Discussion
When you look at car ownership you need to consider purchase cost, residual value come sale, financing, maintenance, storage and insurance, then work out your annual cost of ownership to see if it makes sense - either that or be very rich such that you don't care.
For all those non-owners who say you should just drive it and not care, you don't live in the real world. Good residuals on supercars require long waiting lists and the correct specification - so what's the wait on a Gallardo? If it's the same as cheaper cars, I'm guessing depreciation will be similar.
All very boring I know, but leave the 'romance of the marque' rubbish to the salesmen.
>> Edited by 430 Spider on Monday 3rd April 18:03
For all those non-owners who say you should just drive it and not care, you don't live in the real world. Good residuals on supercars require long waiting lists and the correct specification - so what's the wait on a Gallardo? If it's the same as cheaper cars, I'm guessing depreciation will be similar.
All very boring I know, but leave the 'romance of the marque' rubbish to the salesmen.
>> Edited by 430 Spider on Monday 3rd April 18:03
murcielago_boy said:
Murcielago_boy LOVES depreciation!!!!!!!!!!!!!!!
Enjoy your cars guys - life's too short!
P.S. Ninja is tosser anyway... don't listen to him!!!!!!!!!!!
>> Edited by murcielago_boy on Monday 3rd April 17:33
Look Porsche cup racer man Mr Sachmacher, you drive a white car...enough said. Oh 12k in 3 months ha ha ha. 3 months.
mikey no problems mate, look forward grabbing a new car myself, and would be great to see you at a meet. Then we can all console each other on how much we lost on these cars...
Bertie, the car is really really fast but doesn't feel as fast as it is, the tubi sounds soo soo good on that car....
Glad you are loving it.
430 Spider said:
When you look at car ownership you need to consider purchase cost, residual value come sale, financing, maintenance, storage and insurance, then work out your annual cost of ownership to see if it makes sense...
Maybe I'm alone here but to me if you're having to finance it you shouldn't be buying it.
Anyway, still loving the car!!
No worries, I paid cash, and always would, but you should really consider what else you could be doing with the money i.e. if you've got 50k more tied up in 1 car than another, you should be able to make say 1.5k after tax with the money saved.
The 430 Spider's biggest 'costs' for me are 'what else I could be doing with the money', insurance and paying for off road storage. Servicing and depreciation are relatively light.
The 430 Spider's biggest 'costs' for me are 'what else I could be doing with the money', insurance and paying for off road storage. Servicing and depreciation are relatively light.
ninja_eli said:
[
mikey no problems mate, look forward grabbing a new car myself, and would be great to see you at a meet. Then we can all console each other on how much we lost on these cars...
.
Come along to the Supercar Celebration at the end of May. It will be a pleasure to meet you!
I'm Midlands based, same as Bertie, so that's our best chance of meeting up.
crikeymikey said:
[
mikey no problems mate, look forward grabbing a new car myself, and would be great to see you at a meet. Then we can all console each other on how much we lost on these cars...
.
Come along to the Supercar Celebration at the end of May. It will be a pleasure to meet you!
I'm Midlands based, same as Bertie, so that's our best chance of meeting up.
If I have a car by then (fingers crossed), I most certainly will! Would be great to meet you and Bertie (finally!).
Will contact you nearer the time.
ninja_eli said:
[
mikey no problems mate, look forward grabbing a new car myself, and would be great to see you at a meet. Then we can all console each other on how much we lost on these cars...
.
Come along to the Supercar Celebration at the end of May. It will be a pleasure to meet you!
I'm Midlands based, same as Bertie, so that's our best chance of meeting up.
If I have a car by then (fingers crossed), I most certainly will! Would be great to meet you and Bertie (finally!).
Will contact you nearer the time.
Try Lambo-Power.com for some more Lambo related conversations.
4WD said:
Simonspider, respect is due for driving the dream and really getting the most out of it. I always wonder why so many people buy a new supercar, hardly use it, then sell it on at huge loss. If it were me (I dream) I'd buy it, really use it and keep the damn thing!
My sentiments entirely, which is why I've done it.
Just paid £1046 for a 7500 mile service, which was basically an oil and filter change. Do I mind. Do I buggery. The car is fantastic and I'd hate to see Lambo dealers go hungry!
Insurance was renewed last month (£1800) and new rear tyres the month before that (£600, bargain!). So it's been an expensive year so far but I love my car. And if I don't sell it I haven't lost a penny (apart from running costs).
bertie said:
Maybe I'm alone here but to me if you're having to finance it you shouldn't be buying it.
Perhaps I'm missing something here, but who in their right mind sinks up to £100k + of liquid equity into such a depreciating asset?
Unless you're seriously wealthy, to the point where £100k is literally a drop in the ocean.....
ApexClipper said:
Perhaps I'm missing something here, but who in their right mind sinks up to £100k + of liquid equity into such a depreciating asset?
