Car addiction ruining my finances :D
Discussion
My name's TrowelHead and i'm a car addict.
I've worked out that in the last 3 years i've spent/lost in the region of £68k across 9 cars, often keeping them less than 6 months
And no, i'm not a mega wealthy millionaire who can stomach these losses.
Cars have been for those interested - 991.2 GTS, GT4 X 2, RS6, C63, Mini JCW, Defender, RRS x2 (so at least ticked a few boxes)
Time to grow up and stop chucking money at cars.
So earlier this year i had the wonderful idea of trading my range rover sport 2014 for a brand new 2018 model.
Unlike me, i really didn't think into the financials - more a heart vs head thing.
In hindsight, keeping the 2014 model would have made alot more sense as depreciation was nowhere near as savage.
I've worked out that i have already lost a big chunk (£10k +) from March to now if i was to sell private or PX.
I'll also more than likely lose £1k a month in depreciation alone in next 2 years i planned to keep it.
Should i take the hit and PX this now. Or take it on the chin and keep the car 2/3 years?
I was looking at a 2016 435d at £25k which will not be shedding cash. Or another older RRS (i do enjoy them alot)
Advice welcomed, go easy on me though
I've worked out that in the last 3 years i've spent/lost in the region of £68k across 9 cars, often keeping them less than 6 months
And no, i'm not a mega wealthy millionaire who can stomach these losses.
Cars have been for those interested - 991.2 GTS, GT4 X 2, RS6, C63, Mini JCW, Defender, RRS x2 (so at least ticked a few boxes)
Time to grow up and stop chucking money at cars.
So earlier this year i had the wonderful idea of trading my range rover sport 2014 for a brand new 2018 model.
Unlike me, i really didn't think into the financials - more a heart vs head thing.
In hindsight, keeping the 2014 model would have made alot more sense as depreciation was nowhere near as savage.
I've worked out that i have already lost a big chunk (£10k +) from March to now if i was to sell private or PX.
I'll also more than likely lose £1k a month in depreciation alone in next 2 years i planned to keep it.
Should i take the hit and PX this now. Or take it on the chin and keep the car 2/3 years?
I was looking at a 2016 435d at £25k which will not be shedding cash. Or another older RRS (i do enjoy them alot)
Advice welcomed, go easy on me though
NRS said:
Put simply, the £10k you have lost in depreciation on the latest car is already sunk costs. So ignore than from any decision you make now. Then it comes down to the question of how much do you want to spend on cars a month. Is the latest car worth spending £1k plus a month for the enjoyment of driving it?
Of course financially it is much better to go for an older car that will not depreciate so much, but if you don't have the restraint and decide to buy yet another new toy it may cost more with the swapping around. No one can say much - you see how much it is costing, so it's up to you to decide if it's worth it.
Great points, yes sunk cost is a massive factor here, hard to forget about that and just see present value and depreciation only.Of course financially it is much better to go for an older car that will not depreciate so much, but if you don't have the restraint and decide to buy yet another new toy it may cost more with the swapping around. No one can say much - you see how much it is costing, so it's up to you to decide if it's worth it.
I can stomach £1k a month but it's not ideal of course. Worst case would be to change cars a couple more times as thats where the costs rack up from paying the dealer spreads!
Simpo Two said:
Buy older cars, buy them privately and buy them with cash.
I'm happy with capital tied up but hate depreciation. Who would invest in something that's guaranteed to go down by 50% in 3 years?
Keep the car you have and drive it into the ground
Yes lesson learned i think. I either buy something older in cash and write that off.I'm happy with capital tied up but hate depreciation. Who would invest in something that's guaranteed to go down by 50% in 3 years?
Keep the car you have and drive it into the ground
Or keep this now and drive it for 10 years + (in which case it would end up being a bargain!)
