What's most expensive car you've ever owned?
Me and my mate were talking about this when we were pissed on saturday night and discussing if we were keen enough, would we take out a loan to buy a nice car, keep it for a year, and then sell it to pay the loan back, just to say you've done it so to speak. I do know of a couple of people who have done this in the past, something i said I'd never do but as time goes on i think why not, as long as it's properly insured it should be ok???
|
but ure going to loose money surely?
|
Perhaps just a small amount, depends what you buy, and if you can pay the loan for a year, just in general terms really.
|
Id never take a loan out to buy a car that I couldnt really afford, imagine if you went and bought an F430 and it rodded the block or the gearbox decided to shit itself etc.
|
As Chip says it's running costs. As for depreciation, if you think your chosen car is depreciation-proof, well it's a gamble.
|
Yeah that would worry me! :cry:
I'm not talking immensely expensive cars, say in the region of 30k. My mate is a little ambisious though, he wants a 911, but to quote "there's no point unless its a GT2/3" small problem, they cost a f*cking fortune otherwise everybody would be driving one. Personally i've never paid over 10k for a car and i'd still grudge paying that now. |
What sort of thing are you talking about Rog??
Cheers, Grant |
You would want to be buying something with a very comprehensive warranty, to remove the potential risk of massive cost due to mechanical failure IMHO.
I still wouldnt do it though, I just cant see the point TBH in paying a fortune in interest just to get used to owning a car that I couldnt afford to keep. |
Yeah thats just it, i'd be pretty thorough with stuff like that so it'd didn't break and you sold it on for more or less than what you paid. Not exactly sure of car, it was more a general query tbh, but something old/classic status as opposed to something new that would depreciate more.
|
I see things like an E60 M5 or Audi RS4 Avant and think you're getting mega cars for decent cash, but surely unless you're hooked up in the trade, you're going to struggle to buy something at that value (with warranty) that depreciates at a snails pace??
Cheers, Grant |
Originally Posted by rog
(Post 4394845)
Yeah thats just it, i'd be pretty thorough with stuff like that so it'd didn't break and you sold it on for more or less than what you paid. Not exactly sure of car, it was more a general query tbh, but something old/classic status as opposed to something new that would depreciate more.
Guy I know broke down the cost of ownership on his 355 and it wasn't all that scary... although the threat of massive bills would be a worry. Cheers, Grant |
Originally Posted by rog
(Post 4394820)
Me and my mate were talking about this when we were pissed on saturday night and discussing if we were keen enough, would we take out a loan to buy a nice car, keep it for a year, and then sell it to pay the loan back, just to say you've done it so to speak. I do know of a couple of people who have done this in the past, something i said I'd never do but as time goes on i think why not, as long as it's properly insured it should be ok???
i know you can get very good warrenty packages with the likes of BMW's, Porsche etc but you're still driving around in a car you cant afford! |
Originally Posted by rog
(Post 4394845)
Yeah thats just it, i'd be pretty thorough with stuff like that so it'd didn't break and you sold it on for more or less than what you paid. Not exactly sure of car, it was more a general query tbh, but something old/classic status as opposed to something new that would depreciate more.
|
So, how expensive has owning a Ferrari been. Well, in round numbers, the total depreciation has been £2k (I got a good price when buying and when selling). After 2 and a half years it appears I have done 7,500miles in it at around 12 to 15 mpg so about £2500 in petrol, I have had to service it twice (1 biggie engine out job and 1 annual) at a cost of about £2500, a set of rear tyres at about £400, agreed value insurance at about £320/year and thats about it. There has probably been some other stuff but nothing that actually needed to be done. So, about £8k in total of which £6k has been "running costs". Not quite sure what that really says about owning a Ferrari other than like most cars, you loose money on them. Cheers, Grant |
Aye that would be the main car i'd consider, not to everyones taste but I've always liked them, guy at work might be getting one in a while so we'll see what it's like. Not something i'll do right now but defo keep it in mind. I know exactly what you mean about M5/RS4's totally hit the nail on the head there.
|
I see your point but it's not unlike taking out HP on a new car, only the interest would be lower, but the insurance would be a bit more expensive....
|
|
Originally Posted by rog
(Post 4394871)
I see your point but it's not unlike taking out HP on a new car
only the interest would be lower, but the insurance would be a bit more expensive.... Well that and potentially fuel economy, but that wont be an issue if its only for driving now and then really anyway. |
Originally Posted by rog
(Post 4394881)
And even though I say the repair costs shouldnt be bad like they could be with a ferrari as its all so simple and easy to work on, clearly there is still the potential for spending on it: The Challenger comes with two huge files which include every single receipt from the initial purchase of the Challenger to the final detail parts. These bills total in excess of $40 ,000 |
mine is my escort! and its still costing me more and more!
|
Rog
Know what you mean about shelling out more than 10k on a car. X5 and FRS are about that and most i'd want to pay. I baulk at the thought of spending more than 10k on an esc cossie. I'm sure i've said to you as i tell everyone but i want and will have a rari as soon as poss. I want a 360. A 355 though for 30k split 2 ways could be interesting with you and a mate :) prob work out cheaper than viw and ross! |
What amount loan were you thinking of Rog?