I'm afraid most Lamborghinis are bought for cash. And wealth is a relative concept. The "advantage" of buying for cash is that the pain is felt once, not every month. Debatable from a financial management point of view obviously, but worth it in other ways.
mhh said:
Perhaps I'm missing something here, but who in their right mind sinks up to £100k + of liquid equity into such a depreciating asset?
I'm afraid most Lamborghinis are bought for cash. And wealth is a relative concept. The "advantage" of buying for cash is that the pain is felt once, not every month. Debatable from a financial management point of view obviously, but worth it in other ways.
Oh how true this is. Having paid for my 355 in cash, and financed £38k of the 360 (only £300 per month, 200 interest 100 equity ha ha ha), I can honestly say you have more fun once you've paid for it, and have nothing else to remind you how much you are spending/losing each month. Although I do understand and agree the concept of using your money to earn more, in purely fun terms, for me, it's nicer to outright own the car. Even though my 360 had about 80k of my money it, it never felt the same.
After saying all that though, the next one will be financed. And I will try to make money with the opportunity cost money! If I fail, its the last time I finance a car!
Hmm I can understand the concept that buying it outright negates you feeling the hit each month - and thus less to remind yourself of.
However, to my (probably overly-sensible!) mind, sinking that much equity into a depreciating asset is
Part-financing is probably the best compromise, in fact most people I know who own Ferrari's etc, do just that.
However, to my (probably overly-sensible!) mind, sinking that much equity into a depreciating asset is
Part-financing is probably the best compromise, in fact most people I know who own Ferrari's etc, do just that.
430 Spider said:
When you look at car ownership you need to consider purchase cost, residual value come sale, financing, maintenance, storage and insurance, then work out your annual cost of ownership to see if it makes sense - either that or be very rich such that you don't care.
For all those non-owners who say you should just drive it and not care, you don't live in the real world.
Very true.
The drive it and not care brigade are usually 18 and driving their mums clio.
I drove my car as hard as I fancied,but have the court appearances to prove it.
Still,its a free country.
ApexClipper said:
Hmm I can understand the concept that buying it outright negates you feeling the hit each month - and thus less to remind yourself of.
However, to my (probably overly-sensible!) mind, sinking that much equity into a depreciating asset is
Part-financing is probably the best compromise, in fact most people I know who own Ferrari's etc, do just that.
If you can afford to pay cash (I did) there's nothing like the feeling of actually owning the thing. Also, it's paid for and owes me nothing, so I don't worry about selling it. I've already written the money off and doubt I'll ever sell it.
I understand that many people will weigh up one option against another, carefully, and make a decision based on logic. But I'm of the view that proper supercars are the most ridiculous thing you'll ever spend money on and trying to justify it is a bit of a waste of time. If you have to buy with your head instead of your heart you'll always be worrying about the wind changing direction (if you get my meaning). As soon as I wrote the cheque out I stopped worrying about it and now I just get on with driving it.
£130K is still a lot of money to me, but life's too short and death bed memories can be in short supply.
"Different strokes" and all that guff!
ApexClipper said:
Maybe I'm alone here but to me if you're having to finance it you shouldn't be buying it.
Perhaps I'm missing something here, but who in their right mind sinks up to £100k + of liquid equity into such a depreciating asset?
Unless you're seriously wealthy, to the point where £100k is literally a drop in the ocean.....
Because IMHO if you haven't got the cash in the bank you should be sorting your business out not farting about buying Lambos or Ferraris.
And if you have, you'll be getting 4% if you're luck but some finance company will want a deal more than that to loan you the money.
And as my brother always says "What am I saving it form, diamond encrusted gold handles on my coffin?"
>> Edited by bertie on Friday 5th May 10:58
ApexClipper said:
Hmm I can understand the concept that buying it outright negates you feeling the hit each month - and thus less to remind yourself of.
However, to my (probably overly-sensible!) mind, sinking that much equity into a depreciating asset is
Part-financing is probably the best compromise, in fact most people I know who own Ferrari's etc, do just that.
If your buying a car of 100k unless its a collector you know your going to do arse. If you have the money to buy the car outright and dont have another use for it to obtain more than 7% growth, surely the sensible thing to do is buy the car outright. To me paying interest on something that depreciates that much is madness. There's no point just having it in the bank just so you can show yourself you have cash. If you dont have a 100k in cash then you have no option to finance then i dont think your mad as you dont have another option.
My 2p's worth
>> Edited by bund on Friday 5th May 11:08
mhh said:
Perhaps I'm missing something here, but who in their right mind sinks up to £100k + of liquid equity into such a depreciating asset?
I'm afraid most Lamborghinis are bought for cash. And wealth is a relative concept. The "advantage" of buying for cash is that the pain is felt once, not every month. Debatable from a financial management point of view obviously, but worth it in other ways.
Interesting quote there!
any evidence to support it.
Of the 4 ferrari dealer i do busienss with nearly 80% of cars are sold on finance
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