Struggling to justify a new car....
Discussion
Wonder if I could get a steer from PH to try and justify some man maths....don't know if I'm being too sensible?
Currently have a E39 540i which I've owned for 4 years now and that owes me literally nothing (bought for £3k, written off on xmas day, paid out £5.5k and bought back & repaired for a little over bargain basement money).
I've had constant periods of itchy feet but am now in a position to get something new, sold my last "nice" car, a 335i at 22 to get my first flat deposit which gutted me at the time but knew it was for the best.
With my flat now refurbished and my unsecured debt repaid I have my eye on a Lotus, fleeting weekly between a supercharged S2 and a S3 Exige S of ~07 or ~14 vintage (although I've wondered here via aspirations of various TVR's, M2's and Gran Tourismo's - all ruled out for various reasons).
Only issue is I'm struggling to justify the costs vs. the benefits.
I'll do all of 5k miles on a good year.
I commute to work on either a push bike or motorbike (CBR600f) which gives a thrill in itself so the car will only be used at weekends, mainly for social meets/going the 3 miles to golf.
I have a garage in which to store it (if I can move/tidy some crap) so that is not an issue.
The GF's Scirocco covers the "practical" element and I can borrow my dad's 318d should I need to
I'm on the border of the South Circular so post '06 is needed for emissions reg's although newer the better in case they increase the cut off at a later date
I'm conscious that this may be the last time I can do this, for the next few years at least I have all the property I'll need and no kids (thankfully!) although you never know what'll happen in the future given i'm in my late 20's and the GF (of 6.5 years!) is a few years older.
However, having up to ~£40k tied up in a (depreciating?) asset vs. having a car that does what I need and owes me nothing is something I'm struggling to reconcile. After owing a good £45-50k unsecured a few months ago having no debt beyond the mortgage is liberating, but, I can't get over the itchy feet.
To get either I'd need an element of finance, have seen up to £25k offered for just over 3% APR which seems tempting though given savings do nothing and I can't see the equity market run lasting too much longer.
If it was just the purchase cost I could maybe get my head around it, but its also the day to day running costs. After getting 6 points (speeding) last year and having the (non-fault) accident that wrote off the E39 with other bike incidents (non-fault) insurance is an issue - it'll double my £700 premium which in itself is double last year! Petrol should be slightly less (get 18-20mpg now!) but at the miles it's irrelevant.
In general I live frugally, beyond a holiday or 2 a year and was paying £600-1000 a month in capital repayments whilst still living well and as a result these are now paid off in full. I currently have ~£1,600 pm disposable spending/saving money after paying living costs, either lotus would cost me an extra £500pm vs now. Whilst easily do-able (I think!) I'd lose some financial security, but the other consideration is that I have a good chunk of cash due from share vesting & bonuses in the new year which should cover the cost of the car on a gross basis....
I'm at a crossroads, PH yay or nay?
Currently have a E39 540i which I've owned for 4 years now and that owes me literally nothing (bought for £3k, written off on xmas day, paid out £5.5k and bought back & repaired for a little over bargain basement money).
I've had constant periods of itchy feet but am now in a position to get something new, sold my last "nice" car, a 335i at 22 to get my first flat deposit which gutted me at the time but knew it was for the best.
With my flat now refurbished and my unsecured debt repaid I have my eye on a Lotus, fleeting weekly between a supercharged S2 and a S3 Exige S of ~07 or ~14 vintage (although I've wondered here via aspirations of various TVR's, M2's and Gran Tourismo's - all ruled out for various reasons).
Only issue is I'm struggling to justify the costs vs. the benefits.
I'll do all of 5k miles on a good year.
I commute to work on either a push bike or motorbike (CBR600f) which gives a thrill in itself so the car will only be used at weekends, mainly for social meets/going the 3 miles to golf.
I have a garage in which to store it (if I can move/tidy some crap) so that is not an issue.
The GF's Scirocco covers the "practical" element and I can borrow my dad's 318d should I need to
I'm on the border of the South Circular so post '06 is needed for emissions reg's although newer the better in case they increase the cut off at a later date
I'm conscious that this may be the last time I can do this, for the next few years at least I have all the property I'll need and no kids (thankfully!) although you never know what'll happen in the future given i'm in my late 20's and the GF (of 6.5 years!) is a few years older.
