Residual Values
Discussion
I got the Caterham bug when I drove my friends ex Academy car last July (still a bit gutted that I managed to prang it). He strongly advocates getting a used example for a first dip of the toe into the Cat7 pool. I would rather have the fun / challenge of building a new 125bhp Roadsport and have the peace of mind that comes with driving a new motor (assuming that I bolt it together correctly).
The route I take all boils down to residuals - could anyone hazard a rough guestimate as to residuals I could expect three and a bit years down the line (summer sale) if I built a base Roadsport now for around £18-19k (depending upon final spec)? Also, whilst your at it any suggestions as to which options to tick (or avoid) on the order form with a view to helping residuals would be much appreciated. The car will be used for touring only - I’m not interested in track use.
The route I take all boils down to residuals - could anyone hazard a rough guestimate as to residuals I could expect three and a bit years down the line (summer sale) if I built a base Roadsport now for around £18-19k (depending upon final spec)? Also, whilst your at it any suggestions as to which options to tick (or avoid) on the order form with a view to helping residuals would be much appreciated. The car will be used for touring only - I’m not interested in track use.
Since posting this thread I’ve done a lot more investigation using this forum, Blatchat and the PH classifieds. There is more than one mention that if you are looking for a used Caterham, mileage and condition is more important than age. That said, I’m still having trouble convincing myself that the saving to be had from a used car will outweigh the possible pitfalls of buying second hand.
I’m going to get across to look at a few cars over the coming weeks, but if nothing stands out, it looks like I’ll go the new car route (order in the summer for a New Year delivery, register on the plate change in March). Not sure if I’m being a bit optimistic, but if I can run a new Roadsport for a few years and drop around £1.5k per year, then I’ll be happy.
I’m going to get across to look at a few cars over the coming weeks, but if nothing stands out, it looks like I’ll go the new car route (order in the summer for a New Year delivery, register on the plate change in March). Not sure if I’m being a bit optimistic, but if I can run a new Roadsport for a few years and drop around £1.5k per year, then I’ll be happy.
I have a track record of keeping cars for a fair while. I’ve had my current Mondeo for 7 years and the car before lasted 6 years (only dropped it because of a cam belt and ECU failure). The reason for being so cautious with the Caterham purchase is that I’ve really no idea how long I’ll get to keep it for. Although I would like to get a decade out of a Caterham, I realise that there are all sorts of things that could crop up to force a sale - job / house change, missus getting preggers, current car giving up the ghost etc.
When I first stared looking at a Caterham I was planning to loan around £20k, get a 12 month old Mondeo for work / winter use and then get a Caterham with the change. After realising that I would probably only get a pre 2000 car, I then got the idea of going for a new Caterham and keeping the current Mondy. If I did have to drop the Caterham sooner rather than later then I’d definitely lose more from a new Caterham than a used one though.
With the exception of the cam belt / ECU issue, the two new cars I’ve purchased have been far more reliable than the three second hand cars that I have owned. This is why I’ve been leaning towards a new / recent car rather than something that is 7-10 years old. I’m sure that the right second hand Caterham would be a sound buy - I guess that it is just a case of finding the right one!
When I first stared looking at a Caterham I was planning to loan around £20k, get a 12 month old Mondeo for work / winter use and then get a Caterham with the change. After realising that I would probably only get a pre 2000 car, I then got the idea of going for a new Caterham and keeping the current Mondy. If I did have to drop the Caterham sooner rather than later then I’d definitely lose more from a new Caterham than a used one though.
With the exception of the cam belt / ECU issue, the two new cars I’ve purchased have been far more reliable than the three second hand cars that I have owned. This is why I’ve been leaning towards a new / recent car rather than something that is 7-10 years old. I’m sure that the right second hand Caterham would be a sound buy - I guess that it is just a case of finding the right one!
You really need to decide what you are going to do with the car. If your doing a lot of trackdays, then personally, I would buy second hand, and buy a car that someone has put all the goodies on. You will get a lot of car for your money. If you just want to drive it on Sunday's and go touring, then new maybe the way.
Its all down to budget, I've have two second hand cars, and have been very happy with both. If you want the latest Ford engines, then new is probably the way to go.
My current car is pre SVA, which allows me to not have to worry about emissions, my MOT test is visual smoke only, which means I can upgrade the engine as I wish.
Its all down to budget, I've have two second hand cars, and have been very happy with both. If you want the latest Ford engines, then new is probably the way to go.
My current car is pre SVA, which allows me to not have to worry about emissions, my MOT test is visual smoke only, which means I can upgrade the engine as I wish.
IMHO you should buy a Superlight - secondhand for circa £14k midprice, £12k low, £16k high - these have the most desirable spec. and are recognised as being the best package. Their residuals reflect this and they sell within days if correctly priced and in the right condition. Just search Blatchat's "For Sale" pages for proof.