Benrad said:
I used to do similar (to a much lower level) and lost what is to me a huge amount of money over 4 years... Cut my losses, got a personal loan and bought an older car. It's definitely saving me money, plus I actually have a nicer car, it's just a bit older/higher mileage
Google the sunk cost fallacy, might help you decide whether to sell up. Worth considering any early exit fees from your finance desk, but I suspect they pale in comparison to the depreciation
Perhaps it's a life stage / life lesson then, i've been really sensible with cars always buying older ones with cash until 3 years ago, got a C63 (which was wonderful and actually didn't depreciate much) then just went a bit mad!Google the sunk cost fallacy, might help you decide whether to sell up. Worth considering any early exit fees from your finance desk, but I suspect they pale in comparison to the depreciation
Shnozz said:
I would have thought 2 x GT4's would have seen appreciation?!
I have avoided depreciation by buying older cars but, assuming you go with something exotic still, they can then land some large bills so you need a sinking fund really. Mates of mine who finance new sports cars know what their monthly payment is and everything is under warranty, whereas I have had £3k - £5k service bills several times. In fact I cannot remember the last time I had a service of less than about £2k so its swings and roundabouts.
When I was 18 I financed about £18k on a bloody MGF. I sold it 18 months later for about £11k if I remember rightly and it taught be a young lesson. Never financed since then. My first TVR saw me sell at a profit of about a grand, the other TVRs never really lost much at all. My Elises had glacial depreciation also, my Exige saw me make about £3k on resale after a few years. The Evora returned a little more than I paid and I would expect tos ee back at least what I paid for my Aston. Aside from a Boxster S that lost about 1/3 of what I paid I have pretty much broken even I would say which I consider a result.
A Vantage or a £35k Audi R8 is unlikely to see you lose much at all. But you should have a £5k - £10k slush fund just in case (perhaps less so with an R8).
No, the GT4s were actually quite bad really - Try buying one at £85k then ask porsche what they would give you back for it! I have avoided depreciation by buying older cars but, assuming you go with something exotic still, they can then land some large bills so you need a sinking fund really. Mates of mine who finance new sports cars know what their monthly payment is and everything is under warranty, whereas I have had £3k - £5k service bills several times. In fact I cannot remember the last time I had a service of less than about £2k so its swings and roundabouts.
When I was 18 I financed about £18k on a bloody MGF. I sold it 18 months later for about £11k if I remember rightly and it taught be a young lesson. Never financed since then. My first TVR saw me sell at a profit of about a grand, the other TVRs never really lost much at all. My Elises had glacial depreciation also, my Exige saw me make about £3k on resale after a few years. The Evora returned a little more than I paid and I would expect tos ee back at least what I paid for my Aston. Aside from a Boxster S that lost about 1/3 of what I paid I have pretty much broken even I would say which I consider a result.
A Vantage or a £35k Audi R8 is unlikely to see you lose much at all. But you should have a £5k - £10k slush fund just in case (perhaps less so with an R8).
Good point on the bills / servicing - i've actually had no bills for years as it's all been newer stuff.
V10 R8 would be great, not ideal for a daily though?
Just revisited the numbers. Value of car as it stands today is about £64k
So ignoring the sunk costs - there is a GFV of £38k in 43 months time - so that means depreciation should be about £600 a month - plus the interest
(doesn't sound as bad when ignoring the retail price / sunk cost and looking as from today)
On a positive note, there is 3 year warranty, tyres, brakes all new, should be pretty much no costs over that period...
Maybe keep it and drive it into the ground is the way forward!
So ignoring the sunk costs - there is a GFV of £38k in 43 months time - so that means depreciation should be about £600 a month - plus the interest
(doesn't sound as bad when ignoring the retail price / sunk cost and looking as from today)
On a positive note, there is 3 year warranty, tyres, brakes all new, should be pretty much no costs over that period...
Maybe keep it and drive it into the ground is the way forward!
Cheib said:
Surprised you haven’t lost more than that buying and selling that lot TBH! I would be selling your current RRS and finding someth8ng older and probably cheaper to maintain. Old RRS are not the most treliable so you could end up with punchy running costs.
