What would you do - MG3 depreciation
Discussion
Hi, sorry posted a similar thread a few weeks ago but still not sure what to do!
I've decided I'd like an MG3 as a second car as I test drove one and really liked it and would like something with a little more power (not saying much as my current car is only a 1.1!) The thing is they all seem to be on sale for around £4000 which is about £1000 more than I was originally thinking of spending on a car, so now I'm trying to decide whether it would work out cheaper to keep my old car for a year or two longer before getting one.
My current car (peugeot 206) would cost at least £600 to get it through its MOT but would be £125 cheaper to tax and insure per year than the MG3, so I'm thinking if I waited a year to get an MG3 they would have to have depreciated by over £475 in a year for it to be worth waiting. I think on some cars this would be fairly likely but as MG3s are cheap in the first place I'm not sure whether they'll be slower to depreciate, also whether if I buy one now at a higher price it might be more worth getting than a cheaper one a year down the line as it might need less work on it in the long term?? There's also the option of waiting around to see if a cheaper one comes up in the next few weeks but then if I did see one whether it would be a bad sign if it was a lot cheaper? Do you think an MG3 would depreciate that much in a year or two?
I know depreciation's really difficult to predict but any advice would be appreciated
I've decided I'd like an MG3 as a second car as I test drove one and really liked it and would like something with a little more power (not saying much as my current car is only a 1.1!) The thing is they all seem to be on sale for around £4000 which is about £1000 more than I was originally thinking of spending on a car, so now I'm trying to decide whether it would work out cheaper to keep my old car for a year or two longer before getting one.
My current car (peugeot 206) would cost at least £600 to get it through its MOT but would be £125 cheaper to tax and insure per year than the MG3, so I'm thinking if I waited a year to get an MG3 they would have to have depreciated by over £475 in a year for it to be worth waiting. I think on some cars this would be fairly likely but as MG3s are cheap in the first place I'm not sure whether they'll be slower to depreciate, also whether if I buy one now at a higher price it might be more worth getting than a cheaper one a year down the line as it might need less work on it in the long term?? There's also the option of waiting around to see if a cheaper one comes up in the next few weeks but then if I did see one whether it would be a bad sign if it was a lot cheaper? Do you think an MG3 would depreciate that much in a year or two?
I know depreciation's really difficult to predict but any advice would be appreciated
There are ones for sale at around 3.5K haggle & you'll get close to your 3k number.
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
ZX10R NIN said:
There are ones for sale at around 3.5K haggle & you'll get close to your 3k number.
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
Thanks for looking those up! They're a bit far away from me but I guess if I'm patient hopefully more cheaper ones might come up https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
ab5, I believe I’m in a good position give you an honest opinion. This model of car is not desirable at all and will depreciate at around £800 - £1000 per year. In my personal opinion I believe that for normal everyday cars, if it costs you £1000 a year for running costs and depreciation, you’re doing well.
Based on the current market price on autotrader I think you’ll have to spend around £3500+ to buy one from a car dealer. If you keep the car for 4 years and it’s still going strong I think you’re winning The risk that you run is the repair costs if any major parts go wrong. There weren’t a lot of these cars sold so if you're engine dies you’ll struggle to source an affordable one due to the low numbers that were sold.
I’m a car dealer and I’ve done well selling oddball cars like this in the past. It’s a budget market car and these types of cars are fairly basic mechanically and have always been reliable in my experience. I’ve done well with Daewoo’s, Chrysler’s, Chevrolet’s, Dodge etc, but as they come to an age or are slightly higher in mileage they tend to cost higher than average in repairs for consumables and eventually become harder to source the parts.
If you like the MG3 I say go for it but please take my advice. In a few years it’ll be worth more to you than a dealer/trade buyer and the next man. You shouldn’t buy this car if you’re worrying about depreciation. Buy something like a low mileage Honda Civic type R ep3 with low miles....although the running costs will be higher.
Based on the current market price on autotrader I think you’ll have to spend around £3500+ to buy one from a car dealer. If you keep the car for 4 years and it’s still going strong I think you’re winning The risk that you run is the repair costs if any major parts go wrong. There weren’t a lot of these cars sold so if you're engine dies you’ll struggle to source an affordable one due to the low numbers that were sold.
I’m a car dealer and I’ve done well selling oddball cars like this in the past. It’s a budget market car and these types of cars are fairly basic mechanically and have always been reliable in my experience. I’ve done well with Daewoo’s, Chrysler’s, Chevrolet’s, Dodge etc, but as they come to an age or are slightly higher in mileage they tend to cost higher than average in repairs for consumables and eventually become harder to source the parts.
