Discussion
Hi all so I wanted to pick a few brains - I've found myself in the situation that I want to buy a stop-gap used car to own for approx 1.5 years before my looong awaited TVR arrives (supposedly). So I've been eyeing the 570s ever since it came out at Geneva a few years ago, I fell in love with it there, as well as the brand, and have always wanted one since but it's never been the right time usually due to concentrating on other supposedly more important things in life first. Thinking I've had my current car for 8 years, and have been for a long time thinking of changing, now seems a good opportunity to own something on my "hit list" before the Griff comes.
So that's where the 570s comes in. The question is though, am I likely to lose my shirt a bit on it, considering it is to be just a "stop-gap"? Prices at the low end seem to have been stabilising a bit I think, and there are a few good looking cars advertised now for around £110k, and even one good and quite tempting one advertised at £100k. With a little finance help I can afford this.
However, I don't want to drop a vast sum of money on a "short-termer". I guess the cars are losing £8-10k a year in depreciation at this end of the market, and though if I manage to bag a bit of a bargain, e.g. the car currently up at £100k, then I'm likely to reduce the depreciation side of things to a minimum.
BUT, what am I likely to end up losing on dealer spread? will dealers even entertain buying in cars that are at the bottom end of the market due to age? Also, is there anything I should be looking out for/avoiding? especially anything major I might have missed relating to cost.
I don't mind losing £10k in that year and a half, maybe even £15k I could bear, but above that it starts looking quite painful for a short term ownership.
Also, are we expecting a 570s replacement in a years time, in which case, will the values simply plunge at just around the time I would want to be selling?
I'll be very glad to hear people's thoughts especially where they've had experience.
Thanks.
So that's where the 570s comes in. The question is though, am I likely to lose my shirt a bit on it, considering it is to be just a "stop-gap"? Prices at the low end seem to have been stabilising a bit I think, and there are a few good looking cars advertised now for around £110k, and even one good and quite tempting one advertised at £100k. With a little finance help I can afford this.
However, I don't want to drop a vast sum of money on a "short-termer". I guess the cars are losing £8-10k a year in depreciation at this end of the market, and though if I manage to bag a bit of a bargain, e.g. the car currently up at £100k, then I'm likely to reduce the depreciation side of things to a minimum.
BUT, what am I likely to end up losing on dealer spread? will dealers even entertain buying in cars that are at the bottom end of the market due to age? Also, is there anything I should be looking out for/avoiding? especially anything major I might have missed relating to cost.
I don't mind losing £10k in that year and a half, maybe even £15k I could bear, but above that it starts looking quite painful for a short term ownership.
Also, are we expecting a 570s replacement in a years time, in which case, will the values simply plunge at just around the time I would want to be selling?
I'll be very glad to hear people's thoughts especially where they've had experience.
Thanks.
With a service (or two) a warranty, deprecation, and dealer margin - I would suggest it will cost a lot closer to £30k (over 18 months) than £10k
But who knows, they are a lot of macro factors at play as well, such as new cars potentially getting more expensive and thus pushing up used car values, or the reverse such as a recession causing abnormal drops in used car values.
As a guide (to how volatile it can be be), my 12c cost me a couple of hundred pounds a month to own ..... My 650s closer to a couple of grand a month ....(in fact it was much more, as the bulk of loss in value happened in the last 6 months of ownership).
We are staring to come out of abnormal times, where as for the last 5 years many super car owners have enjoyed relatively low cost ownership, that ship has long sailed....I was taking to a lambo Perf owner last week who reckons his car has cost him £60k in 14 months (best case).
If you can stomach (afford), the costs being closer to £1,500 a month, then they are well worth it.
But who knows, they are a lot of macro factors at play as well, such as new cars potentially getting more expensive and thus pushing up used car values, or the reverse such as a recession causing abnormal drops in used car values.
As a guide (to how volatile it can be be), my 12c cost me a couple of hundred pounds a month to own ..... My 650s closer to a couple of grand a month ....(in fact it was much more, as the bulk of loss in value happened in the last 6 months of ownership).
We are staring to come out of abnormal times, where as for the last 5 years many super car owners have enjoyed relatively low cost ownership, that ship has long sailed....I was taking to a lambo Perf owner last week who reckons his car has cost him £60k in 14 months (best case).
If you can stomach (afford), the costs being closer to £1,500 a month, then they are well worth it.
oh I'm sure I'll love it! 
I was hoping that a lowish mileage car for around £100k I might get away with <£15k... but by the sounds of it from what you guys are saying this dream may not happen this time... If I was buying as a long-termer it would be a different question entirely
I was hoping that a lowish mileage car for around £100k I might get away with <£15k... but by the sounds of it from what you guys are saying this dream may not happen this time... If I was buying as a long-termer it would be a different question entirelyEdited by RiknRoll on Friday 15th February 23:23
I am also close to buying (prob a 570S spider). What age of car are you planning to buy? Given it is likely that your 18 months with the car will take you into or close to warranty expiration, you probably need to plan for £5.5K servicing and warranty, 20K depreciation and 5K selling cost - so I agree with around 30K.