Problem is - i'm likely to do that then end up getting bored with whatever i do get I do actually really like the RRS and feel like i could realistically keep it long term - they seem to have alot better reliability on the newer stuff touchwood
Jon39 said:
Mr trowelhead, You have taken the first step towards recovery, by actually adding up the £68,000 you have spent on depreciation. Well done, because not many addicts would ever want to know that. Worryingly though, you then go on to talk about changing your car yet again.
You will know that most new cars depreciate by 50% during the first 3 years. Canny purchasers therefore buy 2 to 3 year old cars. Try keeping them as long as you can. In my experience, it is surprising just how long cars do last, but probably few people ever find out.
Of course, the buyers of 2 to 3 year olds, do need the new car buyers for their system to work.
The main costs have been in the frequent changes. So this is the takeaway point for me, stop changing!
My family joke that they expect to see me in a new car every time they see me!
brickwall said:
£22.5k per year on cars - solid!
To save money, the main thing you have to do is stop changing. So:
a) If you like the RRS and are comfortable with the payments for the next 4 years, then keep it.
b) If you don't like it or aren't comfortable with the payments, then buy something cheaper where you are (which will likely be a 'downgrade'), and then keep that.
Either way, pick a car then keep it.
Hearing you loud and clear. Previous best was a year on my C63... So 4 years is seemingly impossible To save money, the main thing you have to do is stop changing. So:
a) If you like the RRS and are comfortable with the payments for the next 4 years, then keep it.
b) If you don't like it or aren't comfortable with the payments, then buy something cheaper where you are (which will likely be a 'downgrade'), and then keep that.
Either way, pick a car then keep it.
Ahbefive said:
I'd get rid. £300 a month will get you something much more fun to drive and save you £300 a month.
Hmm... Suggestions?mike9009 said:
As you have identified, stopping changing is the best call. Especially if changing at dealers where you are funding their profits. Changing can be the addictive part, so why not keep the RRS and change cheaper (sub £5k??) cars more frequently. You will have the 'all paid for' and 'reliable' RRS but still feed your changing addiction for interesting 'cheap' stuff to enjoy. If it goes bang - so what?
Mike
As you've identified, it's the changing and paying the dealers profits that's eating the cash... I think one keeper and having a cheap car to change would work - limits the downside as can just use ebay! I've done this in the past, bought an E39 M5 (a bit of a dog) for under 5k. Went back on ebay when i was bored of it... Mike
james28 said:
Trowelhead
You are not alone sometimes it's the thrill of doing a deal going to see a new car the buzz and excitement.Then the excitement goes your already looking for an excuse to sell the car and this cycle repeats over and over.Ihave sold cars the day after buying them rarely keeping any car longer than 12 months i don't add up the money lost but know the ones that I wish I still owned.I have owned enough cars now to fill a multi storey car park it's getting better but I know it's only a matter of time before I'm searching the classifieds or browsing forums and eBay for that next fix.
Good to hear from another suffering this terrible affliction You are not alone sometimes it's the thrill of doing a deal going to see a new car the buzz and excitement.Then the excitement goes your already looking for an excuse to sell the car and this cycle repeats over and over.Ihave sold cars the day after buying them rarely keeping any car longer than 12 months i don't add up the money lost but know the ones that I wish I still owned.I have owned enough cars now to fill a multi storey car park it's getting better but I know it's only a matter of time before I'm searching the classifieds or browsing forums and eBay for that next fix.
Edited by james28 on Sunday 9th September 21:59
Yes i think it is the thrill / anticipation / trying something new. I need to get a long term car, then either hire cars for a few days at a time or stick to a second cheaper car i can move on easily / cheaply.
I usually manage to pick up on something i don't like about a car, and then this forumlates as the reason it MUST go - and the cycle repeats. The two cars i have struggled to pick faults with were the C63 (brilliant in every way except fuel cost) and the RRS (brilliant as a daily, but not exactly a sports car)
I did go and see a W123 mercedes. Cheaper classics might be an outlet for this type of behaviour!
Brave Fart said:
Here's an alternative viewpoint. Over the last four years you've had a ball! It's great fun hunting down your next car, thrill of the chase and all that. It's also a buzz to drive different cars and you've had a wide range judging by your list. You've been living the dream mate!
