Potential heart breaking decision....

[senwar]

OK, its just a car. But what a car. And I may be looking at getting rid of it.

I've done 6000 miles in a year, and over the past 4 months I've used the car about 4-6 times a month. I work from home which is a good thing, but it just basically means the car is sat in the garage, costing me money. I worked out how much it had cost me over the past 12 months and its crazy.

As much as I adore the car, I'm not sure I can justify it anymore. The depreciation, although horrendous, doesn't really bother me. But the fact I'm paying quite a lot of money for a car I hardly use, and when taking into account car tax (£300 this year, £400 next), insurance (I have 6 points) and the fact it will need servicing sometime in the next 12 months, I'm not sure its worth sticking with.

If I do make this decision, I'll be devastated. But the wife put it in context the other day - for what I've paid per month for this car overall (including the insurance tax and petrol) I could have bought two or three houses and paid their mortgage! Although to be fair, she thinks I'd be mad to get rid as I'd regret it.

I'm really stumped as to what to do as I always intended keeping it for 3 years. I don't want to get rid, but its just not making financial sense. its not an affordability thing - its just thinking is it worth continuing to spend the money I am.

Anyone else been through anything similar?

 

[PaulN]

If your so worried about the cost of owning a nice car then my advice is sell it!

Do you smoke or drink? I consider cars as my hobbie and therefore the cost of my hobbie maybe high but its my one vice.

I dont understand your comment about 2-3 houses? One car cant be the same as supporting 2-3 houses! And anyway why have 2-3 houses.

Now if you want to sell for a larger house fair play but it sounds like you dont want to sell.

If you was using it everyday you might moan about it not feeling special....

Go out now and enjoy a quick blast.

Cheers

PaulN

 

[senwar]

If your so worried about the cost of owning a nice car then my advice is sell it!

Do you smoke or drink? I consider cars as my hobbie and therefore the cost of my hobbie maybe high but its my one vice.

I dont understand your comment about 2-3 houses? One car cant be the same as supporting 2-3 houses! And anyway why have 2-3 houses.

Now if you want to sell for a larger house fair play but it sounds like you dont want to sell.

If you was using it everyday you might moan about it not feeling special....

Go out now and enjoy a quick blast.

Cheers

PaulN

Its not a worry about how much its costing - its justifying the cost. I don't smoke and drink occasionally

The comment re: the houses was just a comparison - i.e. effectively the car taking all things into account is costing me over a grand a month. I could be paying the mortgage of a few houses for that cost. The money saved would not be put to anything else either (although probably saved) as I'm not looking at moving for a few years yet.

As I say, its a justification thing. It just seems madness having something that costs what it does and getting little use out of it. And I suppose as its a depreciating asset, its like throwing money away.

 

[pvr]

I have 3 cars, 2 of which get little use. The M I use about 6K miles a year, the Golf Clipper about 500 miles a year. But they are my hobby, I don't smoke, don't drink etc.

Is it a wise investment? No - of course not, but otherwise all that would happen with the money is that it is sitting in an account somewhere earning a little interest.

I have given up on the days of justifying the expense, but just enjoy the cars when I drive them. Some people spend more on golf memberships ...

 

[JayD]

Did you buy the car outright Senwar?? Or is it financed?

Mine is financed and therefore it would not make sense for me to get rid of it. I do have the same thoughts as you from time to time about the overall cost of it but you only live once and I really still do enjoy the car. I would only squander the money on something else anyway knowing me

If the car gives you great pleasure and your not concerned about the cost then keep it. If you were struggling financially then that is a different matter...

 

[enfield]

It is only money. If you can pay for things that are needs and put money away for investments and you still have $$ left over then you do not need to justify it.

Heck - I am sure you could live in a smaller home. I am sure that you do not 'have' to go on vacation. There is no justification for going on vacation. It is a waste of money. Only reason to go on vacation is to relax and enjoy yourself - and that is the justification.

 

[Shunt]

2-3 houses for a grand a month, oh no you can't. You might be able to finance 1, but you've already got a house. I'd stick with it because when it's gone you'll want it all the more. I have an old Fireblade in the garage which I bought new some years back. It rarely gets used, but still needs insuring and taxing etc, I don't think it will ever get sold, when the sun starts to shine the Sunday afternoon blast will be worth every penny.


My advice would be to keep it, and maybe use it some more to justify it being there.

 

[pvr]

If it goes, can I have your wheels

 

[senwar]

Perhaps I don't have the same level of care/feeling for the car that you guys do then. Its not my hobby either.