New 570S in 2020? So that will also be a factor.
I think you might lose at least that much on a TVR though. I was going to put a deposit on one at launch but decided against it.
New 570S in 2020? So that will also be a factor.
I think you might lose at least that much on a TVR though. I was going to put a deposit on one at launch but decided against it.
Edited by CharlesElliott on Saturday 16th February 09:02
CharlesElliott said:
I am also close to buying (prob a 570S spider). What age of car are you planning to buy? Given it is likely that your 18 months with the car will take you into or close to warranty expiration, you probably need to plan for £5.5K servicing and warranty, 20K depreciation and 5K selling cost - so I agree with around 30K.
New 570S in 2020? So that will also be a factor.
I think you might lose at least that much on a TVR though. I was going to put a deposit on one at launch but decided against it.
£5.5k for servicing and warranty!?!? lol...……..come on people......my service at McBrum last summer was £545.....New 570S in 2020? So that will also be a factor.
I think you might lose at least that much on a TVR though. I was going to put a deposit on one at launch but decided against it.
Edited by CharlesElliott on Saturday 16th February 09:02
Go for it, who knows when the new TVR will actually arrive (not being negative, just saying). Plus once you're in a McLaren you probably won't want to step down to a TVR IMO.
The new Griffith looks great, but apart from being v8 rumbly its never going to beat a McLaren in any other way. Especially that manual gearbox, which from the demo videos looks terrible. I'm not against a good manual btw, but it needs to be Lotus slick.
The new Griffith looks great, but apart from being v8 rumbly its never going to beat a McLaren in any other way. Especially that manual gearbox, which from the demo videos looks terrible. I'm not against a good manual btw, but it needs to be Lotus slick.
PGNSagaris said:
Sarnie said:
£5.5k for servicing and warranty!?!? lol...……..come on people......my service at McBrum last summer was £545.....
Annual Warranty £5k. Servicing £500. £5.5k sounds optimistic
OP, I suspect the cost of ownership across 18 months will be in the region of £40k.
PGNSagaris said:
Annual Warranty £5k. Servicing £500.
£5.5k sounds optimistic
OP, I suspect the cost of ownership across 18 months will be in the region of £40k.
Nah, more like 100k...£5.5k sounds optimistic
OP, I suspect the cost of ownership across 18 months will be in the region of £40k.
The warranty is at least 10k, servicing 5/6k, the tyres are 2k a corner & the windscreen washer liquid is £500 a litre!
DON'T DO IT!
Thanks very much indeed for all the answers so far - much of it opens the question of warranties - something I know little about as I've never actually utilised one.. or had this high level of car either.
A lot of the cheaper cars on sale (i'm talking late 2015's and 2016's) are generally out of Mclaren warranty and are mostly being sold by non-mclaren dealers. I've spoken to a couple and they all put their own warranties on (or realistically they are 3rd party warranties). Are these suitable? or do you HAVE to have a mclaren dealership warranty, and whatever warranty has been put on, should you constantly extend it every year at the cost - as someone have put it above, of between £3-5k per annum? As I say I'm very much talking the bottom of the market, £100-110k and not higher.
Regarding the cost of servicing, any car I buy will need it, and though Mclarens are a bit more expensive than some others, from my talks so far with dealers, they don't seem to be a great deal more than say a Porsche or Aston (probably not more than an Aston in fact), so it's not such a big factor of ownership, provided that I don't need to replace the discs! So really it's not particularly the running costs I'm questioning.
On the side-discussion of TVR vs Mclaren ownership and timescale:
I love them both honestly. I've never before been able to buy a new car, especially at this level and the TVR ticks many boxes for me, and I actually don't think they will get crushed by depreciation - at least not to begin with for various reasons, but that's a different conversation again! I also spoke with them very recently and at the moment 18 months seems a reasonable guestimate of taking delivery, give or take a few months (and actually I'm using 18 as probably toward the higher end of what we guessed in my conversation - but that's fine, I can put myself backwards on the order queue easily). I'll end up being largely garaged over winter anyway, so if the TVR does take longer it's not actually a problem to me, and the "stop-gap" idea right now is to be able to own a car for 2 summers before the TVR comes. I've sat in it, heard it rev, and looked all over it, the car will be worth the wait, and in-gear that thing will be FAST. Not 570s outright fast no, but really there's not going to be a gigantic gap but for the manual gear changes holding it back (but i prefer manuals anyway, and the Tremec Magnum box fitted is meant to be good).
Do I want the TVR more than the mclaren? probably not... I want both. I just can't have both! And I don't want to pull out of my TVR build slot, nor will I. If it weren't for the TVR coming actually, realistically I would wait a little bit longer before then buying a 570s as a long-termer rather than now, for a short-term stop-gap.