Now, the only issue is: can you afford another £67k ish again? Forget what you have spent in the past, it's gone.
Either - yes, in which case crack on, you're a long time dead. Spend your money how you want.
Or - no, in which case there's some wise words on offer here. Change.
Great point, and no - i don't want to be losing £67k again in the next two years. I'm 29, live on my own, earn decent money so i can get away with a decent budget for cars - but not £67k Now, the only issue is: can you afford another £67k ish again? Forget what you have spent in the past, it's gone.
Either - yes, in which case crack on, you're a long time dead. Spend your money how you want.
Or - no, in which case there's some wise words on offer here. Change.
It's depressing really - could have probably daily driven a Ferrari F12 for that kind of cost!!
rufusgti said:
Some of the comments here make me wonder if the addiction is based on the fi ding and buying of the car. A bit like say, a woman gets all excited about handbag purchases, then sticks them in the in the cuboard.
Thats fine, but you could make that pay by sourcing good quality private sale cars or traditionaly from auctions. Try and sell at a bit of a profit or at least cover costs. I think you would enjoy the process more. But fulfilling this addiction at the same time as lining the pockets of a car salesman i could never be comfortable repeatedly doing.
Yes i think 90% of it is in the finding and buying, after that it just becomes another car - some better than others. Thats fine, but you could make that pay by sourcing good quality private sale cars or traditionaly from auctions. Try and sell at a bit of a profit or at least cover costs. I think you would enjoy the process more. But fulfilling this addiction at the same time as lining the pockets of a car salesman i could never be comfortable repeatedly doing.
I have never considered that angle but that could work. If i was able to change my thought process and approach it as a sideline hobby business i would do far better! Setup ltd company, trade policy, inject some funds, offset losses against tax etc...
fido said:
Maybe but running costs...? In all fairness, you probably spent zero on servicing and warranty. It's your total annual outlay (c.£23k) that is the problem. Either keep the cars longer, buy older cars, or if it's the new car buzz that is the problem - something cheaper but equally fun e.g. Fiat 124 Spyder - there is no easy route. I avoid reading new car magazines and such as they feed the drug - prefer to stick to the 'Reader Cars' section and get the enjoyment from older cars. Blokes = cars, Women = handbags .. it starts to becomes rather pointless when you think about it.
True, i don't think i've paid for anything such as warranties, tyres etc in the last 2 years.Yup it is the outlay thats the killer. RRS has pretty good running costs - i've decided to keep it, clearly it's more the constant changing that is the obvious way to reduce costs and stress!
I'll likely pick up something cheap next summer that will be an outlet for silliness
jdwoodbury said:
You need to stick with a car as your daily, then work out if you have spare cash as a fun fund for other purchases. The RRS is a great car, realistically what are you going to change it for that you be be happy with? That's the really rub, you need to convince yourself the car is a keeper and flipping serves no purpose other than the buzz of buying and selling. The longer you run that car then the costs average out over the period, selling after 1-2yrs is a killer...get some use out of it.
Exactly - to be honest i do love the car. It does everything i could need a car to do as a daily. If i downgrade it i'll clearly regret it as there is no real point in doing so. Agreed, i'm going to make this one the keeper then!If i can justify it, a manual gen 1 R8 or a vantage would be great alongside it in the future for fun + hold their value well.
It's all an excuse to get the buzz of the change!
This thread has been really useful actually so thanks to all who contributed.
I initially though you would all say the RRS is costing too much and to ditch it - but actually it's worked out that buying something nice and running it for a long period is probably better
superlightr said:
OP I feel your pain and joy.
Just been spanked big time over the last year on a DB9 - £21k down. ended up not enjoying the drive in the wet and coulndt face another winter in it.
Not added up the cost tho of all cars. not going to either.