However, having up to ~£40k tied up in a (depreciating?) asset vs. having a car that does what I need and owes me nothing is something I'm struggling to reconcile. After owing a good £45-50k unsecured a few months ago having no debt beyond the mortgage is liberating, but, I can't get over the itchy feet.
To get either I'd need an element of finance, have seen up to £25k offered for just over 3% APR which seems tempting though given savings do nothing and I can't see the equity market run lasting too much longer.
If it was just the purchase cost I could maybe get my head around it, but its also the day to day running costs. After getting 6 points (speeding) last year and having the (non-fault) accident that wrote off the E39 with other bike incidents (non-fault) insurance is an issue - it'll double my £700 premium which in itself is double last year! Petrol should be slightly less (get 18-20mpg now!) but at the miles it's irrelevant.
In general I live frugally, beyond a holiday or 2 a year and was paying £600-1000 a month in capital repayments whilst still living well and as a result these are now paid off in full. I currently have ~£1,600 pm disposable spending/saving money after paying living costs, either lotus would cost me an extra £500pm vs now. Whilst easily do-able (I think!) I'd lose some financial security, but the other consideration is that I have a good chunk of cash due from share vesting & bonuses in the new year which should cover the cost of the car on a gross basis....
I'm at a crossroads, PH yay or nay?
Edited by kiethton on Tuesday 16th May 10:10
Jonno02 said:
Life is short, if you want something and can afford it, then why not?
If you buy it and you'll constantly be watching the depreciation curve and mileage, then that will vacuum suck the enjoyment out of the ownership experience and I'd steer clear.
The intention would hopefully be to keep it long term, replacing only with another toy, I don't care too much about mileage and my average (4k a year) wouldn't make me as it's likely below average in itself.If you buy it and you'll constantly be watching the depreciation curve and mileage, then that will vacuum suck the enjoyment out of the ownership experience and I'd steer clear.
Key issue would be needing to potentially sell it in a few (2+) years time should we need to pay SDLT if we ever moved so I'd hope that it wouldn't depreciate too much!
Or maybe look at an Evora? It'll have the space for your clubs & they're a very good steer.
http://www.autotrader.co.uk/classified/advert/2017...
http://www.autotrader.co.uk/classified/advert/2017...
http://www.autotrader.co.uk/classified/advert/2016...
http://www.autotrader.co.uk/classified/advert/2017...
http://www.autotrader.co.uk/classified/advert/2017...
http://www.autotrader.co.uk/classified/advert/2016...
Interesting call on the Evora, concern is that it's more of a GT (no bad thing?) where as I'm more after a high days and holidays car (with the ability to go to europe for a week)...doesn't really have to be practical - does an evora fit that bill? - would also have to be an "S" - is 275bhp enough in an early Evora given weight differences?
One other thing i did omit from the first post, I would be looking to do the odd track day having done the Silverstone PH sessions a few times in the 540i, not quite the car for it!
Want manual, an engaging drive (loved an old 3k EP3 for this) and something that's good fun to chuck around some quiet B roads with friends (they have 991 Carrera 2S, S1 Elise, Scooby STi to name a few)
To help on the golf option I do have the ability to store the clubs at the club, in their lockers for ~£100 a year...
One other thing i did omit from the first post, I would be looking to do the odd track day having done the Silverstone PH sessions a few times in the 540i, not quite the car for it!
Want manual, an engaging drive (loved an old 3k EP3 for this) and something that's good fun to chuck around some quiet B roads with friends (they have 991 Carrera 2S, S1 Elise, Scooby STi to name a few)
To help on the golf option I do have the ability to store the clubs at the club, in their lockers for ~£100 a year...
kiethton said:
yeah golf is weekly, plan was just to put the bag in the front seat.
I only use a small-ish stand bag and carry so a trolley shouldn't be an issue?
If you're happy with that or can store at the club then I'd go for an Elise. I'd probably look at £20-25k price range - I'd imagine others have some way to come down otherwise, albeit slowly.I only use a small-ish stand bag and carry so a trolley shouldn't be an issue?
A Cup is a naughty one though, could be severely tempted by one of those!
Elise is interesting, worry is I'll miss out on the raw shove of acceleration?
Friend has an S1 elise so may ask for a passenger ride next time i see him given weights/power between S1 & S2 is broadly similar?