Edited for crap spelling but blame it on my Lenovo - junk PCs with poor keyboards IMHO and bloody slow considering it's T60 dual core and all that crap
Edited for crap spelling but blame it on my Lenovo - junk PCs with poor keyboards IMHO and bloody slow considering it's T60 dual core and all that crap
Edited by rubystone on Monday 2nd April 14:35
I've owned both new and second hand 7's. The R500 I bought new cost me around thirty eight and a half grand and I sold it 1 year later for thirty (privately). Caterham only offered me twenty five as part-ex on another new R500. Whereas the car I own now cost me sixteen and a half grand over 3 years ago and I could still get maybe fourteen and a half for it now.
I think if residuals are your main concern then you will certainly lose less buying second hand than you will new. As previously mentioned you will also get a lot more car for your money.
Trouble is with Caterhams you always seem to want more power and to get it cost money. Why spend your own money doing it to lose most of it when it comes to sell time, when you can buy one ready to go and someone else has paid for it.
I think if residuals are your main concern then you will certainly lose less buying second hand than you will new. As previously mentioned you will also get a lot more car for your money.
Trouble is with Caterhams you always seem to want more power and to get it cost money. Why spend your own money doing it to lose most of it when it comes to sell time, when you can buy one ready to go and someone else has paid for it.
Casbar, I’m very much looking to purchase for touring rather than track use (inspired by www.mycaterham.com) . That said, how many Caterham owners out there have had the same intention, only to get hooked on hurtling round a track or have bought a 120bhp K Series thinking that it would have more than enough clout for a ½ ton car?
The way forward is to actually get out and look at some of these cars that are up for sale. Hopefully I’ll be joined by my mate who is a Caterham owner - he should be able to point out any pitfalls to avoid. I just hope I can get over my prejudice against buying anything other than a new or nearly new motor so that I can be driving around in a Caterham this summer.
The way forward is to actually get out and look at some of these cars that are up for sale. Hopefully I’ll be joined by my mate who is a Caterham owner - he should be able to point out any pitfalls to avoid. I just hope I can get over my prejudice against buying anything other than a new or nearly new motor so that I can be driving around in a Caterham this summer.
I started off with my first car touring etc, then I decided I couldn't hoon around the roads without fear of losing my licence, so I went to a trackday.
Then decided I needed "more power" so bought a R300 engined car. I can't get enough of trackdays now, they are great fun. When and if I break my current engine, then I'll upgrade to more power
Then decided I needed "more power" so bought a R300 engined car. I can't get enough of trackdays now, they are great fun. When and if I break my current engine, then I'll upgrade to more power
Blokko, if you want to tour, check out 2.0 litre VX with standard 5 speed 'box - torquey engines, unburstable and if you're not bothered about ultimate performance, you can find one of the lower powered less desirable injection HPCs for sensible money. These offer good mpg too, unlike the carb'd versions!
Also, the VVC is reckoned to be a good touring option too.
But bear in mind that come resale, chances are that more people will want to own one of these cars for fast road/track and it may be more difficult for you to sell the car
Also, the VVC is reckoned to be a good touring option too.
But bear in mind that come resale, chances are that more people will want to own one of these cars for fast road/track and it may be more difficult for you to sell the car
Keeping my license is one of the big considerations (essential for work) hence the deliberate decision to keep south of 150bhp. Of course, you can get points easy enough these days regardless of what you drive just by pulling out of the driveway a bit sharpish (speed camera right outside the house).
I’ve sold the idea of a Caterham to the missus as something that we could both enjoy – touring round the UK and France. Since being involved in a car accident a few years ago, she has become really risk averse and I’m sure she would mention divorce if I mentioned track days.
I’ve sold the idea of a Caterham to the missus as something that we could both enjoy – touring round the UK and France. Since being involved in a car accident a few years ago, she has become really risk averse and I’m sure she would mention divorce if I mentioned track days.
Blokko said:
Since being involved in a car accident a few years ago, she has become really risk averse and I’m sure she would mention divorce if I mentioned track days.
Best you stick her in a 7 and take her for a drive before you buy one, and make sure that you take her on a motorway and trunk road. These expose the driver and passenger to the worst of travelling in such cars - the bufetting, noise and being at the wheel level of most cars, wheelnut level of most trucks. Then, and only then, if she still says she likes the car, should you go out and buy one.
My wife had a really bad accident a 4 years ago, got hit whilst stationary at traffic lights, had to be cut from the car etc.
She is now really risk adverse, but took her out on the track for the first time last month, what a change, she loved it, wide open track, nothing coming the other way etc.
She is converted - try it
She is now really risk adverse, but took her out on the track for the first time last month, what a change, she loved it, wide open track, nothing coming the other way etc.
She is converted - try it
I’ll take your points on board Rubystone. The missus did get a drive in my friends Caterham when we were up in Scotland last year. Big difference between a sedate cruise round the Trossachs 
and being in heavy traffic on the M6 though! A weekend rental from Caterham Midlands may be called for.
She has mentioned that she doesn’t fancy the motorway bit of touring. To a degree, particularly if we are in no rush, I guess that we could take the scenic route and avoid big chunks of the motorway.
