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!
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

 

Ferrari 355??

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

 

it probably sounded a good idea when you were drunk, but IMO its a bad idea

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!

 

The problem with olders cars IMHO is going to be its hard (if not impossible) to find one with a full mechanical warranty, and anything even vaguely exotic is going to come with the potential for a massive bill if you do damage the engine or transmission typically.

 

Thats his basic numbers on his F355 ownership.


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....

 

Or this...

http://www.pistonheads.co.uk/sales/1213090.htm

 

Assuming that the new car also has the realistic potential for a 30K engine build bill that falls completely outside of the warranty, then you are correct, but I suspect in most cases that a pretty fucking big assumption

Its the repair cost that is the stumbling block, thats the only bit of the jigsaw puzzle that doesnt fit well with your arguments about cost IMHO
Well that and potentially fuel economy, but that wont be an issue if its only for driving now and then really anyway.

 

Not really what I thought you meant, I was thinking more of ferraris etc, that is a more sensible option in terms of the fact its unlikely to go wrong in a massively expensive way, but TBH the novelty of owning that would wear off pretty quickly for me just due to the fact that although cool, they are fundamentally crap cars

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:

 

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.......!

 

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.

 

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.

 

and perhaps a FOOKING LOAD!

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?


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!

 

996 turbo is about as exotic as I would want to get, gearbox failure is relatively expensive compared to say an escos but is still not a totally crippling amound of money.

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

 

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

 

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.

 

ouch

 

Seems like a good option to me, providing its adequetly insured I fail to see how you could lose a LOT of money on one

 

That's nice

 

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.

 

I like it too!! I just googled images to compare to a dodge charger and theyre very similar, but the new challenger looks really 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 )

 

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