Who would buy a performance car now?
Discussion
As the title says really.
I have (had) an Mx5 and an X5.
Just sold the X5 this morning for £15,500 and I have the Mx5 worth c£1,500 as a toy but perfectly usable as I only work a few miles away.
I've got c£25k I "could" comfortably spend on a car and want to revisit a BMW e92 M3. I have found a beautiful Comp Pack and have agreed a price, however CV-19 has thrown a shadow over the whole market making many, me included, second guess this sort of car and their values. A 4.0 V8 in an impending recession?!!
THIS, is my issue. Am I making the right decision or should I buy the CLS220d SB I have found also and bank the rest. OR go further still and buy a Golf TDI and sit on the money?
All opinions welcome
I have (had) an Mx5 and an X5.
Just sold the X5 this morning for £15,500 and I have the Mx5 worth c£1,500 as a toy but perfectly usable as I only work a few miles away.
I've got c£25k I "could" comfortably spend on a car and want to revisit a BMW e92 M3. I have found a beautiful Comp Pack and have agreed a price, however CV-19 has thrown a shadow over the whole market making many, me included, second guess this sort of car and their values. A 4.0 V8 in an impending recession?!!
THIS, is my issue. Am I making the right decision or should I buy the CLS220d SB I have found also and bank the rest. OR go further still and buy a Golf TDI and sit on the money?
All opinions welcome
How secure is your job? How secure is your financial position? If you're that concerned about putting £25k in a car which "might" halve it's value in 3-5 years then is it worth it, if that would be a big strain on your finances?
On the other side of the coin, the chance to own a V8 is going to get rarer and rarer so perhaps take the opportunity while you still can. Hold on to it long enough and look after it then it might start to go up in value?
And if work's only a few miles away, why on earth would you want to get a diesel? Do you do enough long distance journeys to make it worthwhile?
On the other side of the coin, the chance to own a V8 is going to get rarer and rarer so perhaps take the opportunity while you still can. Hold on to it long enough and look after it then it might start to go up in value?
And if work's only a few miles away, why on earth would you want to get a diesel? Do you do enough long distance journeys to make it worthwhile?
You only live once, buy the fast one, enjoy it, and don’t let the media get you down. You have cash on the hip, so there’s no finance, the car can be sold in an emergency, and if it only nets a percentage of what you paid, where’s the surprise, you’re buying an M3 FFS, they always depreciate anyway, it’s not a manual Ferrari 430 that has a hope of being a classic, there’s millions of em.
There is a recession every few years, and they come and go. Buckle up for the wild ride and enjoy your life, you think I’m dumping any of my cars?, and I’m waiting for the dealership to open to take delivery of a new SVR ASAP, can’t wait
There is a recession every few years, and they come and go. Buckle up for the wild ride and enjoy your life, you think I’m dumping any of my cars?, and I’m waiting for the dealership to open to take delivery of a new SVR ASAP, can’t wait
Zetec-S said:
How secure is your job? How secure is your financial position? If you're that concerned about putting £25k in a car which "might" halve it's value in 3-5 years then is it worth it, if that would be a big strain on your finances?
On the other side of the coin, the chance to own a V8 is going to get rarer and rarer so perhaps take the opportunity while you still can. Hold on to it long enough and look after it then it might start to go up in value?
And if work's only a few miles away, why on earth would you want to get a diesel? Do you do enough long distance journeys to make it worthwhile?
Job is as secure as it could be with all going on but I have no concerns. On the other side of the coin, the chance to own a V8 is going to get rarer and rarer so perhaps take the opportunity while you still can. Hold on to it long enough and look after it then it might start to go up in value?
And if work's only a few miles away, why on earth would you want to get a diesel? Do you do enough long distance journeys to make it worthwhile?
Finances are stable, saving c£1,000 a month and £25k isn't everything I have. The car will lose a comparable amount to others so depreciation is what it is.
A M3 Comp Pack will hold stronger values than a standard M3 but it is still a car that many would not buy or own in a recession.
Simple answer to your question re distance; I do c15,000 miles a year but this is only because I travel(led) to France 4-5 times a year. This will be a lot less because of CV-19. This is obviously making me question buying another car at all, I have the Mx5 afterall.
Dave Hedgehog said:
IMO its not the time to take on debt
rather pay down what you can and build up cash reserves if you can, the next 12 months are going to be very tough
It won't be taking on a debt. I have the money to spend on the car. My primary worry is, heart is saying, go for it. Head is saying, you don't need a V8 in a pending recession...rather pay down what you can and build up cash reserves if you can, the next 12 months are going to be very tough
daytona355 said:
You only live once, buy the fast one, enjoy it, and don’t let the media get you down. You have cash on the hip, so there’s no finance, the car can be sold in an emergency, and if it only nets a percentage of what you paid, where’s the surprise, you’re buying an M3 FFS, they always depreciate anyway, it’s not a manual Ferrari 430 that has a hope of being a classic, there’s millions of em.