Other cars owned have been good - 2x Caterhams, 1x 911 targa 2x 911tt's M5, E63 AMG, RS6, Aston etc. The best was a G4 Defender kept for 4 years. Not fast but fun. All lose money (g4 didn't) but were within a reasonable depreciation curve. The DB9 was exceptional even by my standards. Most were new. Good discounts can be had on Car wow which helps with the curve and most kept for 1 or 2 years.
Just got out of the db9 for a year old E63AMG again. I think that will be it for getting very expensive cars there is plenty of fun to be had in lower price bracket ie JCW Minis/ Caterham 7's etc or 1 or 2 yrs old cars.
like you the Merc AMG's are one of the few brands ive bought more then 1 of (save for Caterham and Pork)
As others have said - keep the RRS but I would add - buy a Caterham 7 - you will love it. it will be up there as a highlight on your driving musts/
Only on PH - hahah. A thread about car addiction - the solution? Buy another car (caterham) haha Just been spanked big time over the last year on a DB9 - £21k down. ended up not enjoying the drive in the wet and coulndt face another winter in it.
Not added up the cost tho of all cars. not going to either.
Other cars owned have been good - 2x Caterhams, 1x 911 targa 2x 911tt's M5, E63 AMG, RS6, Aston etc. The best was a G4 Defender kept for 4 years. Not fast but fun. All lose money (g4 didn't) but were within a reasonable depreciation curve. The DB9 was exceptional even by my standards. Most were new. Good discounts can be had on Car wow which helps with the curve and most kept for 1 or 2 years.
Just got out of the db9 for a year old E63AMG again. I think that will be it for getting very expensive cars there is plenty of fun to be had in lower price bracket ie JCW Minis/ Caterham 7's etc or 1 or 2 yrs old cars.
like you the Merc AMG's are one of the few brands ive bought more then 1 of (save for Caterham and Pork)
As others have said - keep the RRS but I would add - buy a Caterham 7 - you will love it. it will be up there as a highlight on your driving musts/
Edited by superlightr on Monday 17th September 17:04
Sorry to hear about the DB9 - but hopefully it was fun while you had it!
You've had some lovely cars there. I'd love an E63, that will definately be a consideration for the future. E63 or a Panamera sound like fun.
I thought you would have been hammered if alot of those were new?
Funny you say about cheaper cars too. I really want a Mini GP2 as a track / fun car but a Caterham would probably be better...
JapanRed said:
Just buy sensibly OP. I’ve got a 997 C4S and a F80 M3. Both of them together cost me about £5k per year in depreciation which is absolutely brilliant in my book.
That's brilliant if accurate! classicaholic said:
Keep the RRS and get a trailer, shove a track day or race car on the trailer & go have some fun!
need to pop into LR see how much a retractable towbar is to retrofit...p1stonhead said:
Get a reasonable daily and join a supercar club OP!
I like that idea - are there any in the NW / Cheshire / Manchester?jdwoodbury said:
A 1st generation R8 V8 is a good buy if you find one that has been looked after. I had one for a year and did 6k miles and it only lost me £500 in that time (did not even have to service it....just fuel on top)!
I need to own a Gen 1 in my lifetime. I've watched prices for years and decent ones seem to just not move at all.Another 3 months gone by!
Still in the RRS.
Thinking about mini GP or a catherham as a fun toy next summer alongside. Catherham is completely new territory to me no idea where to start.
But they look incredible fun. As others have said, a trailer and a catherham track toy would be a dream.
I do occasionally eye up the older SQ5s and wonder if it makes sense to change from the RRS, but then i come back to this thread and think probably not haha.
Still in the RRS.
Thinking about mini GP or a catherham as a fun toy next summer alongside. Catherham is completely new territory to me no idea where to start.
But they look incredible fun. As others have said, a trailer and a catherham track toy would be a dream.
I do occasionally eye up the older SQ5s and wonder if it makes sense to change from the RRS, but then i come back to this thread and think probably not haha.
mike9009 said:
Impressed by your self discipline
How about getting a regular Cooper S, changing the pulley size on the supercharger, remap, ripping out the back seats and install a cage? Far cheaper and 'probably' more fun. You'd be less worried about stuffing it on a track day at least! Plus you could set it up how 'you' want it rather than devaluing a GP.