As I do have finance on the car it probably isn't wise to chop it in yet. But I suppose if I REALLY wanted to, I wouldn't even be asking/raising the question

If it goes, can I have your wheels

 

[WLH]

I don't smoke, don't drink etc.

Is it a wise investment? No - of course not, but otherwise all that would happen with the money is that it is sitting in an account somewhere earning a little interest.

I have given up on the days of justifying the expense, but just enjoy the cars when I drive them. Some people spend more on golf memberships ...

My feelings exactly...

 

[PaulN]

I have 3 cars, 2 of which get little use. The M I use about 6K miles a year, the Golf Clipper about 500 miles a year. But they are my hobby, I don't smoke, don't drink etc.

Is it a wise investment? No - of course not, but otherwise all that would happen with the money is that it is sitting in an account somewhere earning a little interest.

I have given up on the days of justifying the expense, but just enjoy the cars when I drive them. Some people spend more on golf memberships ...

I cant agree enough. If it wouldn't end up with me living in the shed i would invest more in cars.....lol

Cheers

PaulN

 

[mikedav]

£300/mo for a mortgage? In Hull maybe? I wouldn't sell...let the depreciation even out a bit firsy

account car tax (£300 this year, £400 next), insurance (I have 6 points) and the fact it will need servicing sometime in the next 12 months, I'm not sure its worth sticking with.

Surely the increase won't be retrospective? My old 04 M3 has the same engine as the Z4M but was band F, i.e. before G came in. £210 per year. Its still £210 a year even though an 06 M3 (same car) would be a band G and so £300. Surely the same will apply for us?

 

[pvr]

No - all cars registered ater April 2006 have been put in the accelerating band G, so irrespective of engine size before (i.e. a pre-april 2006 M3 will be on the low rate, a post april 2006 will be on the high rate)

 

[BigLeo48]

I find this conversation kinda strange! This is a single purpose go fast car! BMW could not even justify building it.

I have a boat that sits on a dock in behind my house that costs me as much to buy, insure and operate and I use for an average of 16hrs a year..yet I never think of selling it...just using it more often.

Senwar...if you can't afford it, then dump it. If you can affort these kind of luxuries and you want them, then you must stop thinking like an accountant and more like an artist. Life isn't always about the bottom line...it's about experiences, learning and growth...and it flies by at break neck speed!

Enjoy the car...

 

[All Pina]

Senwar, I am in a near identical situation to you regading usage. I have done 5,000 miles in 11 months, work mainly from home, and do not really need a car for business. We have an X3 for load lugging & long "utility" journeys and I don't even want to think about depreciation?

That said - I am with PaulN and others; to me, owning a car like this is a pleasure and a priviledge over and above pure £££'s. One day, I know that age and/or reduced circumstances will be such that I need get something more practical and cheaper. For example, if I lost my job; my good health; or a family member needed £££ help - the Z would go without a moment's thought. Until then, I will relish every moment of ownership and in particular:

The smile whenever I turn the key

Turining heads at the bus stop

Catching yourself looking out at the drive when the sun hits from particular angle

Spending a whole Sunday, cleaning and polishing

Roaring away from the lights like some pathetic 17 yo kid - "just 'cos you can "

Generally, just being able to drive a fantastic high performance car whenever I choose to.

This is why I won't be selling or a while - but the fact that you are asking the question, probably means that you know the answer?

Best of luck in whatever you decide.

All Pina

 

[Wondermike]

Sorry to hear you're thinking about getting rid

With your wheels etc would it not have cost you about £1500/month if you were to trade it now? The depreciation hit is bad but if you were to average it out over 3 years it might get a bit better, no?

 

[pvr]

hey, don't talk him into keeping it. I want his wheels and 200 gbp for a set sounds reasonable to me :rofl:

 

[Wondermike]

^^^ :lol:

 

[inTgr8r]

senwar, It's a biatch when logic kicks in.
...the hell with PVRs wheels... keep the car!!!! :fuelfire:

 

[pmeloche]

I don't smoke, don't drink etc.

Is it a wise investment? No - of course not, but otherwise all that would happen with the money is that it is sitting in an account somewhere earning a little interest.

I have given up on the days of justifying the expense, but just enjoy the cars when I drive them. Some people spend more on golf memberships ...

My feelings exactly...

Mine too! If it's not preventing you from the basic needs (lodging, food, and retirement plan) then I say keep the car.