There is a recession every few years, and they come and go. Buckle up for the wild ride and enjoy your life, you think I’m dumping any of my cars?, and I’m waiting for the dealership to open to take delivery of a new SVR ASAP, can’t wait
I want a beer with you! There is a recession every few years, and they come and go. Buckle up for the wild ride and enjoy your life, you think I’m dumping any of my cars?, and I’m waiting for the dealership to open to take delivery of a new SVR ASAP, can’t wait
Whilst I do have this frame of mind, I also am having a sensible moment and considering the above.
Joe5y said:
Dave Hedgehog said:
IMO its not the time to take on debt
rather pay down what you can and build up cash reserves if you can, the next 12 months are going to be very tough
It won't be taking on a debt. I have the money to spend on the car. My primary worry is, heart is saying, go for it. Head is saying, you don't need a V8 in a pending recession...rather pay down what you can and build up cash reserves if you can, the next 12 months are going to be very tough
a lot of analysts are saying we are looking at a global depression, the unemployment numbers and debt levels are pretty horrific at the moment
i am hoping prices will continue to drop for then next 12 months, want to pick up a V10 manual R8 dirt cheap
I am in a similar situation to yourself - my vw is a lease - thinking of buying it, mainly that then I have a asset I can get rid of if I need to, rather than going for another lease where I am in it for 2 years.
If I loose my job (shouldn't but who knows) I can just flog the car, pay off loan (approx £10k), and get something more basic just for running to work and back. I'm talking about less money than yourself.
My dream one day is to have a v8, but personally I am waiting a bit longer before making that purchase. Seeing how the world does post Covid-19. But I have always been too cautious - so tbh I wouldn't follow me at all, I have turned down a IS-F and a VXR8 in the past - should of got either as I would of lost next to nothing in depreciation, compared to the "cheaper cars I bought" thining I was saving money when in fact I lost more!
If I loose my job (shouldn't but who knows) I can just flog the car, pay off loan (approx £10k), and get something more basic just for running to work and back. I'm talking about less money than yourself.
My dream one day is to have a v8, but personally I am waiting a bit longer before making that purchase. Seeing how the world does post Covid-19. But I have always been too cautious - so tbh I wouldn't follow me at all, I have turned down a IS-F and a VXR8 in the past - should of got either as I would of lost next to nothing in depreciation, compared to the "cheaper cars I bought" thining I was saving money when in fact I lost more!
Joe5y said:
Simple answer to your question re distance; I do c15,000 miles a year but this is only because I travel(led) to France 4-5 times a year. This will be a lot less because of CV-19. This is obviously making me question buying another car at all, I have the Mx5 afterall.
True, but if you do get to go to France then would it be more enjoyable in an M3...? I'm guessing if you feel the need to ask for advice on this, then your frightened of the future.
Just get it bought and enjoy every minute of it.
25k sounds like Pocket Money for a Toy in your situation.
As already said, they will become rarer and rarer
You will be dead a long time.
I honestly only regret things I didn't do.
Yes, Ive f
ked up plenty, but its what makes me, me. So no regrets there.
Good Luck with your decision.
Just get it bought and enjoy every minute of it.
25k sounds like Pocket Money for a Toy in your situation.
As already said, they will become rarer and rarer
You will be dead a long time.
I honestly only regret things I didn't do.
Yes, Ive f
ked up plenty, but its what makes me, me. So no regrets there.Good Luck with your decision.
Couple of things I'd be thinking about;
- Are you likely to get a much better deal on the purchase (this or another similar car) in another couple of months if prices soften?
- Can you comfortably afford the running costs? I.e if fuel duty is increased and fuel prices spike once demand increases is that going to put you off driving it or ruin the experience?
- Acid test...can you purchase it and still have enough liquid assets to fund 3 or 6 months of essential bill payments if the worst were to happen?
If you're comfortable with the above then go for it. I've always played slightly fast and loose with expensive cars and it hasn't bitten me yet as I've always tried to be as sensible as I can about it. Time really is running out for enjoying stuff like this so you might as well if/while you can!
- Are you likely to get a much better deal on the purchase (this or another similar car) in another couple of months if prices soften?
- Can you comfortably afford the running costs? I.e if fuel duty is increased and fuel prices spike once demand increases is that going to put you off driving it or ruin the experience?
- Acid test...can you purchase it and still have enough liquid assets to fund 3 or 6 months of essential bill payments if the worst were to happen?
If you're comfortable with the above then go for it. I've always played slightly fast and loose with expensive cars and it hasn't bitten me yet as I've always tried to be as sensible as I can about it. Time really is running out for enjoying stuff like this so you might as well if/while you can!
Everyone is expecting prices to drop as cars flood onto the market where people are selling everything houses/cars/watches etc, this does happen a bit but not a lot what tends to happen is that people hold on to what they have so the actual market becomes smaller as there's less stock to choose from.
