car value

D

domsz4

Veteran
im musing about what to do with the z. ive had it for nearly 2 1/2 yrs and im quite happy with it.

but at the the end of the day lets not beat around the bush its a 04 plate 3.0i SE. its a good spec phone/sat nag/108s (x2)/xenon etc. its service history is good and up to date and i fix anything that's wrong with it. good condition paint. 75K miles so all round its a decent standard car that's not been changed much. I know its not worth much so im guessing about 3-4K

my thought is that i would like to keep it for a few more years by then given current mileage it will be about 100K and 12yrs old. can i expect it to keep dropping greatly in value or do people think that its kind of going to tail off soon and level out at a steady value.

im trying to decide if i should jump ship sooner rather than later and try to realise some value from it for a deposit on another car before it gets too old and worthless.

i seem to have developed a back problem, not due to the car i might add, but sitting in the z at the mo is ok (walking and sitting on the sofa isnt) although i was thinking it may be better to get something else. this then makes me wonder what. i quite like a 6 series say a 635d but they might be too much. (now a nice 640 convertible ive seen is lovely but 50K too lovely :) )

on the keeping it side of life i will finish paying for it soon and without going into it too much i've had a massive debt clearance in the last 2 yrs and dragged myself out of it to the point im almost debt free (just the Z) apart from a mortgage so keeping it and not getting into another payment scheme for a car of say 400 pm means i can start overpaying the house to bring that down.

dunno what to think...
 
With your miles and 3.0 your car is worth more than you think

However it's lost most of the value it's going to now and you could put another 50k on ot over the next two years and still get just shy of 3k for it

Anything newer you will buy will loose much more but will it thrill as much?

I also think depending on how you drive if there isn't too much money tied up in it you can have more fun :evil:
 
Depreciation slows to near zero on a car of that age. If you say it's worth £4k now it will still be worth £3k in 3, 4, 5 years time if it's still maintained and in good order.

Buy a newer car and it will lose more per year than you current car is worth so there is no possible economic argument that makes early trade in a price driven benefit.

Mine is 11 years old owes me nothing, cost me nothing in terms of loans and is peanuts to maintain and run. A newer car would cost me £300 to £500 per month, still love it so no point in trading.

All that said if you're fed up with the same dashboard, seen something you like more, etc. then it's time to trade.
 
You are not going to lose anything on the Z for the next 3 years. It is pretty "worthless" now at 4k, so in 3 years time it will be worth - what, £3500 or so. Depreciation has bottomed out big time now, whilst any new-ish car will kill you on depreciation alone ( I would not be surprised if the first 6 months depreciation on a newer car will not be far off the value of the Z).
 
Hmm, guess we all posted at the same time and thinking the same thing :D
 
If it's money and depreciation you're worried about then keep it ! The minute you change you'll start losing money - if your new car is only going to be a few years old you will probably lose in depreciation more than your current car is worth in total in the first two years . It may be a ten year old car but it is so different from the norm :D If you are finally getting on top of your money issues that's another reason to keep it . I know there's a bigger possibility of repair bills but not to the tune of however much you would be paying out in a loan every month for 3 years.

Having said all this a lot depends on your circumstances ie can you manage with a two seater - or do you really need a more practical car - if the latter then may be it's time to put on your sensible head :( only do your sums first before being carried away with the glamour !


Here endeth the lesson :rofl:
 
I'm pretty much in the same boat as Mr DomsZ4, but having read the replies to date giving overwhelming support for keeping it, that's what I'll be doing.
Having spent a fair old bit bringing it up to good condition at 124K miles its never going to be worth a lot, but it keeps me happy.
 
Depreciation, as PVR said, will be virtually nil. In fact, it's about this sort of age of car where, with a little bit of luck, you can actually find your car increasing in value a smidge - you won't make big cash but I sold my last car for more than when I bought it - admittedly, that takes no account of maintenance costs but it's not unheard of to buy for, say, £3k and sell for £3.5k within a year. Stick with the old girl - first thing that'll happen if you sell is you'll wish you hadn't and then buy another at a time when there is seemingly nothing available for less than 5k - at least I think that's the way Murphy's law works...
Stevo
 
There's another quirk that folks seem to forget when trading cars. Often they are put off keeping a car because a large bill has just arrived or is on the horizon. Let's say £500-€1000

They then bowl out and buy a newer car and either risk it on a private purchase and just buy a whole raft of the sellers issues, unknown problems and reasons for sale on, top of the cost to change, or go to a dealer for some level of protection and much higher price. That'll result in a big loan to cover the car, interest and more depreciation. Avoiding the bill therefore always results in way more costs than just fixing the devil you know, albeit that cost is somewhat hidden by the fact of having a 'new' car..

Call me Mr Cynical
 
cj10jeeper said:
There's another quirk that folks seem to forget when trading cars. Often they are put off keeping a car because a large bill has just arrived or is on the horizon. Let's say £500-€1000

They then bowl out and buy a newer car and either risk it on a private purchase and just buy a whole raft of the sellers issues, unknown problems and reasons for sale on, top of the cost to change, or go to a dealer for some level of protection and much higher price. That'll result in a big loan to cover the car, interest and more depreciation. Avoiding the bill therefore always results in way more costs than just fixing the devil you know, albeit that cost is somewhat hidden by the fact of having a 'new' car..

Call me Mr Cynical
Click to expand...

That exactly what I say to someone who is looking to trade their car in and add a couple of grand to it. Just not worth the risk unless you really need to get shot of your existing car.

Better the devil you know.
 
i've always been on the keeping side anyway. TBH i hadn't looked that much at prices and didnt think it was worth that much. my thoughts were really along the lines of what will it be worth in a year or 2.

i have a couple of good reasons for looking. i dont care about sensible but the mrs cannot sit in the Z. a 20 min ride results in a week of pain for her. my job will morph soon and i wont be able to claim any petrol to work so it will be up to me to pay and i kind of want something newer. i dont see the z as anything special. its not unique (no matter what is done to it) its just my a to b car. my fun car is my 180bhp westy (hopefully that small number will be much bigger after the engine works :evil: ) even tho i cant drive it all the time for me half the fun is taking it apart and fettling.

having said that i also think like you guys. better what you know etc. if its likely to slow right down with the value then id rather keep it. some one mentioned huge bills and your right a 500 quid bill is not so bad. i think ill have to do the brakes so will prob get a mtec kit and i still need to sort the damn roof but appart from that (touch wood) its fine for me at the mo.

so even tho I was already on the keeping side of the thought process i decided today that i will pay the entire loan off this month so the car will be totally mine. it represents the last major debt i have, i don't mind large item finance like cars and houses as for me it is the only way i can afford a decent car at the mo. but it is a nice feeling to not have it.
 
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