Balloon Payment on new Tamora
Discussion
Hi guys, new to this site and just considering my options at the moment. I have always wanted a TVR and I am considering the purchase of a new or 2nd hand Tamora.
Can anyone tell me what the typical balloon % is on a new Tamora and what it would be if I purchased 2 year old Tamora?
Thanks
Can anyone tell me what the typical balloon % is on a new Tamora and what it would be if I purchased 2 year old Tamora?
Thanks
frankyknuckles said:
Hi guys, new to this site and just considering my options at the moment. I have always wanted a TVR and I am considering the purchase of a new or 2nd hand Tamora.
Can anyone tell me what the typical balloon % is on a new Tamora and what it would be if I purchased 2 year old Tamora?
Thanks
People on here will tell you not to do it, but if you want to get an idea of costs take a look at James Aggar's site (I seem to remember him giving finance examples on 2nd hand cars). Pick a similarly priced car (26k ish) and see how it works out.
I wonder what % of owners buy their TVRs on finance like this. When you see how many secondhand cars there are for sale with under 15,000 miles on the clock after 3 years it does make me think they have been paying for very expensive garage ornament. I'd hate to spend 400-500 a month (or whatever, can't be cheap though) to get into such a car then never use it.
No offence to anyone who chooses to do this, each to their own. Nor to those who actually do a few miles in their recent model TVR, but I think you know what I mean.
Me? I had my Chimaera for 6 years and saved up for it's replacement for 4 years of that time. Did on average 7k a year in the Chimaera (low, but not low for a TVR), now doing 10k a year in my T350. These cars love being used
Maybe I'm just a tight git.
>> Edited by targarama on Thursday 9th June 15:22
No offence to anyone who chooses to do this, each to their own. Nor to those who actually do a few miles in their recent model TVR, but I think you know what I mean.
Me? I had my Chimaera for 6 years and saved up for it's replacement for 4 years of that time. Did on average 7k a year in the Chimaera (low, but not low for a TVR), now doing 10k a year in my T350. These cars love being used
Maybe I'm just a tight git.
>> Edited by targarama on Thursday 9th June 15:22
I've contacted a TVR dealer and his finance agent (who coincidentally did my current car finance for me) and it looks like I have to find a dealer that has a 2nd hand Tamora for £25K ish for me to achieve my budget. Plenty for private sale at these prices, but can't find any at that price at a dealer.
frankyknuckles said:
I've contacted a TVR dealer and his finance agent (who coincidentally did my current car finance for me) and it looks like I have to find a dealer that has a 2nd hand Tamora for £25K ish for me to achieve my budget. Plenty for private sale at these prices, but can't find any at that price at a dealer.
There's a place called Bedlington Motor co. up North who often have reasonably priced TVRs in stock. Not seen them advertise on PH for a while, but worth a search. Also, try some lower offers at dealers, esp. if you know they've had the car in stock for a while and want to move it on.
SpeedYellow said:
typically used TVR's get about 35% residual after three years...
This is what worries me, I've been thinking about buying a brand new saggy some time next year. I'm not a rich bloke and the thought of losing 5k a year gives me the heebeegeebees.
It's like I've got the devil and the angel sat on my shoulders. On the one hand I hear, "go on, take out a little money from the mortgage", since my part is only 30k, probably borrow 20k. What makes me feel like doing it is, I've lost two friends over the past couple of years and I think, live life, could go tomorrow.
On the other hand, I work hard for my money and it does seem to be a tad irresponsible for me to spend 50k on a car.
I've worked it out, and I could buy the car next year from new and my outgoings would be 200 - 300 pounds per month less than they are now.
Or I could save myself 15k and get a used one, but then I think it's a once in a lifetime event to spec a car from new, well for me anyway.
What should I do?
I have to agree with Targ, I really do think it's wise to save as much as you can to buy your first TVR virtually outright. Once this is acheived, you have great bargaining power when you want to part ex it for your next model. I did this with my first Chimeara, and when I sold that, I had enough savings for the Tam 
Also, if your going down the balloon payment route, you have to be 100% sure you want and can live with the car, as if you do find it's not for you, you lose quite a chunk of money (as I found out once upon a time!)
Also, if your going down the balloon payment route, you have to be 100% sure you want and can live with the car, as if you do find it's not for you, you lose quite a chunk of money (as I found out once upon a time!)
frankyknuckles said:
I've contacted a TVR dealer and his finance agent (who coincidentally did my current car finance for me) and it looks like I have to find a dealer that has a 2nd hand Tamora for £25K ish for me to achieve my budget. Plenty for private sale at these prices, but can't find any at that price at a dealer.
Surely it's a bit risky buying a car simply because it's the only one at that price... Wouldn't you be better finding the right car first?
In any case if a dealer has a car up fo £27k, that doesn't necessarily mean they wont accept £25k for it...
groucho said:
typically used TVR's get about 35% residual after three years...
This is what worries me, I've been thinking about buying a brand new saggy some time next year. I'm not a rich bloke and the thought of losing 5k a year gives me the heebeegeebees.