If you've found the right car & it ticks your boxes then buy it, prices may soften or they may not as long as you're not planning on selling weeks after you've bought it I think you'll find that things will have evened out in 6-12 months time.
If you've found the right car & it ticks your boxes then buy it, prices may soften or they may not as long as you're not planning on selling weeks after you've bought it I think you'll find that things will have evened out in 6-12 months time.
If you are asking anyone on here, the media or the markets to predict the future then no-one can.
What matters most is whether can you afford it, will be fun and enriches life.
Put it another way - how many people sadly didnt make it through that would have made different choices in enjoying more from what they had.
What matters most is whether can you afford it, will be fun and enriches life.
Put it another way - how many people sadly didnt make it through that would have made different choices in enjoying more from what they had.
https://ebay.us/zV3TqS
https://www.ebay.co.uk/itm/BMW-E92-M3-COMPETITION-...
One of the cars in question. What are one's thoughts?......
https://www.ebay.co.uk/itm/BMW-E92-M3-COMPETITION-...
One of the cars in question. What are one's thoughts?......
I'm in a similar situation. No mortgage, job is probably more secure due to CV-19, partner's job is secure, enough money in the bank to buy another house if we wanted, and £25k to spend on a car. If dealers are open on 01 June I'll be organising test drives and a V6 Jag is the current favourite, followed by a C43.
It's a cliché but you do only live once, and I've seen too many people die young to put off doing the things I want.
You should be able to work out what my advice is!
It's a cliché but you do only live once, and I've seen too many people die young to put off doing the things I want.
You should be able to work out what my advice is!
Joe5y said:
Finances are stable, saving c£1,000 a month and £25k isn't everything I have.
Simple answer to your question re distance; I do c15,000 miles a year but this is only because I travel(led) to France 4-5 times a year. This will be a lot less because of CV-19. This is obviously making me question buying another car at all, I have the Mx5 afterall.
Many respondants have focused on the question of affordability and financial security, however it sounds like you've got this point well covered.Simple answer to your question re distance; I do c15,000 miles a year but this is only because I travel(led) to France 4-5 times a year. This will be a lot less because of CV-19. This is obviously making me question buying another car at all, I have the Mx5 afterall.
However, I think the other question is, if you buy an M3, what will you do with it at present? Right now we're essentially limited to day-trips, and even that is a bit limited with basically no cafes/restaurants open, bar the odd drivethrough/takeaway.
For trips out within a relatively short radius of home, I'd have thought the MX-5 is in many ways well suited. Do you need another car at all?
If the main reason for having an M3 is for longer journeys, then I'd have thought you may as well wait until you have a chance to undertake some longer journeys, back to France again etc. I think it's relatively unlikely used M3 prices will shoot up between now and then, and they could drop.
If on the other hand you think it'd be fun to have an M3 just to enjoy a more powerful car, even on the kind of journeys you'll be doing in the current situation, then why not, money's not doing much good in the bank, may as well enjoy it
(reflecting Harry M's advice in a recent vid, first ask yourself what you want to do with a fun car, then consider what car will best fill that role)
Edited by samoht on Friday 15th May 18:14
http://www.ebay.co.uk/itm/274315161815
I prefer this one, minus the dopey wing! Something about the frozen paint, just makes it look mean.
Very nice cars though, the M3. I did find them a bit clinical when I drove them, the previous E46 seemed to me to be a bit more of an event as it wasn’t so accomplished, but that’s just me, I’m too old to appreciate an M3 that doesn’t try to kill you at every corner
Course, from the left field, find a really well sorted Maserati Gransport around that price.... will keep its value now where it is, from what I remember, 599 super fast updates in the gearbox, 430 engine with wet sump, if you really have a sorted one, it will outhandle a 360 and keep up with it power wise, not as far from a 430 as Ferrari would have you believe if you can drive.
Fantastic soundtrack, individual, and actually, if you look after it, it does t have to cost much to maintain. I’ve had lots of Maserati and haven’t yet had a single issue with any of them, just have to keep an eye on things in general
I prefer this one, minus the dopey wing! Something about the frozen paint, just makes it look mean.
Very nice cars though, the M3. I did find them a bit clinical when I drove them, the previous E46 seemed to me to be a bit more of an event as it wasn’t so accomplished, but that’s just me, I’m too old to appreciate an M3 that doesn’t try to kill you at every corner
Course, from the left field, find a really well sorted Maserati Gransport around that price.... will keep its value now where it is, from what I remember, 599 super fast updates in the gearbox, 430 engine with wet sump, if you really have a sorted one, it will outhandle a 360 and keep up with it power wise, not as far from a 430 as Ferrari would have you believe if you can drive.
Fantastic soundtrack, individual, and actually, if you look after it, it does t have to cost much to maintain. I’ve had lots of Maserati and haven’t yet had a single issue with any of them, just have to keep an eye on things in general
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