I’ll keep my eye on PH classifieds and Blatchat to see what comes up with a view to Superlights / VX rather than just Roadsport.
and being in heavy traffic on the M6 though! A weekend rental from Caterham Midlands may be called for. She has mentioned that she doesn’t fancy the motorway bit of touring. To a degree, particularly if we are in no rush, I guess that we could take the scenic route and avoid big chunks of the motorway.
I’ll keep my eye on PH classifieds and Blatchat to see what comes up with a view to Superlights / VX rather than just Roadsport.
I'm serious about the points - my (ex) wife hated the thing - didn't like being a passenger, certailny didn't ever want to drive it. One other point, budget for a heater in the car too - not all cars come with them and that would definitely help you to win her over. With the best will in the world, you'll have to do some motorway miles sometime too. I plotted a non-motorway route to Portsmouth in 2003 to the ferry port - took us 6 hours to get there as a result!
Final point - there's not a lot of luggage space in a 7 - there are ways to increase this though but in essence, you still won't get three ball gowns and 7 pairs of shoes in the car ;-)
Final point - there's not a lot of luggage space in a 7 - there are ways to increase this though but in essence, you still won't get three ball gowns and 7 pairs of shoes in the car ;-)
Post Script
After all of my hand wringing and uncertainty, I did a really out of character thing - dashed down to Swindon and ended up buying the first Caterham that I looked at - www.pistonheads.co.uk/sales/153247.htm
Have to say that I’m pleased as punch with my purchase of this post 2000, factory built one owner Academy car (that didn’t actually make it to any of the races). The missus loves the car - just remains to see how much it gets used for its original purpose of touring . Even if it just gets used for weekend blasts and the odd trip to work, I think that it is money well spent.
Many thanks to all for your contributions on this topic.
After all of my hand wringing and uncertainty, I did a really out of character thing - dashed down to Swindon and ended up buying the first Caterham that I looked at - www.pistonheads.co.uk/sales/153247.htm
Have to say that I’m pleased as punch with my purchase of this post 2000, factory built one owner Academy car (that didn’t actually make it to any of the races). The missus loves the car - just remains to see how much it gets used for its original purpose of touring . Even if it just gets used for weekend blasts and the odd trip to work, I think that it is money well spent.
Many thanks to all for your contributions on this topic.
blokko said:
After all of my hand wringing and uncertainty, I did a really out of character thing - dashed down to Swindon and ended up buying the first Caterham that I looked at - www.pistonheads.co.uk/sales/153247.htm
Ohh...you bugger! I was looking at that one - saw it on Blatchat. Looks lovely. Make sure you post a report after you've had it a few weeks so we can see how you get on. Hope you really enjoy it.
Sharky500 said:
Ohh...you bugger! I was looking at that one - saw it on Blatchat. Looks lovely. Make sure you post a report after you've had it a few weeks so we can see how you get on. Hope you really enjoy it.
Really picked the right time to buy this car with the way the weather has turned out
Put 250 miles on the clock already, loving every minute. As per your request, more detailed report to follow in a few weeks....
Hello all, not really posted here since getting my Blatchat account!
Sharky, as promised, here’s a quick update on my Caterham purchase…
Covered 3,500 miles over the summer. Got to a couple of Lotus7 Club events (Welsh Mega Blat and Stoneleigh) and also managed a week in the Lake District as well as a few days out in the countryside. I’ve also been a spectator at some of the club speed events.
Ventured onto track once and had a spin that meant I had to replace the de-dion when I hit a kerb (though I suspect that it may have already been damaged). Also did my first bit of car maintenance (an oil change) and built a foam seat as I can’t sit in the car whilst wearing a lid.
Very happy with the purchase. Tillets and cage have worked really well - wouldn’t change either now. Lowered floor would have been nice - I might consider a retro fit on this one. The original CR322 tyres from new are still fitted and I think I’ll look at some replacements over the winter. The car is also booked in for a cam belt change (only 9.5k miles, but now 5 years old).
So in summary, a great purchase and a really good summer of Caterham ownership.
Sharky, as promised, here’s a quick update on my Caterham purchase…
Covered 3,500 miles over the summer. Got to a couple of Lotus7 Club events (Welsh Mega Blat and Stoneleigh) and also managed a week in the Lake District as well as a few days out in the countryside. I’ve also been a spectator at some of the club speed events.
Ventured onto track once and had a spin that meant I had to replace the de-dion when I hit a kerb (though I suspect that it may have already been damaged). Also did my first bit of car maintenance (an oil change) and built a foam seat as I can’t sit in the car whilst wearing a lid.
Very happy with the purchase. Tillets and cage have worked really well - wouldn’t change either now. Lowered floor would have been nice - I might consider a retro fit on this one. The original CR322 tyres from new are still fitted and I think I’ll look at some replacements over the winter. The car is also booked in for a cam belt change (only 9.5k miles, but now 5 years old).
So in summary, a great purchase and a really good summer of Caterham ownership.
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