I get that, sounds like fun. Just love the GPs though hahaHow about getting a regular Cooper S, changing the pulley size on the supercharger, remap, ripping out the back seats and install a cage? Far cheaper and 'probably' more fun. You'd be less worried about stuffing it on a track day at least! Plus you could set it up how 'you' want it rather than devaluing a GP.
Happy Jim said:
trowelhead said:
Another 3 months gone by!
Still in the RRS.
Thinking about mini GP or a catherham as a fun toy next summer alongside. Catherham is completely new territory to me no idea where to start.
But they look incredible fun. As others have said, a trailer and a catherham track toy would be a dream.
I do occasionally eye up the older SQ5s and wonder if it makes sense to change from the RRS, but then i come back to this thread and think probably not haha.
Buy a secondhand older Caterham as an “explore what I enjoy” if you don’t like it you can satisfy your selling addiction and shift it on at little or no loss, if you like it you can shift it on and buy the Caterham that you really want to suit your needs.Still in the RRS.
Thinking about mini GP or a catherham as a fun toy next summer alongside. Catherham is completely new territory to me no idea where to start.
But they look incredible fun. As others have said, a trailer and a catherham track toy would be a dream.
I do occasionally eye up the older SQ5s and wonder if it makes sense to change from the RRS, but then i come back to this thread and think probably not haha.
I got bored with depreciation on new cars and the bonkers cost of a company car so went “Barging” in an old S Class Merc, cheap as chips, does not reward you for going fast! Encourages you to waft around back and forth to work - leaving me to enjoy the Bonkers weekend car for what it is!
Jim
I had an old (ish) s class for a bit - they are wonderful cars, so so comfy
Shnozz said:
I agree with buying an old caterham. Get an ex-academy road legal car with a few war wounds but mechanically sound. Go play without fear. Sell on when done for next to no loss.
If you bend anything or needs engine work during your ownership, DIY is like a big mecano kit and parts are peanuts.
This seems like a plan, just need to find a place to store it! If you bend anything or needs engine work during your ownership, DIY is like a big mecano kit and parts are peanuts.
Welshbeef said:
IF OP can afford his addiction what does it matter? It’s not like he is out financing F488’s it is nice cars but not crazy silly prices.
Go forth and enjoy if you wish
You could do it this way though.
1. It’s a two car garage setup.
2. Car 1 is your bog standard A to B car let’s call it 3 year old Golf GTi/Passat whatever something of that type. This car is kept for the long term (OP I mean 5 to 7 years )
3. Due to the fact you have car 1 covering the basics this second car can be a bit more special and changed more frequently as you are accostomed to.
Maybe it’s actually cheaper to join a supercar club? Genuienly vs what you have been sucking up in £ lost.
Yeah thanks. Sometimes i think, well i could have easily had a raging coke addiction and spend the same money on nothing essentially so not all bad.Go forth and enjoy if you wish
You could do it this way though.
1. It’s a two car garage setup.
2. Car 1 is your bog standard A to B car let’s call it 3 year old Golf GTi/Passat whatever something of that type. This car is kept for the long term (OP I mean 5 to 7 years )
3. Due to the fact you have car 1 covering the basics this second car can be a bit more special and changed more frequently as you are accostomed to.
Maybe it’s actually cheaper to join a supercar club? Genuienly vs what you have been sucking up in £ lost.
I think the two car setup is what i'm leaning towards now. If id bought something cheaper then fine but as i now have the range, i think keeping that as a long termer makes more sense than changing it again. I do spend alot of time in it day to day so want something that i enjoy.
So then wait for summer and buy something like a catherham / manual V8 R8 etc that scratches an itch, is fun for summer, but can be moved on with minimal losses
Seems like a semi sensible way to go!
Supercar club would be ideal but i'm south manchester based and i don't think there are any around here?
NewNameNeeded said:
Shnozz said:
... a £35k Audi R8 is unlikely to see you lose much at all. But you should have a £5k - £10k slush fund just in case (perhaps less so with an R8).