If you like the MG3 I say go for it but please take my advice. In a few years it’ll be worth more to you than a dealer/trade buyer and the next man. You shouldn’t buy this car if you’re worrying about depreciation. Buy something like a low mileage Honda Civic type R ep3 with low miles....although the running costs will be higher.
mikedm1983 said:
ab5, I believe I’m in a good position give you an honest opinion. This model of car is not desirable at all and will depreciate at around £800 - £1000 per year. In my personal opinion I believe that for normal everyday cars, if it costs you £1000 a year for running costs and depreciation, you’re doing well.
Based on the current market price on autotrader I think you’ll have to spend around £3500+ to buy one from a car dealer. If you keep the car for 4 years and it’s still going strong I think you’re winning The risk that you run is the repair costs if any major parts go wrong. There weren’t a lot of these cars sold so if you're engine dies you’ll struggle to source an affordable one due to the low numbers that were sold.
I’m a car dealer and I’ve done well selling oddball cars like this in the past. It’s a budget market car and these types of cars are fairly basic mechanically and have always been reliable in my experience. I’ve done well with Daewoo’s, Chrysler’s, Chevrolet’s, Dodge etc, but as they come to an age or are slightly higher in mileage they tend to cost higher than average in repairs for consumables and eventually become harder to source the parts.
If you like the MG3 I say go for it but please take my advice. In a few years it’ll be worth more to you than a dealer/trade buyer and the next man. You shouldn’t buy this car if you’re worrying about depreciation. Buy something like a low mileage Honda Civic type R ep3 with low miles....although the running costs will be higher.
Thank you for the advice!! I'm looking for something that I can hopefully keep for a while so I'm not too bothered about it losing value. Do you think they'd be more likely to have mechanical problems if I waited til they're cheaper or would it still be a fairly good buy in say a years time?Based on the current market price on autotrader I think you’ll have to spend around £3500+ to buy one from a car dealer. If you keep the car for 4 years and it’s still going strong I think you’re winning The risk that you run is the repair costs if any major parts go wrong. There weren’t a lot of these cars sold so if you're engine dies you’ll struggle to source an affordable one due to the low numbers that were sold.
I’m a car dealer and I’ve done well selling oddball cars like this in the past. It’s a budget market car and these types of cars are fairly basic mechanically and have always been reliable in my experience. I’ve done well with Daewoo’s, Chrysler’s, Chevrolet’s, Dodge etc, but as they come to an age or are slightly higher in mileage they tend to cost higher than average in repairs for consumables and eventually become harder to source the parts.
If you like the MG3 I say go for it but please take my advice. In a few years it’ll be worth more to you than a dealer/trade buyer and the next man. You shouldn’t buy this car if you’re worrying about depreciation. Buy something like a low mileage Honda Civic type R ep3 with low miles....although the running costs will be higher.
You're probably better off with something like this:
https://www.autotrader.co.uk/classified/advert/201...
https://www.autotrader.co.uk/classified/advert/201...
Unless you actually WANT the MG, then there are much better alternatives out there.
You could get a fiesta and benefit from the fact that it's the UK's most popular car, therefore costing £30 to repair anything and everything
http://www.autotrader.co.uk/classified/advert/2019...
You could get a fiesta and benefit from the fact that it's the UK's most popular car, therefore costing £30 to repair anything and everything
http://www.autotrader.co.uk/classified/advert/2019...
This. Loads of other options for 3.5k.
Get a lovely low miles fiesta for that. Or something like a suzuki swift (sport or non sport). Plenty of other equivalent around for that money. Toyota yaris if that's the sort of size motor you're after. I'm looking for a cheap 5dr hatch at the moment for the misses as a beater so I'm in the same boat. Be patient and you'll likely find something much better . Even some 1series bmw sit in that arena which would have far better residuals, early 116 or 118i with about 70k miles for 3k isnt unheard of. Bit pricier than a fiesta to keep on the road however.
Get a lovely low miles fiesta for that. Or something like a suzuki swift (sport or non sport). Plenty of other equivalent around for that money. Toyota yaris if that's the sort of size motor you're after. I'm looking for a cheap 5dr hatch at the moment for the misses as a beater so I'm in the same boat. Be patient and you'll likely find something much better . Even some 1series bmw sit in that arena which would have far better residuals, early 116 or 118i with about 70k miles for 3k isnt unheard of. Bit pricier than a fiesta to keep on the road however.
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