|
Lol, why did you have to put that thought into my head.......! :cry:
|
Originally Posted by rog
(Post 4394835)
Yeah that would worry me! :cry:
I'm not talking immensely expensive cars, say in the region of 30k. My mate is a little ambisious though, he wants a 911, but to quote "there's no point unless its a GT2/3" small problem, they cost a f*cking fortune otherwise everybody would be driving one. Personally i've never paid over 10k for a car and i'd still grudge paying that now. Servicing costs are probably as reasonable as it gets for a car like that, and pretty well screwed together. From an investment point of view, a Ferrari 355 would probably be better, but as said, if it goes wrong it's £££££, and so are the general servicing costs. But then if you're looking for an investment, something like an RS500 or an E30 M3 would make most sense. I'd also like to think an M3 CSL would retain its value quite well, although I'm not 100% sure. |
No idea, depends on the car TBH, i have money but i don't want to touch it TBH, once you start messing with your savings it becomes easy to dip in whenever you want something. i'm saving up seperately for something like this at the minute but it looks like i'll have to buy another car within the next year so can't really commit to anything fancy just yet.
|
Originally Posted by rog
(Post 4394823)
Perhaps just a small amount, .
did you see what happened to car prices in 2008/2009.... you could EASILY have lost £30k+ in a year in depreciation alone on a sports car... yes prices have bounced back a bit now though.... my last service on my 911 a few months back was just under £8,000 (needed a new clutch) still want one? :cry: BUT as you say... get the right car and you can in fact even make money. Anyone lucky enough to have a Ferrari Enzo has pretty much doubled their money! |
Originally Posted by Mike C
(Post 4394919)
What's wrong with a 996 Turbo? Could certainly pick up one of those for £30k now. And I'm not sure, but wouldn't imagine they'd depreciate too much too quickly now.
Servicing costs are probably as reasonable as it gets for a car like that, and pretty well screwed together. From an investment point of view, a Ferrari 355 would probably be better, but as said, if it goes wrong it's £££££, and so are the general servicing costs. But then if you're looking for an investment, something like an RS500 or an E30 M3 would make most sense. I'd also like to think an M3 CSL would retain its value quite well, although I'm not 100% sure. Good choice I reckon if doing something like this, but porsches are probably a bit too common for the "wow" factor that it sounds like Rog wants. |
I was thinking of taking a small loan to part fund an S1 lotus exige - they seem to be fairly depreciation-proof and parts don't look rediculously priced and the engine is only a rover k series lol
|
Originally Posted by rog
(Post 4394916)
Lol, why did you have to put that thought into my head.......! :cry:
It's true though! Fuck off both the cossies and you've got most of your half there already. Then go halfers or just buy it alone and loan for 15k ;) Chances are it'll be a now and again car, easy to keep clean and good nick. Use to pose and thats it! When i get one i think i'll sleep beside it in the garage :cry::cry: |
My Escort RS Turbo at £4995 when I brought it but made sure I could still afford the payments if I lost my job,okay penauts to most iof you but was a lot for me at the time
|
13,5K for my Impreza, I was lucky it came with a warranty else I wouldn't have bought it as I knew if it went spectacularly wrong I couldn't afford the repair on top of the running costs. Was stupid looking back now to do it, but I loved the car and luckily it was fine.
|
Originally Posted by Porkie
(Post 4394927)
my last service on my 911 a few months back was just under £8,000 (needed a new clutch) still want one? :cry:
ouch :eek: :eek: |
Originally Posted by Dave_YD
(Post 4394930)
I was thinking of taking a small loan to part fund an S1 lotus exige - they seem to be fairly depreciation-proof and parts don't look rediculously priced and the engine is only a rover k series lol
|
Originally Posted by rog
(Post 4394881)
|
Its still a bit silly to take out a large loan when you know that you dont want to/wont be able to leep up the payments. Chances are you'll just lose money, especially if you cant sell it next year.
I'd rather have a cheap(er) car and actually own it. That way, its mine, ive earnt it and nobody can take that from me. Can you 'hire' cars like 911's and Ferrari's etc? |
Ellie, yes you can, although it tends to be very expensive, but at least its a "known" cost even if it is high.
|
Originally Posted by TurboShed
(Post 4395042)
That's nice :)
|
I have the original sale receipt for my Mondeo, it was £26,895 from the dealer.
Its the most expensive car I have owned ( in terms of its original purchase price ) :cry: |
I dont think Rog is talking about getting a loan which he can't keep up with for the whole term... the way I read it was:
Get a 3 year loan which I could pay for 3 years if I absolutely had to, but after a year I'll have cleared the interest and some of the initial amount, sell the car... pay off the loan with the price of the car, if I have to stick a couple of grand into the pot to clear it totally then so be it...... at least I'll have owned a *insert car here* for a year and ticked it off my "cars I want to own before I die" list. If you pick wisely, go in with your eyes open (i.e: make sure you can comfortably afford to pay the loan for 3 years if the car market dies) and dont mind knowing that you might have to throw a few grand at potential repairs or higher than expected depreciation then I think its a reasonable idea. Cheers, Grant |
17k for my porsche 996 1998 s reg..sold it to a garage and a bloke wrote it off on test drive:sad:
|
All times are GMT. The time now is 12:16 PM. |
© 2024 MH Sub I, LLC dba Internet Brands