A lot of the cheaper cars on sale (i'm talking late 2015's and 2016's) are generally out of Mclaren warranty and are mostly being sold by non-mclaren dealers. I've spoken to a couple and they all put their own warranties on (or realistically they are 3rd party warranties). Are these suitable? or do you HAVE to have a mclaren dealership warranty, and whatever warranty has been put on, should you constantly extend it every year at the cost - as someone have put it above, of between £3-5k per annum? As I say I'm very much talking the bottom of the market, £100-110k and not higher.
Regarding the cost of servicing, any car I buy will need it, and though Mclarens are a bit more expensive than some others, from my talks so far with dealers, they don't seem to be a great deal more than say a Porsche or Aston (probably not more than an Aston in fact), so it's not such a big factor of ownership, provided that I don't need to replace the discs! So really it's not particularly the running costs I'm questioning.
On the side-discussion of TVR vs Mclaren ownership and timescale:
I love them both honestly. I've never before been able to buy a new car, especially at this level and the TVR ticks many boxes for me, and I actually don't think they will get crushed by depreciation - at least not to begin with for various reasons, but that's a different conversation again! I also spoke with them very recently and at the moment 18 months seems a reasonable guestimate of taking delivery, give or take a few months (and actually I'm using 18 as probably toward the higher end of what we guessed in my conversation - but that's fine, I can put myself backwards on the order queue easily). I'll end up being largely garaged over winter anyway, so if the TVR does take longer it's not actually a problem to me, and the "stop-gap" idea right now is to be able to own a car for 2 summers before the TVR comes. I've sat in it, heard it rev, and looked all over it, the car will be worth the wait, and in-gear that thing will be FAST. Not 570s outright fast no, but really there's not going to be a gigantic gap but for the manual gear changes holding it back (but i prefer manuals anyway, and the Tremec Magnum box fitted is meant to be good).
Do I want the TVR more than the mclaren? probably not... I want both. I just can't have both! And I don't want to pull out of my TVR build slot, nor will I. If it weren't for the TVR coming actually, realistically I would wait a little bit longer before then buying a 570s as a long-termer rather than now, for a short-term stop-gap.
Edited by RiknRoll on Saturday 16th February 14:58
CharlesElliott said:
I am also close to buying (prob a 570S spider). What age of car are you planning to buy? Given it is likely that your 18 months with the car will take you into or close to warranty expiration, you probably need to plan for £5.5K servicing and warranty, 20K depreciation and 5K selling cost - so I agree with around 30K.
New 570S in 2020? So that will also be a factor.
I think you might lose at least that much on a TVR though. I was going to put a deposit on one at launch but decided against it.
just to answer this one more directly in terms of figs - as in my longer post above I'm looking very much at the bottom end of the market so £100-110k. 2015/2016 cars. I.e. most likely out of mclaren warranty. So I see it as being probably £10k in depreciation, maybe marginally less if I buy cleverly and drive a hard bargain (the red car currently advertised at £100k for example looks like very good value to me, and should get hit less just by being a little underpriced in the current market, i've spoken to the dealer, the seller is looking for a quick sale basically). The question then is how much do the dealers want in order to sell it on after....New 570S in 2020? So that will also be a factor.
I think you might lose at least that much on a TVR though. I was going to put a deposit on one at launch but decided against it.
Edited by CharlesElliott on Saturday 16th February 09:02
If a new Sports Series comes out in 2020 though... which seems entirely possible, then yeah that would worry me.
Jack-flash said:
Just been reading up on the annual warranty and I’d say there’s a better policy out there for nearly 1/4 of there’s ,
I'd be very curious to know what you've seen and can direct me towards! As I say, I know nothing about warranties honestly! And I'd most likely be buying something out of Mclaren warranty and with a 3rd party one on it.RiknRoll said:
just to answer this one more directly in terms of figs - as in my longer post above I'm looking very much at the bottom end of the market so £100-110k. 2015/2016 cars. I.e. most likely out of mclaren warranty. So I see it as being probably £10k in depreciation, maybe marginally less if I buy cleverly and drive a hard bargain (the red car currently advertised at £100k for example looks like very good value to me, and should get hit less just by being a little underpriced in the current market, i've spoken to the dealer, the seller is looking for a quick sale basically). The question then is how much do the dealers want in order to sell it on after....
If a new Sports Series comes out in 2020 though... which seems entirely possible, then yeah that would worry me.
10k drop in asking price is one thing, adding the SOR charge or dealer margin adds to that cost considerably. If a new Sports Series comes out in 2020 though... which seems entirely possible, then yeah that would worry me.
If you buy at the bottom end of the market then id budget 15k drop in value inc sales fees based on SOR, 5k warranty and basic service plus another 5k for insurance and consumables.
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