In other news the 540i flew though the MOT without an advisory (again) this afternoon which makes it harder to justify the cost to change!
(why couldn't it have failed!?!?! hahaha)
Friend has an S1 elise so may ask for a passenger ride next time i see him given weights/power between S1 & S2 is broadly similar?
In other news the 540i flew though the MOT without an advisory (again) this afternoon which makes it harder to justify the cost to change!
(why couldn't it have failed!?!?! hahaha)
kiethton said:
Elise is interesting, worry is I'll miss out on the raw shove of acceleration?
Friend has an S1 elise so may ask for a passenger ride next time i see him given weights/power between S1 & S2 is broadly similar?
In other news the 540i flew though the MOT without an advisory (again) this afternoon which makes it harder to justify the cost to change!
(why couldn't it have failed!?!?! hahaha)
How much would you look to get for the 540? (Not fishing, honest guvnor...)Friend has an S1 elise so may ask for a passenger ride next time i see him given weights/power between S1 & S2 is broadly similar?
In other news the 540i flew though the MOT without an advisory (again) this afternoon which makes it harder to justify the cost to change!
(why couldn't it have failed!?!?! hahaha)
Check out the new Elise Sprint:
http://www.lotuscars.com/elise-sprint-220
217bhp / <900kg / 257bhp/ton / 0-60 in 4.1s
kiethton said:
Interesting call on the Evora, concern is that it's more of a GT (no bad thing?) where as I'm more after a high days and holidays car (with the ability to go to europe for a week)...doesn't really have to be practical - does an evora fit that bill? - would also have to be an "S" - is 275bhp enough in an early Evora given weight differences?
An Evora will be better suited than an Elise for your purposes, particularly touring. The only situation in which the Elise is clearly superior is on track, and even then the Evora will acquit itself very well. Your money will be very safe in one, and the running costs are lower than almost anything of a similar value/performance level. Due to poor marketing the Evora flies beneath most people's radar but is really a very special thing - try one.
kiethton said:
Interesting call on the Evora, concern is that it's more of a GT (no bad thing?) where as I'm more after a high days and holidays car (with the ability to go to europe for a week)...doesn't really have to be practical - does an evora fit that bill? - would also have to be an "S" - is 275bhp enough in an early Evora given weight differences?
One other thing i did omit from the first post, I would be looking to do the odd track day having done the Silverstone PH sessions a few times in the 540i, not quite the car for it!
Want manual, an engaging drive (loved an old 3k EP3 for this) and something that's good fun to chuck around some quiet B roads with friends (they have 991 Carrera 2S, S1 Elise, Scooby STi to name a few)
To help on the golf option I do have the ability to store the clubs at the club, in their lockers for ~£100 a year...
The Evora is still an engaging car, it's not as sharp as the Elise but it's sharper than most cars & handles as well as any car you can think of, also the ones I listed were the 345bhp versions.One other thing i did omit from the first post, I would be looking to do the odd track day having done the Silverstone PH sessions a few times in the 540i, not quite the car for it!
Want manual, an engaging drive (loved an old 3k EP3 for this) and something that's good fun to chuck around some quiet B roads with friends (they have 991 Carrera 2S, S1 Elise, Scooby STi to name a few)
To help on the golf option I do have the ability to store the clubs at the club, in their lockers for ~£100 a year...
911 vs Evora
https://www.google.co.uk/url?sa=t&rct=j&q=...
Evora vs Cayman
https://www.youtube.com/watch?v=WYvr38OOAOE
https://www.youtube.com/watch?v=wj11xHX_K24
Nay.
there are so many good cars out there between 4k and 8k on autotrader et al, I get a massive kick out of buying a low miler off someone who has chucked cash at their pride and joy but then sells cos its on an 04/05/06 plate....with 24k on the clock, fsh. Lots out there.
given the miles you do, it would be nuts.
save the cash and spend it on learning to fly/glide/drive a steam train/sail a boat/race a motorcycle on a track!
there are so many good cars out there between 4k and 8k on autotrader et al, I get a massive kick out of buying a low miler off someone who has chucked cash at their pride and joy but then sells cos its on an 04/05/06 plate....with 24k on the clock, fsh. Lots out there.
given the miles you do, it would be nuts.
save the cash and spend it on learning to fly/glide/drive a steam train/sail a boat/race a motorcycle on a track!
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