What's best for residuals?

What's best for residuals?

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Prince_Charming

Original Poster:

2,646 posts

270 months

Monday 2nd December 2002
quotequote all
There seem to be quite a few newish Griffs for sale (say 1998/99) with reasonably high miles - 40k+. Would people say that these are a better bet depreciation wise than an earlier car (say 96) with half the miles, yet at the same initial price?

manek

2,972 posts

285 months

Monday 2nd December 2002
quotequote all
Depends whether you're buying or selling.

The dealer network isn't interested in cars with normal mileage -- ie over 8k miles/year, only in second/third cars which spend autumn, winter and spring rotting in a garage, and only come out during the months with no 'R' in them, and even then only when it's dry.

So if you're selling a 'high' miler, you're stuffed unless you can find a sensible PHer who knows that a TVR loves being driven and that, as far as the Rover V8s are concerned anyway, 68,300 miles isn't anywhere near terminal mileage for this unburstable, understressed engine.

I'm not bitter about this. Oh no. :weak smile:

Prince_Charming

Original Poster:

2,646 posts

270 months

Monday 2nd December 2002
quotequote all
Yes it is a sad state of affairs, and definitely a buyers market at the moment. I am likely to be driving my new purchase quite a bit, and don't like this reluctance that people seem to show towards buying the higher milers. It's a no-win situation really....

pete

1,591 posts

285 months

Monday 2nd December 2002
quotequote all
Well, I bought my Griff 500 almost three years ago. It was 3 years old with 13,000 miles on the clock. Since then I've done another 25,000 miles and the car is running perfectly.

To classify a 6 year old car with under 40,000 miles as "high mileage" is ludicrous, but I don't think the dealers see it that way. I'm considering upgrading next spring, but I'll be stuck with either a derisory trade in price from a dealer or specialist, or be hoping for a knowledgeable enthusiast as Manek says.

If you want low depreciation, buy a 3 year old car with low mileage, keep it for a year and don't drive it. Alternatively buy an older car with higher mileage, then drive it until the cows come home and it's worth nothing at all - it will probably go just as well as the newer one!

Pete

p.s. "Boring" colours also look like a good bet for residuals - starmist blue, rosso pearl, cooper green et al.

Prince_Charming

Original Poster:

2,646 posts

270 months

Monday 2nd December 2002
quotequote all
I won't be buying this beast not to drive it - I can't think of anything more depressing!

simpo one

85,563 posts

266 months

Monday 2nd December 2002
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For my 'normal' car I prefer to get a luxury motor with around 100K on the clock - it just means I get more car for the money. I was rueing the fact that my 1993 730iV8 is now worth only about £4,500, then realised it was exactly the same car as it had been in 1993 when it would have cost about £36,000. So that cheered me up bit!

This works fine when the choice is Mondeo or 730 for the same money, but you are comparing two Griffs so it's not as clear cut. If you assume that depreciation is a gradually-flattening curve with time and mileage, then the older the car, the less it should depreciate while you own it. However, TVRs don't follow normal rules and a well maintained higher-mileage car is (IMO) a better bet than a badly manintained low-mileage one. You just have to hope that, at sale time, an enthusiastic and knowledgable buyer will know this. Even then, they will of course use mileage to lever the price down.

Maybe it's best not to philosophise too much and just get the one you really like the most!

bjwoods

5,015 posts

285 months

Monday 2nd December 2002
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Even knowledgeable enthusiasts want to buy a bargain, any derisory offers only reflect the market.

If the average mileage of a particular make/model of car is low, and there is a reasonable supply, ALL OTHER THINGS considered, the high mileage car will suffer more on price.

THUS, if you are buying, two factor are, how long you think you will be keeping the car, and what mileage you will be doing while you own it.

If prepared to own for a while and doing a low mileage, you could probably get a bargain buying a high mileage, newish car privately.

Whereas, if you might sell in a year or 2, a lowish mileage car, slighter older, will probably had most depreciation allready.

All the above is a sweeping generalisation, not takeing into account, COLOUR combinatiuon, condition, service history, ete,etc, whether you like the owner/dealer, etc,etc

Look at Ferrari, no-one (dealer) seems to want them at over 3,000 - 6000 miles a year.

B

>> Edited by bjwoods on Monday 2nd December 11:59

>> Edited by bjwoods on Monday 2nd December 12:00

Toffer

1,527 posts

262 months

Monday 2nd December 2002
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Never mind the price...decide what you want to pay and get along to your local TVR club meets and work out who you would want to buy a car from and with any luck you may find the car you want from the right kind of previous owner...one who cherishes the car, uses it regularly, fixes everything and services regularly.

I try and use my car all year (at weekends), but not in the rain and never when there is salt on the roads. Therefore, in the winter the car gets used probably only every 3 to 4 weeks (with Mobil 1, that is enough to stop the engine "drying out").

I always warm the car up very gently for the first 3 miles and only gradually build the revs up after that, it is almost like running it in! I reckon this is very good practice for a car that has sat still for a while.

The garage is warm and the battery sits on a float charger, so the car starts first time every time.

Float charging is very important as it stops the battery plates from deteriorating and believe it or not, makes the car much livelier!

Finally, I roll my car about every 10 days to stop the tyres from getting flat spots (it does work). My mate who has a classic car pumps his tyres up to about 35psi, this seems to work as well, although it is a pain having to let them down when you want to drive the car again (and vice versa)!

Hope this all helps and good luck!