Done precisely this. Owned an R8 for a year. It's cost me nothing in depreciation, and around 2 grand for service, MOT, new tyres. Of course something could go horribly wrong, but even then it's a reasonable car to maintain. Overall a much cheaper ownership experience than a brand new RS3, TTRS, RS6, etc.Is there a decent private sales market for R8s? Easy to move on private to avoid dealer fees for PX etc?
Welshbeef said:
IF OP can afford his addiction what does it matter? It’s not like he is out financing F488’s it is nice cars but not crazy silly prices.
Go forth and enjoy if you wish
You could do it this way though.
1. It’s a two car garage setup.
2. Car 1 is your bog standard A to B car let’s call it 3 year old Golf GTi/Passat whatever something of that type. This car is kept for the long term (OP I mean 5 to 7 years )
3. Due to the fact you have car 1 covering the basics this second car can be a bit more special and changed more frequently as you are accostomed to.
Maybe it’s actually cheaper to join a supercar club? Genuienly vs what you have been sucking up in £ lost.
Quick update!Go forth and enjoy if you wish
You could do it this way though.
1. It’s a two car garage setup.
2. Car 1 is your bog standard A to B car let’s call it 3 year old Golf GTi/Passat whatever something of that type. This car is kept for the long term (OP I mean 5 to 7 years )
3. Due to the fact you have car 1 covering the basics this second car can be a bit more special and changed more frequently as you are accostomed to.
Maybe it’s actually cheaper to join a supercar club? Genuienly vs what you have been sucking up in £ lost.
I decided to do something similar to WBs suggestion
RRS has been sold for a sensible daily driver (330d Touring Xdrive - brilliant all rounder - going to keep it for a few years)
I'll give it a while and when the itch returns i'll be looking at Gen 1 R8, 997 turbo or even a Mini JCW GP2... Something i can trade in and out of privately with minimal depreciation.
Lessons learned 1. keep cars longer 2. never, ever, ever buy new 3. Buy 1-3 years old approved warranty 4. Don't spend too much, personally i get stressed out with big pcp or finance commitments on a daily driver when something cheaper will do the job.
I won't discount another range in the future as they are lovely, but it would be a few years old having done a big chunk of its depreciating
gangzoom said:
trowelhead said:
I'll give it a while and when the itch returns i'll be looking at Gen 1 R8, 997 turbo or even a Mini JCW GP2...
I'll remind you why you started this thread I've worked out that in the last 3 years i've spent/lost in the region of £68k across 9 cars, often keeping them less than 6 months
We all love cars on here, and we all spend far more on them than what normal sensible people do, which is fine. Personally I have the same problem when it comes to cars, if I have spare cash lying around my self control on car spending is zero/non existent
.What I've found the best way to control car spending is to get your self a massive crazy financial commitment that's so scary it makes you think twice on wasting money for a car.....For most people a mortgage will do it!!!
Though with foward planning you might end up in a situation when the mortgage seems under control and shrinking quicker than planned, if so go and plan a house extension, its amazing how easily you can spend six figures sums without even trying....At least that sum is now going to 'bricks and mortar' which we are forever been told a better way to spend cash than on a car.
Oh and get a kid, £1000/month child care fees will put a stop to your car spending even quicker than property spending, and if you have multiple kids, simply multiply the financial pain.....
If after all that your sitting twiddling your thumbs on what to do with £68k over 3 years, I would say stop stressing and go buy what ever car you wang, as you've clearly worked hard enough in life to deserve it!
Edited by gangzoom on Wednesday 23 October 06:11
i'm not adding it up though.I agree with you and have realised that i'll always spend more on cars than others would deem sensible and thats fine - think it's just after having all sorts, i would have as much fun in a mini gp2 that is £16k and will lose not alot - or catherham as others have said vs porsches that are nice but not THAT great for the extra losses.
Big mortgage/kids - yes indeed that would do the job - however i'm self employed so thats something i've always been wary of (BIG mortgage that is)
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