), illogical though that may be. This is especially true if the car's in otherwise top condition.
How about paying for it to be fixed on a 0% credit card and start saving. When the interest free period is up, pay it off with savings + loan. This is assuming you have the money to pay the balloon (?)
Oh, and get an AA warranty now.
Good luck.
how much is the baloon payment?if it is roughly what the car is worth in its current mechanical state why not just let the finance company have the car back because if you have paid half or over of your finance agreement you are legally entitled to do this with no penaulties and they cant black list your name if you ever want further credit in the future also if you find out where the finance company are then selling the car i suspect an auction if you wanted you could go and by it back for a bargain price as i dont think there would be much interest in auction for a non running tvr just an idea,anyway good luck with whatever you decide!!!
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