It's like I've got the devil and the angel sat on my shoulders. On the one hand I hear, "go on, take out a little money from the mortgage", since my part is only 30k, probably borrow 20k. What makes me feel like doing it is, I've lost two friends over the past couple of years and I think, live life, could go tomorrow.
On the other hand, I work hard for my money and it does seem to be a tad irresponsible for me to spend 50k on a car.
I've worked it out, and I could buy the car next year from new and my outgoings would be 200 - 300 pounds per month less than they are now.
Or I could save myself 15k and get a used one, but then I think it's a once in a lifetime event to spec a car from new, well for me anyway.
What should I do?
Don't sell it....easy really.
If you do a balanced payment agreement you can get out of the finance agreement at anytime with no penalties. There are lots of different types out there, some are fixed, these will sting you if you want out early but will be a few pounds a month cheaper.
If you want detailed advise let me know and I'll give you the details of my finance lady, they will even be able to help if you buy the car from any dealer.
If you want detailed advise let me know and I'll give you the details of my finance lady, they will even be able to help if you buy the car from any dealer.
groucho said:
typically used TVR's get about 35% residual after three years...
This is what worries me,
It excites me because that makes a 3yr old Tam about £12K or about half of what people seem to be asking www.pistonheads.com/sales/list.asp?p=1&s=140
or have I missed something here?
The residual is just the number the finance company beleive is a safe minimum in the nasty situation where they have to repo the car (which could be rough as hell with little service history) and get back from an Auction and still make enough money to cover all the costs. It is not a view of where the market is going.
The residual value also is massively dependant on whether the car is part ex'd back through a dealer network. Of dad's 5 TVR's the losses have ranged from bloody superb to painful. Now the T350 is being sold sold privately (newtown motors no longer dealer so no use to him) it's proving somewhat interesting (i.e depressing).
Where, before, a dealer would ignore the shocking build quality (of his griff, chimp etc) that they sold you in the first place and give you a 'reasonable' trade in, when you try and sell it privately it all becomes problematic.
I've had dealers ring me up about buying the T350 and ask whether it has certain 'features' such as 'piss fuel all over your shoes filler neck' etc. When the dealer then smarts and um's and ah's about build quality about how it might affect the asking price I have to stop myself choking. I don't seem to remember these same dealers highlighting these issues when the car was bought new with the same problems?
I have had the car now for 8 months and its pretty much same condition when dad bought it 2 years ago at 800 miles (but with most upgrades now). It winds me up when a TVR dealer starts niggling about things when I know that if I let them sell it on commission and walk in and enquire about the very car I am selling I would receive an absolute glowing review...
The cerbera lost pops about 18k which was quite painful and the T350 looks like losing about 15k. The T350 has been replaced and it's delayed sale isn't going to cause a problem which is fine if you are in that position. If it was my money tied up in that car I would be crying...
Still, its a damn fine car and i am lucky to have one sat in the garage to play with but I wouldn't invest my own cash in one.
15k on a pre-cat griff for the noise and the fact that it won't lose *much* money and then keep the 12k 400bhp skyline gtr for turbo lag, flames and that jap reliablity...now you are talking...
Where, before, a dealer would ignore the shocking build quality (of his griff, chimp etc) that they sold you in the first place and give you a 'reasonable' trade in, when you try and sell it privately it all becomes problematic.
I've had dealers ring me up about buying the T350 and ask whether it has certain 'features' such as 'piss fuel all over your shoes filler neck' etc. When the dealer then smarts and um's and ah's about build quality about how it might affect the asking price I have to stop myself choking. I don't seem to remember these same dealers highlighting these issues when the car was bought new with the same problems?
I have had the car now for 8 months and its pretty much same condition when dad bought it 2 years ago at 800 miles (but with most upgrades now). It winds me up when a TVR dealer starts niggling about things when I know that if I let them sell it on commission and walk in and enquire about the very car I am selling I would receive an absolute glowing review...
The cerbera lost pops about 18k which was quite painful and the T350 looks like losing about 15k. The T350 has been replaced and it's delayed sale isn't going to cause a problem which is fine if you are in that position. If it was my money tied up in that car I would be crying...
Still, its a damn fine car and i am lucky to have one sat in the garage to play with but I wouldn't invest my own cash in one.
15k on a pre-cat griff for the noise and the fact that it won't lose *much* money and then keep the 12k 400bhp skyline gtr for turbo lag, flames and that jap reliablity...now you are talking...
AlexRWD said:
Hi franky - were you on S2ki.com? Another S2000 owner moving to TVR ownership? If so, I can highly recommend it, I'm sure you've got your eyes wide open to issues like servicing costs, and possible reliablity problems/issues - hope you find a nice Tam, great cars!
Yep, used to have an S2000. I now have a Caterham 7 SLR300. Great car.
I'm just considering my next move, which always starts with 'how much?' questions.
I agree with all the comments in reply to my question and I would shop around a great deal to find the right car.
I've been told that servicing costs are at least £800 a pop at every 6000 miles for a Tamora. Is this true?
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